Solana’s Parrot Protocol submits proposal to go tokenless, investors risk facing -89% returns

A recent proposition from the group behind Parrot Protocol– a Solana-based liquidity network– has stimulated controversy among its community members. The proposition, up for a vote up until July 27, requires the redemption of its PRT tokens for liquid treasury worth and the shift to a no-token protocol.Based on the proposition, the PRT redemption rate was developed at $0.0045 per token. According to information from CryptoRank, the protocol raised over $89 million given that its inception in 2021, with a present roi (ROI) of -89% for investors in its preliminary DEX offering (IDO) and preliminary exchange offering (IEO). Having an unfavorable ROI shows that financiers have lost cash on their investment.Today in governance was an error news: @gopartyparrot group takes their $72m remaining in ICO efforts and funds to split it $12m to the token holders, $60m to the team.Oh they likewise early unlocked their tokens and will be voting it through despite what anybody else says pic.twitter.com/vmhDXJochQ— Spreek (@spreekaway) July 21, 2023

Remarks from neighborhood members show that the team controls 81% of tokens. A breakdown supplied by CryptoRank shows that 35% of tokens were dispersed as procedure incentives, 20% to the team and angels, 10% as public sales, 20% as seed rounds and 15% as others.Parrot Protocol token sale. The group likewise prematurely unlocked the team and VCs vesting tokens, so they are the majority token holders, making this vote worthless and a total farce,” composed one neighborhood member on the proposal discussion.Magazine: Tornado Cash 2.0– The race to build safe and legal coin mixers