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Parrot IDO Participants Fuming at Redemption Proposal That Will Wipe Out Their Investment

The team behind Parrot Finance, a DeFi lending protocol on the Solana blockchain, is proposing a transition to a tokenless system and redeeming existing PRT tokens for USDC. However, early investors are unhappy about the potential loss they may face.

The proposal would see the $50 million in the Parrot treasury divided among PRT holders, valuing the tokens at $0.0045 each and resulting in IDO participants recouping just a tenth of their initial investment. The proposal has sparked outrage from investors who feel cheated by the developers and believe that insiders may take a disproportionate share of any funds raised by detokenization.

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