Parrot DeFi

Proposal details

Project Name

Parrot DeFi

Project Type

[ DeFi Dapp ]

Proposal Description

Parrot Defi is a decentralized yield farm project based on obtaining our reward token (PPEGG) by depositing other currencies and providing liquidity.

We’ve been excited about EVMs, and lately, we’ve successfully launched a Yield Farming platform on Arbitrum (parrotdefi.com), which reached $1,5M of TVL on its first 24h alive and nowadays is still growing it by implementing new features, the latest one being a burning vault called Incubator, meant to increase the value of its native token PPEGG.

IoTeX is currently in an excellent position to serve as the foundation of expansion for our platform due to its high speed and low transaction costs, in line with the true meaning of Decentralized Finance.

We aim to create a multichain yield farming platform based on a layered architecture that extends the regular farm’s life cycle, plus unique features that add value and use case to the token.

The Team believes in the concept of creating added value on IoTeX by proposing an ideal environment to add value to our investors’ tokens through traditional yield farming products (tokens and pools) and new features and partnerships over time.

Being aware of the biggest challenges for most farms on DeFi, time and inflation. However, we’ve ended up with a simple solution to this, continuous development. We are committed to facing these challenges by dividing the farm’s cycle into 2 phases; the first one being initial farming and minting, and the second, the establishment phase.

We have thought that a path of 2 weeks is ideal for the initial farming phase, followed by a second establishment phase where unique features and products are deployed progressively, adding value to the token.

Farming tokens do not have to be intended for an irrevocable price drop. That is why we have designed features to balance PPEGG inflation, having a low circulation supply and a medium emission rate.

Also, we’d like to allow small investors to maximize their profits through layered farming, allowing investors with smaller capital to grow their wealth during an extended period and incentivizing them to hold rewards instead of selling them.

We think that hold a token and accumulating rewards is the nature of farming, so we try to encourage and give different reasons to our investors to keep PPEGG in their portfolio either for future layered farming, for the payment of other currencies (Earn USDC), or as an exit currency for other projects (IFO) for example.

The market is large enough and with enough growth potential to support different layers of farming in the same project, as we are confident in growing our community as time goes on.

Milestones

number deliverable date/deadline role funding require
1.Deployment on IoTeX and frontend Contracts and frontend Oct-06-2021* Parrotdefi $10,000
2.TVL milestone TVL $3M > 15 days when is reached Parrotdefi $5,000
3. Incubator Frontend & contracts one week after launch Parrotdefi $5,000
4.Vaults/ Multiple Rewards Frontend & contracts two weeks after launch Parrotdefi $10,000
5. NFTs Frontend & contracts three weeks after launch Parrotdefi $10,000
6. IFO Frontend & contracts one month after launch Parrotdefi $10,000

Total funds requested

$50,000

About your Team

Parrot Defi team is composed of 7 members, physically located in the same working space in Spain.

No public profile has been shared for security reasons, but the Team has already KYC’ed to MCN Ventures, and the team is open to KYC again to any reputed partner that requires it.

The diverse specialized profiles the Team is currently comprised of:

  • Blockchain developer
  • Frontend developer
  • Marketing and community experts (2)
  • SEO/SEM expert
  • Web Designer
  • Corporate Branding designer

Blockchain development

With several years of experience with react and solidity, our team isn’t only capable of forking projects, but also developing functionalities and apps from scratch.

Our developers are also specialized in essential security measures, indispensable for the success of projects on the blockchain. These measures include testing and debugging, refactorization, gas spent optimizing, lintering, and many more.

SEO

Our SEO specialists have gained extensive experience working on projects in more than four languages distributed in nine countries.

We’ve noticed that most DeFi projects are not optimized for search engines because developers are not experts on this matter. Our team has seen an opportunity in the lack of competition and is confident in generating and redirecting traffic to specific projects and networks. The primary source of redirected traffic will come from post-writing, link-building, on-page optimization, and many more strategies.

Marketing and Community management

Wholly specialized in cryptographic projects promotion, our marketing team has not just used social media as a tool but has professionalized its use on them. Some of their strategies are segmentation of niche users and viral content creation. They can adapt the message to the receivers thanks to their comprehensive experience on these channels.

Web and graphic design

With lots of creativity and resourcefulness, our team can adapt to any kind of environment and project and add intrinsic value to it just through its designs. Their work is visible on current websites from well-reputed brands across Europe. NFTs is the latest skill they’ve developed and matches perfectly the demands of the current blockchain users.

Additional Information

Our goal is not only to reach a high TVL on our platform, our efforts will also be to focus on bringing the highest amount of users to the ecosystem by bringing new products and features. Naturally, this will affect the overall project’s life cycle, which we anticipate to be longer than traditional farming projects.

The launch of Parrot Defi on Arbitrum has been followed by new actions that impacted the token’s price, raising it. The measures designed to fight inflation were very well accepted by our community, making them burn more than 50% of the total supply.

Most of our team is proficient in English, but their native tongue is Spanish, which is the second-largest native spoken language globally. That’s an excellent opportunity for expanding IoTeX to further markets.

We’re entirely aware of which factors define the survival of a project in the long-term, being the main one, the token use-case. That’s why we focus efforts continuously on developing and delivering new functionalities.

We’ve thoroughly analyzed a potential implementation of IoTeX in the Spanish Community, and we’re confident saying that there is an excellent opportunity behind it. We would be happy to support you on that task, even beyond this project.

Metrics

N/A

Links

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=== Please add Milestone Reports below ===

Milestone Report: #1
:pencil:Invoice form has been filled out correctly for this milestone.
Deliverable Name : Contracts and frontend
Proof : https://iotex.parrotdefi.com
Note : .Deployment on IoTeX and frontend
Payment tx : IoTeXScan Transaction Hash | IoTeXScan

Milestone Report: #2
:pencil:Invoice form has been filled out correctly for this milestone.
Deliverable Name : TVL milestone
Proof : Pending
Note : When TVL > $3M for 15 days
Payment tx :

Milestone Report: #3
:pencil:Invoice form has been filled out correctly for this milestone.
Deliverable Name : Incubator
Proof :ParrotDefi | IoTeX
Note : Deploy Parrotdefi incubator
Payment tx : IoTeXScan Transaction Hash | IoTeXScan

Milestone Report: #4
:pencil:Invoice form has been filled out correctly for this milestone.
Deliverable Name : Vaults/ Multiple Rewards
Proof :ParrotDefi | IoTeX
Note : Deploy Parrotdefi Vaults / Multiple Rewards
Payment tx :…

4 Likes

Thanks for the applicaiton. Parrot Defi looks great!

3 Likes