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HomeCOINSWhat Is Parrot? (PAI) Complete Guide Review About Parrot.

What Is Parrot? (PAI) Complete Guide Review About Parrot.

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 BasicInformation
Coin NameParrot Coin
Short NamePAI
Circulating Supply
Total Supply50,000,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Protocol

The Parrot 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):

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. This 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.

Setting

The Parrot 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):

  • 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. This 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.

One Little Step For Parrot

The first product is the PAI stablecoin, built on Solana. It is available on devnet for testing, go rock it!

A use case that the PAI stablecoin will enable:

  • Stake your ETH/BTC on an L1 swap to earn LP yields.
  • Bridge your LP tokens to Solana.
  • Mint PAI using your LP tokens as collaterals.
  • Buy moar ETH or BTC with PAI on Serum.
  • Numba go up.
  • (Repaying PAI is optional).

Stake Pool

The Parrot Stake Pool is a deployment of the official Solana Stake Pool (opens new window)implementation. You can use the Parrot stake pool UI (opens new window)to stake SOL, and mint stake pool tokens.

This tutorial will guide you through the process of staking and unstaking with a stake pool. In a nutshell:

  • You deposit SOL into the Parrot Stake Pool to receive prtSOL immediately
  • The stake pool manager will be responsible for delegating the deposited SOL to validators
  • You may withdraw from the stake pool at any time. Typically, you will end up with an activated stake account
  • Undelegate from the activated account, and wait for the next epoch to get your SOL back
  • You will receive the original amount of SOL plus the block rewards that have accrued

Solves

The stake pool solves the first two problem because it is able to aggregate the stakes of many users and delegate their SOL to multiple validators in ways that helps to improve the security of the Solana network. For a pool staker, it is “stake and forget”, as the pool would also be responsible for rebalancing the stake amounts to validators as needed.