DeFi protocol Parrot Finance will begin implementing an activist investor-led plan to phase out the platform’s PRT token, with redemptions set to begin as early as Monday.
The redemption is the result of a highly contentious vote that returns a portion of Parrot Finance’s treasury to token holders.
A Controversial Vote
Two years ago, Parrot Finance had raised over $80 million during the public token sale of its PRT tokens. Cut to 2023, and the DeFi protocol is holding a controversial vote to buy its investors out. The proposal in question calls for the end of Parrot’s governance token through a redemption program which will see $50 million from its treasury be divided among PRT token holders, priced at $0.0045 each. If passed, the vote would be catastrophic to Parrot’s earliest investors, who shared the protocol’s vision of building a powerful stablecoin and lending market.
Early investors would end up recouping only one-tenth of their initial investment, despite the fa
We współpracy z: https://cryptodaily.co.uk/2023/07/parrot-finance-to-commence-prt-token-buyback-on-monday
