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Announcements Gate.io Startup Initial Free Offering: Parrot Protocol(PRT) and Announcement of Free Distribution Rules (1,213,356 PRT free of charge)
Gate.io Startup Initial Free Offering: Parrot Protocol(PRT) and Announcement of Free Distribution Rules (1,213,356 PRT free of charge)
2021-09-16 08:27:43 UTC 92728 Read

About Gate.io Startup Free Airdrop Program In order to reward platform users, Gate.io launched the "Startup Project Free Airdrop Program". Free airdrops for excellent blockchain projects are launched in the Startup area from time to time. VIP and GT users can get a variety of tokens via airdrop benefits.

Gate.io Startup will launch its next project, Parrot Protocol, on September 16th, 2021 at 09:00 AM(UTC).

Startup Link: https://www.gate.io/en/startup

Introduction to Parrot Protocol
Parrot is a liquidity network for borrowing and lending on solana. Since its mainnet launch in June, it has grown to $400M in TVL, offering a suite of DeFi products. Today billions of dollars of value are locked in hundreds of DeFi s, and converted into different yield generating tokens, such as the Uniswap LP tokens, or the AAVE interest bearing tokens. There aren’t many use cases available for these LP tokens. The value locked in DeFi as LP tokens are inaccessible, because their risks are opaque, and their units of account unsuitable for human consumption. 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 information below is provided by the Parrot Protocol team. Please follow website for more information)
Token Information
Token name: Parrot
Token symbol: PRT
Max Supply: 21,000,000,000 PRT
Token Type: SPL
Token Contract:PRT88RkA4Kg5z7pKnezeNH4mafTvtQdfFgpQTGRjz44

Token distribution and unlocking rules:
Protocol Incentives: 35%
Controlled by DAO
Eco & Partnerships: 10%
Controlled by DAO
Public Sale: 10%
Team & Angels: 20%
10% TGE, 3 years linear vesting, unlocked bi-monthly
Seed: 20%
10% TGE, 3 years linear vesting, unlocked bi-monthly
Protocol Controlled Reserve: 5%
Controlled by DAO

Website: https://parrot.fi
Token Information:https://solscan.io/token/PRT88RkA4Kg5z7pKnezeNH4mafTvtQdfFgpQTGRjz44

Parrot Protocol Startup Sale Rules
(1) Duration:September 16th, 2021 09:00AM-September 17th, 2021 09:00AM(UTC). (Orders placed by qualified users within these 24 hours will be treated equally.)
(2) To participate in the Startup Sale, users will need to be VIP1 and above.
(3) Price: $0/PRT; IDO Reference Price: $0.04; Startup Supply: 1,213,356.63 PRT
(4) Purchase limit: The maximum subion limit for a single user is 1000 shares; the relationship between the VIP level and the maximum subion allocation is:
the maximum number of subions (not the final actual subion number) = the square of the VIP level multiplied by 10. For example:
VIP2 users can subscribe up to 2 2 10 = 40 shares
VIP3 users can subscribe up to 3 3 10 = 90 shares
(5) Unlocking Rule: Unlock
(6) Users place orders using USDT.
(7) Users can place orders from September 16th, 2021 09:00AM-September 17th, 2021 09:00AM(UTC). Orders placed by qualified users within these 24 hours will be treated equally.
(8) Users need to ensure that there is sufficient balance (exceeding the purchase value) in accounts for the purchase after placing the orders until we announce the sale result. An insufficient balance will result in the cancellation of the purchase order.
(9) Each type of currency can only be purchased once with each KYC account.
(10) After September 17th, 2021 09:00AM(UTC), we will collect all the qualified orders and distribute the tokens according to the ratio of the individual purchase orders to the purchase orders in total.
(11) Trading starts time: September 18th, 2021 02:30AM(UTC)

Gate.io Labs Investment Participating Disclosure
Gate.io Labs did not invest in Parrot Protocol

(1) Countries not supported: Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Burundi, Burma, Canada, China, Democratic Republic of Congo, Cuba, Ethiopia, Guinea-Bissau, Guinea, Iran, Iraq, Japan, Liberia, Lebanon, Libya, Macedonia, Malaysia, New Zealand, Serbia, Sri Lanka, Sudan, Somalia, Syria, Thailand, Trinidad and Tobago, Tunisia, Uganda, Ukraine, United States of America, Venezuela, Yemen, Zimbabwe.

For users from other countries, please check and make sure your participation in the token sale on Startup complies with local laws and regulations.

(2) Risk Warning:
- The project team does not guarantee that the token price will not be lower than its startup sale price. Please invest with caution, and don't invest beyond your financial capacity.
- The start-up project is still in its initial stage, factors including the operation and underlying technology of the project, and other related regulatory activities might contribute to significant risks.
- Advanced technical and financial knowledge is required to understand, and uate the inherent risks of crypto-asset investment.
- The market volatility is high, and the price of a token might fluctuate drastically due to technical, regulatory, and marketing factors.
- Users may not be able to withdraw all the purchased tokens due to technical issues of the project or Gate.io.

(3) Requirements for participants
- The participant should register on Gate.io and Log in;
- After logging in, complete user identity verification;
- Deposit a certain amount of cryptocurrencies in your gate.io account;
- Sign the Purchase Agreement on Startup before placing orders.

Gate will open an Automated Market Maker (AMM ) for PRT, and launch an AMM "liquidity-mining" rewards. Users who provide market liquidity by inserting liquidity in will get rewards from the liquidity pool transaction fee and GT token rewards from the liquidity reward pool. High annual rate rewards with security.

AMM Trading Market and AMM Liquidity Mining

Gate.io has launched a new version of the liquidity pool (centralized automated market maker (AMM) transaction service) on August 1st, 2021: allowing most of the new currency and non-mainstream currency markets to obtain the same liquidity advantage as Uniswap, and allows users to enjoy the low-cost and high-quality user experience of the centralized platform. Gate.io will continue to add different currencies, please pay close attention to follow-up announcements.

The rules for markets to upgrade to the Automated Market Maker (AMM) model are as follows:

1) Fixed 0.3% commission fee for both Taker and Maker (temporarily consistent with Uniswap, subject to the needs of both market parties)
2) A fixed percentage (such as 50%) of the transaction fee will automatically be changed into GT through the open market and put into the AMM Reward Pool.
3) Anyone can become a liquidity provider (LP) and get the transaction fee rewards from the liquidity pool and the GT rewards that are invested in the liquidity bonus pool.
4) Liquidity providers provide liquidity to the market, but they need to bear in mind the risk of impermanent losses. For example, if the market price doubles, the impermanence loss is about 7%, and if the market price drops back to the original point, the impermanence loss disappears.
5) Liquidity providers can take bonus and withdraw at any time.

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Gate.io Team

Sep 16, 2021

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