Name of Project
Parrot DeFi
Application type
Launch
Proposal overview
Parrot Defi is a decentralized yield farm Dapp based on obtaining a reward token by depositing other currencies and providing liquidity.
Parrot Defi team has been excited about EVMs, and successfully launched a Yield Farming platform on both, Arbitrum and IoTeX, reaching $3M of TVL on its first stage, and nowadays it 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.
Harmony is currently in an excellent position to serve as the foundation of expansion for Parrot Defi platform due to its high speed and low transaction costs, in line with the true meaning of Decentralized Finance.
Parrot Defi aims to create a multichain yield farming platform based on a layered architecture that extends the regular farm’s life cycle, plus unique features to add value and use case to the token.
The two biggest challenges for most farms on DeFi are time and inflation.
Parrot Defi’s approach to these challenges is to divide the farm’s cycle into 2 phases; the first one being initial farming and minting, and the second, the establishment phase, where new features are added.
A 2 weeks path 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 don’t have to be intended for an irrevocable price drop. That is why there will be features to balance inflation, like trustless burning mechanisms.
Also, having a low circulation supply and a medium-low emission rate helps to balance the price.
Layered farming will also allow small investors to maximize their profits during an extended period and incentivizing them to hold rewards instead of selling them.
To hold a token and accumulate rewards is the nature of farming, so token holders will be encouraged to keep tokens on their portfolios from the very beginning. These reasons will be: as a safe entry for future layers, as an exit currency for other projects (IFO), or as a way to earn other currencies like USDC (Dividends vaults).
The market is large enough and with enough growth potential to support different farming layers in the same project, as we are confident in growing our community as time goes on.
Features to be developed
• Dapp
• LP Pools
• Staking Pools
• Incubator
• DAO
• NFTs
• Multi - rewards Vaults
• ICO/IFO
• Harmony Faucet
Team
Parrot Defi team is composed of 7 members, physically located in the same working space.
No public profile has been shared for security reasons, but the Team has already KYC’ed to
MCN Ventures, and is open to KYC again to any reputed partner that requires it.
These are 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
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
ParrotDeFi to further markets.
Proposal ask
Total funding required： $50,000
Justification
Funds use plan:
• R&D
• Marketing
• Liquidity
• Operation expenses
• Audit reports
Metrics for success
1. Testnet $10K
Fully functional farm on the testnet, including the initial pools, the front, the contracts, and the tokenomics perfectly adjusted for the first phase.
Disclaimer: The roadmap consists of constantly adding functionalities to extend the farm’s cycle. Due to the complexity of some of them, they won’t be available from the beginning.
2. Mainnet $10K
Launch on Mainnet including all Tesnet deployment plus: the token fairlaunch, farming started, ownership transferred to Masterchef, and Masterchef put behind a timelock contract.
Disclaimer: At this point, functionalities will be added according to our roadmap, but they are not meant to interfere with the milestones proposed.
3. DAO $10K
Launch of DAO to involve the community in decision-making.
Only delegated native tokens may be used to vote on proposals, encouraging users to hold the native token. The decisions will be focused on economic management and strategic investment.
A DAO is an excellent formula to increase community engagement by allowing them to participate in the platform’s operation directly.
4. Community growth $20K
To measure active users through the Discord, Telegram, or Twitter communities is not reliable; in contrast, the number of holders and contracts interactions can be a trustworthy on-chain indicator.
To determine the engagement of users on Harmony’s Dapp, the TVL will be taken into account. From our previous experience, the average investment per user is $100, so 10,000 users would reflect a TVL of $1M.
The TVL must reach $1,5M and exceed 10,000 interactions with the Masterchef contract. These metrics justify that Parrot Defi community on Harmony will be large enough to add value to the network.
