Parrot Finance's new proposal suggests transitioning to a tokenless protocol through a token redemption plan

ChainCatcher news, the DeFi project Parrot Finance's new proposal shows that to ensure the continued operation of the Parrot PAI protocol, holders will be allowed to proportionally redeem their PRT tokens for the value of liquid assets. The proposal will be voted on before July 27, requesting to redeem their PRT tokens for the value of liquidity treasury bonds and transition to a no-token protocol.

LP tokens and illiquid assets are not included in this proposal, with the PRT redemption price set at $0.0045 per PRT. Additionally, the 231,154,526.25 PRT repurchased in the first quarter of 2023 will be proportionally distributed to PRT/yPRT holders based on a snapshot from December 2022.

It is reported that in 2021, Parrot raised $85 million in the IDO (plus $5 million in private seed round financing), with the IDO price around $0.04.