PARSIQ utility token update and the exciting road ahead on Parsiq ecosystem has been published. PARSIQ and Crypto.com recently made the exciting announcement that the $PRQ token is now available for trading on Crypto.com under the $PRQ/$USDT pairing and $PRQ/BTC. Just two weeks after the Crypto.com announcement, $PRQ was also listed on Huobi Global Exchange!
PARSIQ is extremely proud of this recognition and the opportunities which come with it — including the introduction of PARSIQ to new audiences, and adding yet another trusted platform to acquire and HODL $PRQ tokens!
Towards the end of March ’22, Tom Tirman, PARSIQ CEO, announced a new roadmap for PARSIQ — full of exciting new milestones which we look to achieve for the remainder of 2022. As many of you may have imagined, an evolution of PARSIQ’s products and services means that PARSIQ’s token utility also needs to evolve alongside — to continue serving the needs of the Web3 projects which rely on our solutions, retail customers, and token holders in general.
Staking & Yield
Since the deployment of the IQ Protocol, $PRQ holders have been able to stake their tokens and earn valuable yield. This continues to hold true. $PRQ holders can continue to stake their $PRQ tokens and not only continue to earn more $PRQ tokens, but also qualify to earn $IQT tokens! At the time of this writing, over 60M $PRQ tokens are staked.
$IQT, which comes from the revolutionary IQ Protocol — also developed by the creators of PARSIQ, is poised to launch later in 2022.
The staking and yield earning process continues to be the same for those who have staked and earned before. PARSIQ is extending its 2x Yield Boost Incentive (and the Free $IQT Incentive remains active) for those who stake $PRQ in IQ Protocol during Q2, 2022.
Readers of Tom’s most recent CEO Letter would have learned that PARSIQ’s first new product in the updated roadmap will be the Tsunami API — scheduled to ship during July, 2022. As a refresher, the Tsunami API will provide blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time data and historical data querying abilities.
Tsunami access will be managed via $PRQ tokens. PARSIQ will make two models available for its Web3 customers. Interested parties will be able to “pay to play” with $PRQ — meaning that each API call will cost a fixed amount of $PRQ, OR tiered access will be provided based on the number of $PRQ tokens which are being held by the user account.
The number of these tokens will drive what functionalities a user will be able to access, including the number of API calls which will be made available to that particular account.
PRQ Renting — Understanding the Yield
Now that users understand that staking earns yield, and access to PARSIQ’s products will be based on PRQ holding and usage.
To access PARSIQ’s products and services, customers will need to hold $PRQ tokens or rent them from the $PRQ renting pool. Even if a client decides to pay with stablecoins, PARSIQ will borrow the necessary equivalent amount of $PRQ from the pool to tie a client’s access to $PRQ.v.
One customer which PARSIQ supporters may recognize is IQ Protocol. As many are aware, IQ Protocol is a DeFi solution for renting NFTs and fungible tokens. Developed by the creators of PARSIQ, IQ Protocol clients will have PARSIQ monitoring services available at their disposal. The cost associated with these services will be paid to PARSIQ through borrowing PRQ tokens.
$PRQ rentals will generate fees, and a percentage of those fees will be earmarked for interest yield to our devoted $PRQ stakers.
The PARSIQ DAO
PARSIQ and its products and services are here to serve the community, and the growing Web3 space. That’s why the platform see it more important than ever to create a PARSIQ DAO — a place where PRQ holders can voice their opinions and vote with their stack regarding where they feel PARSIQ should move next and how it should be done.
From voting on product integrations (e.g. new Data Lakes) to managing the DAO treasury, PRQ holders will play a critical and important role in the PARSIQ DAO, deciding collectively how to strategically and successfully move its products and services forward.
PARSIQ is a Web3 data platform that helps build functionality on top of blockchain data. With Smart Triggers, you can create “if-this-then-that” workflows – watch for a specific on-chain event and initiate downstream actions when they occur.