Grab a piece of the Party PAI, with the Parrot Protocol
Success in the DeFi world is all about resolving tangible challenges, because the ecosystem is still emergent and working out new solutions for long-term application. Every now and then something comes along which has the potential to do just that, by cleverly combining the latest scalable blockchain technology, lateral thinking, and a streak of creative genius -backed by timing too smart to have come about by chance.
This sounds simple, but it’s vital for ensuring growth and liquidity across the market as a whole, and releasing value flow in and out of the new economy. Having billions of dollars worth of value frozen in LP tokens across hundreds of different protocols makes things rigid and inaccessible, and the lack of transparency about risk undermines the spirit of the ecosystem. It also inhibits ecosystem growth and the flow of new adopters, migrating from the old-world economy — so the Party Parrot team set out to fix this, for the greater good.
The Party Parrot protocol is a dynamic implementation which combines existing solutions powered by the Solana blockchain — which itself is recognized by the Wall Street Journal and others for its potential to fix everything that is wrong with Ethereum in terms of capacity and speed, and is set to become the backbone of scalable DeFi infrastructure. With over 250 projects in the Solana ecosystem and over $1bn tokenized on the network, the latest investment from Andreessen Horowitz and Polychain is no great surprise, and underpins Solana as the natural choice for the Parrot team.
The secret sauce for the Party Parrot protocol is the PAI stablecoin ($PRT), which is collateralized by LP tokens but pegged to USDT/ USDC. This master-stroke creates a common unit of account, making it easy for holders of different LP tokens to recognize value and create meaningful deals together, as well as simplifying the actual mechanism of transacting with one another.
Significantly, it unlocks greater capital efficiency for all because holders of the PAI token can participate in new yield farms on Solana without interrupting their yields on ETH layer 1 — told you there was a stroke of genius here! Who would not want that win-win..?
The disruptive approach facilitates free trading between different LP token holders, and provides a non-custodial lending market providing a Virtual Automated Market Maker (AMM). So right away there’s margin trading, offering serious potential for smart DeFi movers and shakers to leverage big gains, and borrow against lender liquidity.
Once price oracles launch on the Solana mainnet, the PartyParrot team are going to introduce non-stable assets like SOL, ETH and BTC — so you’ll be able to use your slice of PAI across even more transactions, not least as the popular expansion of the Solana protocol itself is set to expand access to ever-growing numbers of projects.
So the time is right, for PAI to establish itself as a fundamental building block in the growth of the Solana DeFi ecosystem.
There’s staking too, with options for governance for those who choose to lock up their PRT tokens receiving gPRT tokens in return — offering a chance to meaningfully shape the future of the network as it grows.
The project is moving in an agile and fast way inline with their ambitious roadmap, meaning the nascent investor advantage won’t last forever. The mainnet MVP was released in June and allows early adopters to already mint the PAI stablecoin (up to $100 PAI, with the max supply is currently limited to $100,000.)
There’s even a plan to buy back the PRT token with fees generated, to incentivize the protocol. This means stability fees from the PAI token as well as borrowing interest and trading fees, demonstrating the commitment of the PartyParrot team to lasting impact on the DeFi infrastructure growth plan.
So, what we see here, just like DeFi in aggregate, is a complete and comprehensive ecosystem — envisioned holistically and positioned for elastic scalability and long-term potential.
By addressing the liquidity challenge head-on, the Parrot Protocol is fixing one of DeFi’s biggest challenges, and deploying at the start of the “Solana Summer” indicates strategic business-driven thinking not always present in more technically elegant projects.
This Parrot is going to fly, so are you going to take off with it?
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