Parrot Protocol Raised $5,000,000 in Seed Funding

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. 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

• 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.

Currently Parrot supports $USDC and $USDT deposits only, and you can generate 100 $PAI for every 105 of USDC (or USDT) collateral. No interests are collected on $PAI generated from stablecoin vaults. Furthermore, for stablecoin vaults, the system treats the price as pegged to 1:1, never to fluctuate. This way stablecoin vaults such as $USDC would never liquidate.

The Parrot Protocol grows rapidly, adopted by certain individuals in crypto space specially those top crypto angels and investors. Recently Parrot Protocol heartily announce that the company raised $5M investfunds from private seed funding. The funding round event was led by top global investors such as Alameda Research, QTUM VC, NGC Ventures, PetRock Capital, Coin98, MGNR, Sino Global Capital, SkyVision Capital, Solar Eco Fund, Chris McCann & Edith Yueng (Race.Capital), ROK Capital.

These investors are looking forward to see the growth of Parrot Protocol and how its ecosystem moved the booming space of decentralized finance.

“Stablecoin is a fundamental primitive for the Solana DeFi ecosystem, and by specializing in taking LP tokens as collaterals, the Parrot Protocol fills a unique niche in the stablecoin market. Furthermore, the Parrot Protocol will be building a lending product on top of its own PAI stablecoin, which creates a strong network effect for both products. Alameda Research is excited to see how the Parrot team will be able to continue to execute quickly, and innovate in product design.”—Alameda Research

There will be more to come in the future with Parrot Protocol!

ABOUT Parrot Protocol
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.

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