1 year ago
Beleaguered DeFi protocol Parrot Finance is moving guardant with an activistic investor-led program to signifier retired its PRT token and volition statesman redemptions connected Monday, according to posts successful its Discord server.
The Solana-based lending and stablecoin marketplace plans to bargain PRT tokens from each sellers astatine a terms of $0.0045 apiece via a stablecoin marketplace acceptable up connected the OpenBook decentralized exchange. This redemption play volition past for 8 weeks and reason with the sunsetting of PRT, Parrot’s governance token.
The redemption program’s greenlighting is the result of a assemblage vote to instrumentality a portion of Parrot’s treasury – valued northbound of $70 cardinal – to token holders. It passed with a lopsided 99% successful favour but faced backlash from small-time investors who consciousness Parrot’s developer squad is keeping excessively overmuch of the treasury for itself.
Original investors of Parrot and PRT tin expect to retrieve astir a tenth of the worth they enactment in. Newcomers, peculiarly the activistic investors who pressured Parrot’s leaders for a redemption program, could marque galore multiples, depending connected erstwhile they bought in.
Parrot’s redemption programme comes 2 years into the project’s unremarkable tally connected the Solana blockchain, wherever it has failed to drawback occurrence contempt raising an implicit $90 cardinal warchest from retail and task investors.
The token was trading somewhat beneath its intended bargain terms astatine $0.004376 astatine property time.
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