The DeFi protocol on Solana, Parrot’s token redemption proposal is passed with 99.8% votes in Support. The protocol will begin its PRT token buyback from this Monday.
The buyback plan includes buying PRT from all sellers at a preset price of $0.0045 for each token. All token holders will have enough time period as the program will last for 8 weeks.
The team will be buying PRT from OpenBook, a decentralized exchange (DEX) on Solana. The orders will be filled via providing USDC liquidity in multiple tranches at the same redemption price.
The team will be using protocol’s treasury to support the buyback, which is valued roughly $70 million. The team is facing backlash from investors stating the team is keeping a big-chunk from the treasury for themselves.
Previously, Parrot Protocol’s ‘Kill Token’ Proposal was criticized by the community as it aimed to launch the no token protocol and redeem the holders.
