Parrot Finance to Begin Token Redemptions Monday

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Parrot Finance to Begin Token Redemptions Monday

Parrot Finance, a Solana-based lending and stablecoin market, is moving forward with an activist investor-led plan to phase out its PRT token and will begin redemptions on Monday. The redemption program, which was passed with a lopsided 99% in favor, will buy PRT tokens from all sellers at a price of $0.0045 apiece via a stablecoin market set up on the OpenBook decentralized exchange. This redemption period will last for eight weeks and conclude with the sunsetting of PRT, Parrot’s governance token.

Original investors of Parrot and PRT can expect to recover about a tenth of the value they put in, while newcomers, particularly the activist investors who pressured Parrot’s leaders for a redemption program, could make many multiples, depending on when they bought in. The token was trading slightly below its intended buy price at $0.004376 at press time.

Parrot’s redemption program comes two years into the project’s unremarkable run on the Solana blockchain, where it has failed to catch fire despite raising an over $90 million war chest from retail and venture investors.