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PartyParrot

PartyParrot

PartyParrot, also known as Parrot Protocol or PARROT.FI, is a decentralized finance (DeFi) protocol on the Solana blockchain. It was designed to make value locked in DeFi systems, particularly LP tokens, more accessible through a lending and borrowing platform. The protocol enabled users to mint the PAI stablecoin by depositing various forms of collateral into vaults, although this minting feature is now noted as deprecated. The platform also includes a non-custodial lending market and provides documentation and security audit reports.
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Description

The Parrot Protocol (PartyParrot) is a decentralized finance (DeFi) network built on the Solana blockchain with the primary goal of making value locked in DeFi systems, such as LP tokens, accessible. The protocol consists of three main components: the PAI stablecoin, a non-custodial lending market, and a margin trading virtual AMM (vAMM). By allowing users to use various LP tokens as collateral, Parrot aimed to create a liquid lending network. Users could deposit collateral like USDC and USDT into vaults to mint the PAI stablecoin; for stablecoin collateral, the system pegged the price at a 1:1 ratio to prevent liquidation. While the platform's documentation indicates that the core minting function is now deprecated, it also provides details on its security, including an audit by Halborn, and offers a devnet environment for testing.