{"id":82060,"date":"2023-07-23T15:46:33","date_gmt":"2023-07-23T12:46:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82060"},"modified":"2025-09-12T02:47:52","modified_gmt":"2025-09-11T23:47:52","slug":"defi-project-parrot-proposed-to-redeem-prt-tokens-at-a-loss-of-around-90-of-investors-funds","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/defi-project-parrot-proposed-to-redeem-prt-tokens-at-a-loss-of-around-90-of-investors-funds\/","title":{"rendered":"DeFi project Parrot proposed to redeem PRT tokens at a loss of around 90% of investors\u2019 funds"},"content":{"rendered":"<p>The Parrot Protocol team on Solana put to a vote <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAO<\/a> proposal to buy back PRT tokens using treasury funds.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">July 28, 2023 | 10:39<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>The proposal received 99.8% support. The token buyback will begin on July 31 through the PRT\/USDC market on the OpenBook DEX. The redemption program will run for eight weeks.<\/p>\n<\/div>\n<p>According to the developers, the decision will ensure the protocol&#8217;s continued operation, which will proceed even without the governance token and decentralized governance. They also said that many users \u201cwould like to swap their PRT for the treasury value.\u201d<\/p>\n<p>The buyback price is set at $0.0045, close to the asset&#8217;s current quotes.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/bJ--uhnddIMsqL-yT0HX0TNARKE81zhKO3E48cybrd2pZrIED9bNbdVHadB1vX5OV3DDVXgE5g4LdNmFd3QjVYYXUaaz2SJRX2JjL74b4EI79dsacuA4eGpD4fSIYqfOQfo7XIkO6qi41HuYk2NstWw\" alt=\"DeFi-\u043f\u0440\u043e\u0435\u043a\u0442 Parrot \u043f\u0440\u0435\u0434\u043b\u043e\u0436\u0438\u043b \u043f\u043e\u0433\u0430\u0441\u0438\u0442\u044c \u0442\u043e\u043a\u0435\u043d\u044b PRT \u0441 \u043f\u043e\u0442\u0435\u0440\u0435\u0439 ~90% \u0432\u043b\u043e\u0436\u0435\u043d\u0438\u0439\"\/><figcaption class=\"wp-element-caption\">\u0414\u0430\u043d\u043d\u044b\u0435: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/parrot-protocol\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>\u041f\u043e \u0434\u0430\u043d\u043d\u044b\u043c CryptoRank, \u0432 2021 \u0433\u043e\u0434\u0443 \u043f\u0440\u043e\u0442\u043e\u043a\u043e\u043b \u043f\u0440\u0438\u0432\u043b\u0435\u043a \u0432 \u043e\u0431\u0449\u0435\u0439 \u0441\u043b\u043e\u0436\u043d\u043e\u0441\u0442\u0438 \u043e\u043a\u043e\u043b\u043e $89 \u043c\u043b\u043d. \u0414\u043b\u044f \u043a\u0443\u043f\u0438\u0432\u0448\u0438\u0445 \u0442\u043e\u043a\u0435\u043d\u044b \u0432 \u0445\u043e\u0434\u0435 <span data-descr=\"Initial DEX Offering, the initial coin offering on a decentralized exchange\" class=\"old_tooltip\">IDO<\/span> \u0438 <span data-descr=\"Initial Exchange Offering \u2014 initial token offering on an exchange\" class=\"old_tooltip\">IEO<\/span> \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u043f\u043e\u0442\u0435\u0440\u0438 \u0432\u043b\u043e\u0436\u0435\u043d\u0438\u0439 \u0441\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u044e\u0442 \u043f\u043e\u0447\u0442\u0438 90%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/KiXtYgY5K7ZTcgDjkheLKFt2BvKtzNRVOTe2qLfedreUkJF2ThL7KVAvNJ2t7J4v_CUYDAi2qpNVYH5v-1iDJGDisERLkmzTwqnv9N4R06TJqMJ59LXVVoJHTxfPHRmKnW1NyG2Pp34bbtHm2_quFKc\" alt=\"DeFi-\u043f\u0440\u043e\u0435\u043a\u0442 Parrot \u043f\u0440\u0435\u0434\u043b\u043e\u0436\u0438\u043b \u043f\u043e\u0433\u0430\u0441\u0438\u0442\u044c \u0442\u043e\u043a\u0435\u043d\u044b PRT \u0441 \u043f\u043e\u0442\u0435\u0440\u0435\u0439 ~90% \u0432\u043b\u043e\u0436\u0435\u043d\u0438\u0439\"\/><figcaption class=\"wp-element-caption\">\u0414\u0430\u043d\u043d\u044b\u0435: CryptoRank.<\/figcaption><\/figure>\n<p>According to users, the team owns 81% of the total 14.2 billion PRT. Commentators also noted that the developers had prematurely unlocked 5.3 billion of their own tokens, rendering the vote meaningless.<\/p>\n<p>Sprek e&#8217;s Twitter account noted that the protocol&#8217;s team is attempting from the available funds totaling $72 million to divide $12 million among token holders and allocate $60 million to itself.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/iAzHUvw6ywdsRaYzgD5McJ0f473oJNIrvulP1LtIzEEFslKU1r3_0cOdHg_ta1WvJIqdHtpfdw-BatZi-SYnuai0eVsjGCygpIOaOkDn7vbTFTULkh4hD5BfyUXUrJCoeYmwukckGkNTrn8EPu1M_kM\" alt=\"DeFi-\u043f\u0440\u043e\u0435\u043a\u0442 Parrot \u043f\u0440\u0435\u0434\u043b\u043e\u0436\u0438\u043b \u043f\u043e\u0433\u0430\u0441\u0438\u0442\u044c \u0442\u043e\u043a\u0435\u043d\u044b PRT \u0441 \u043f\u043e\u0442\u0435\u0440\u0435\u0439 ~90% \u0432\u043b\u043e\u0436\u0435\u043d\u0438\u0439\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/twitter.com\/spreekaway\/status\/1682390046824091648\">Twitter<\/a>.<\/figcaption><\/figure>\n<p>Some users, accusing the team of financial wrongdoing, said they would back the proposal. Some framed this move as a way to sever ties with a failing project, others as a foregone conclusion of the vote. The vote will close on July 27, and at the time of writing 99.5% of votes supported the buyback (1.4 billion PRT).<\/p>\n<p>As reported by ForkLog <a href=\"https:\/\/forklog.com\/en\/news\/governance-tokens-vs-utility-tokens-whats-the-difference\">explained in educational cards<\/a> what governance tokens are and how they differ from utility tokens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Parrot Protocol team on Solana put to a vote a DAO proposal to buy back PRT tokens using treasury funds.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1785,1093,1258],"class_list":["post-82060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-buyout","tag-defi","tag-tokenomics"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=82060"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82060\/revisions"}],"predecessor-version":[{"id":82061,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82060\/revisions\/82061"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=82060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=82060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=82060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}