What Is Parrot?
The Parrot Protocol is a DeFi network built on Solana that will include the stablecoin PAI, a non-custodial lending market, and a margin trading vAMM. These are all use cases designed to solve one single problem: making value locked in DeFi systems accessible.
Today billions of dollars of value are locked in hundreds of DeFi systems, and converted into different yield generating tokens, such as the Uniswap LP tokens, or the AAVE interest bearing tokens. There aren’t many use cases available for these LP tokens. The value locked in DeFi as LP tokens are inaccessible, because their risks are opaque, and their units of account unsuitable for human consumption.
Parrot Coin Storage Key Points
|Coin Name||Parrot Coin|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
The Parrot Coin Protocol is setting out to make value locked in LP tokens accessible, by creating a liquidity & lending network collateralized by these LP tokens. The Secret Parrot Master Plan (just between you and me):
A lot of investors have hurriedly delved into investing on a project they have little knowledge about Due to Fear Of Missing Out. So on this article, they will review Parrot USD token by explaining what the coin is about, tokenomics, Roadmap, ICO, staking insights of the project, listing the pros and cons, the supply and how legit/safe the token is for investment.
Download a Phantom Wallet
Parrot are several crypto wallets to choose from within the Solana network and Phantom appears to be the most integrated. If you are using a desktop computer, you can download Google Chrome and the wallet Chrome extension.
If you prefer using your mobile phone, you can download the wallet via Google Play or iOS App Store if it’s available. Just make sure that you are downloading the official Chrome extension and mobile app by visiting the Phantom’s website.
Pros and Cons
Pros of Parrot USD
- There is a surge in the market price currently
- There is a community
- Contract on Solana
- They are fully decentralized
- A lot of investors are ‘flocking’ to invest
- It is listed on coinmarketcap
- Good navigational website
Cons of Parrot USD
- The coin is still under research and development
- Project whitepaper unavailable
- Multiple issues with its synchronizations between ledgers
- Not listed on some exchanges
- No Github profile
- They have no reddit account
- No Bitcointalk thread created
- No traceable features on tradingview
A Parrot Coin cryptocurrency project requires you to part with your hard earned cash in order for you to become successful. You expect some level of transparency and professionalism from a project or the team that is asking for your money.
According to research and reviews, Parrot USD have developed a problem solver but with a weak back up for the token they produce. Going through their community and roadmap about their project, their visions and aims have so far been achieved.
Decentralized Exchange (DEX)
Parrot are several DEXs to choose from; you just have to make sure the wallet you selected in Step 2 is supported by the exchange. For example, if you use Phantom wallet, you can go to Raydium to make the transaction.
Create the PAI stablecoin, backed by LP tokens as collaterals. This creates a common unit of account to make it easy for holders of different types of LP tokens to transact with each other. Create the Parrot Lending market, taking LP tokens as collaterals.
Parrot Coin allows LP holders to access their locked value by borrowing against lender liquidity. Create a margin trading product (virtual AMM) using PAI as the common unit of account. This allows the Parrot community to collect fees, and feed the family.