Introduction

ParrotDAO is decentralized reserve currency protocol on the Avalanche Network based on the PARR token. ParrotDAO develops infrastructure incentives that fulfill its objectives with the PARR token as the leading DeFi lending provider and funding the GameFi ecosystem on treasury investments. As a matter of course, ParrotDAO will back and help build the future of DeFi Lending and DeFi gaming. Each PARR token is backed by a basket of assets (e.g, MIM, PARR-AVAX LP Tokens, Metaverse Infrastructure Projects, Play-to-earn projects, Digital Land etc etc) in the ParrotDAO treasury, giving it an intrinsic value that it cannot fall below. ParrotDAO also introduces economic and game-theoretic dynamics into the market through staking and bonding.

Utility of ParrotDAO

Our goal is to build a policy-controlled currency system, native on the AVAX and KCC network. The PARR ecosystem and monetary policy are managed by the ParrotDAO. This way we guarantee transparent decision making and long-term stability.

In the long run, we believe this system can be used to optimize for stability and consistency so that PARR can function as a global unit-of-account and medium-of-exchange currency – both in real-life and in the Metaverse. In the short term, we intend to optimize the system for growth and wealth creation.

The point is to create a new monetary system backed by metaverse & gaming infrastructure, and to build an economy around it while also becoming a majority lending protocol on Multi-Chain EVM's.

Lending Protocol : A protocol borrowing assets against collateral on the blockchain, requiring no credit score or any other external factors other than collateral provided.

How do I participate in Parrot DAO?

There are two main strategies for market participants: Staking and Bonding. Stakers stake their PARR tokens in return for more PARR tokens, while Bonders provide LP tokens or MIM tokens in exchange for discounted PARR tokens after a fixed vesting period.

As ParrotDAO grows, its objectives is to have a variety of LP tokens from Metaverse and Gaming Projects available for bonding.

How can I benefit from ParrotDAO?

Stakers benefit from supply growth. The protocol mints new PARR tokens from the treasury, the majority of which are distributed to the stakers. Therefore, the gain for stakers will come from their auto-compounding balances, though price exposure is also an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.

Bonders benefit from price consistency. Bonders commit a capital upfront and are promised a fixed return at a set point in time; that return is given in PARR tokens and thus the Bonder's profit would depend on PARR price when the minted PARR matures – i.e. when the fixed vesting finish. So, Bonders benefit from a rising or static price for the PARR token!

Who created ParrotDAO?

ParrotDAO is a fork of Olympus on the Avalanche Network. Our team is mostly anonymous, born from the DeFi Community as well as the startup scene. We are a group of serial entrepreneurs, DeFi farmers, blockchain developers, and growth hackers. ParrotDAO is working actively at becoming a Decentralized Autonomous Organization — creating a new monetary system backed by metaverse & gaming infrastructure, and to build an economy around it.

Who runs ParrotDAO?

At the moment, most of the decisions are taken by the core team, but we expect to be able to turn this into a DAO-governed model as soon as possible! Decisions such as marketing campaigns and staking returns will be decided on by token holdings of holders.