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Odaily Planet Daily News The Solana public chain-based project Parrot Protocol submitted a proposal to redeem the PRT tokens it issued and transition to a token-free protocol. According to the proposal, the PRT redemption price is fixed at $0.0045 per token.
The project did not explain the reasoning behind the move, other than to mention that “many PRT holders want to redeem their PRT tokens in exchange for their treasury value.” The proposal also follows a change in Parrot’s tokenomics starting in November 2022, when the protocol shortens its token lock-up period from 12 months to seven days, claiming it will “create greater flexibility for stakeholders to enter or exit their positions.”
According to CryptoRank, the protocol has raised over $89 million since its inception in 2021, and investors are currently seeing a -89% return on investment in its IDOs and IEOs. (cointelegraph)