Parrot is a platform built on the solana blockchain that aims to provide a liquidity network for borrowing and lending. Since its launch in June, it has experienced significant growth, with a total value locked (TVL) of $400 million. Parrot offers a range of decentralized finance (DeFi) products to its users.
Currently, there is a substantial amount of value locked within various DeFi platforms, particularly in the form of LP tokens such as Uniswap LP tokens or AAVE interest-bearing tokens. However, these LP tokens have limited use cases. They are not easily accessible due to their opaque risks and unsuitable units of account for regular users.
The Parrot Protocol intends to address this issue by creating a network that utilizes these LP tokens as collateral for liquidity and lending services. By doing so, Parrot seeks to unlock the value contained within LP tokens and make it accessible to users.
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