News 
Coin Information 
About us 
The Parrot Protocol's recent proposition to transform its platform into a tokenless protocol has fomented an outcry among its community members. The proposed plan, which is open for voting until July 27, would let PRT token holders exchange their tokens for their liquid treasury worth.
The Solana-based liquidity network set the redemption price for PRT tokens at $0.0044 each. Parrot Protocol has generated over $89 million since its 2021 launch, as reported by CryptoRank. Nevertheless, its initial DEX and exchange offering investors currently face a hefty -89% return on investment (ROI), suggesting a loss in their initial investment.
The scheme, however, is curiously silent on the cause behind this dramatic turn. It only points out that numerous PRT holders desire to exchange their tokens for their treasury value. This comes on the heels of an alteration in Parrot's tokenomics in November 2022, where they lessened the token lock-in period from a year to just a week to facilitate more dynamism for stakeholders.
The team's control over 81% of tokens is a critical point of contention among the community. Although Parrot's team has debunked these allegations via Twitter, assuring that treasury tokens are untouched and aren't used for governance. CryptoRank's analysis shows that 35% of tokens were allocated for protocol incentives, 20% for the team and angel investors, 10% for public sales, 20% for seed rounds, and 15% for other uses.
The expression of dissatisfaction among the community members is apparent and they are vocal about their concerns. In explanation, one member's comments serve as a prime example. They consider the recent proposal to be highly disrespectful. The member criticizes the significantly reduced pro-rata value of their tokens, asserting that it disregards various instances where the team misused the treasury without obtaining consent from the community.
Comment 0