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DeFi is rising quick, and PARSIQ is aiming to change into a key a part of the motion.
The Rise of DeFi
The world is witnessing the beginning of a brand new period on the planet of world finance. Blockchain, and all that its applied sciences allow, will evolve to change into the de facto customary of how transactions will quickly be performed globally. The benefits and accessibility that these applied sciences supply are so monumental that the world will someday marvel the way it ever lived with out them.
On the earth of cryptocurrencies, issues are transferring quick. Specifically, 2021 has seen a turbo-charged rise within the space of decentralized finance (DeFi). The Whole Worth Locked (TVL), which represents the number of assets that are currently staked in a specific protocol, has quintupled because the begin of the 12 months. The TVL peaked at over $97 billion originally of September, earlier than falling to round $80 billion in latest weeks.
Regardless of the latest cooling of the market, there isn’t a doubt that DeFi is right here to remain, and that curiosity among the many basic public and institutional traders is rising, as understanding round this new mannequin of lending in finance will increase.
The Launch of IQ Protocol
Recognizing the altering tides in international finance, PARSIQ launched the IQ Protocol earlier this year. It launched the primary risk-free, collateral-less DeFi protocol to tokenize subscription-as-a-service (SaaS) within the DeFi house with a round financial system.
Whereas the launch of IQ additionally launched PARSIQ into the realm of DeFi, its intent extends far past this software. As an open-source protocol, any mission can make the most of IQ to suit their wants and leverage the entire capabilities that IQ gives. PARSIQ gives three ranges of service, dubbed the “Threemium mannequin,” together with:
- Free mannequin – with restricted utilization and primarily used for testing the platform.
- Premium mannequin – the place PARSIQ accepts most main cryptocurrencies, PRQ, and fiat as fee, with funds going on to liquidity suppliers within the IQ Protocol pool as rewards.
- Hodlium mannequin – the place customers swap PRQ for non-expirable Energy Tokens (pTokens), which then permits for using PARSIQ base monitoring companies with out paying any further charges.
PARSIQ’s Entry into the DeFi World
With the IQ launch, PARSIQ additionally turned the protocol’s first buyer, making the most of all that the brand new protocol needed to supply: making a decentralized subscription-as-a-service mannequin for all firms desirous to leverage the entire advantages provided by the blockchain expertise.
At a excessive degree, PARSIQ created a pool connected to a wise contract. Nonetheless, not like different swimming pools equivalent to Uniswap, this one doesn’t require customers to match deposited tokens with one other token. Due to this fact, customers solely provide PRQ tokens that they could be curious about lending to others.
By staking PRQ into IQ, the pool mints an iPRQ NFT (Curiosity PRQ), which is then distributed to the stakeholder. This serves as proof that PRQ was positioned into the pool. When customers hire the PRQ deposited by the stakeholder, the pool mints a wrapped model of the PRQ, dubbed Energy Tokens (pTokens), that are then issued to the renter. From the charge the renter paid for renting the tokens, an iInterest is paid to the stakeholder whose tokens had been rented out. The PRQ doesn’t go away the pool at any level, so the stakeholder can relaxation assured that their authentic tokens stay secure.
Since launching IQ for its personal subscription mannequin on the finish of June 2021, PARSIQ has seen its TVL grow past 19 million PRQ (greater than $10 million on the time of writing), with over 7 million PRQ at the moment being rented and incomes precious yield and curiosity for the stakeholders. Curiosity on this new product is rising and growing inside the group as an increasing number of people be taught in regards to the potentialities that IQ brings to DeFi. A number of tasks having signed up to make use of the IQ Protocol for their very own tokenomics, together with Mysterium, CDzExchange, and Coreto.
PRQ Incentive Program and IQ Protocol Governance Token
PARSIQ just lately introduced the launch of a 1 million PRQ incentive program, which permits all eligible IQ Pool members to earn rewards. The inducement will probably be shared proportionally amongst wallets offering liquidity to the renting pool from Oct. 1 to Dec. 31, 2021. Rewards will probably be vested for 4 months, with 25% unlocked on Feb. 1, 2022, with equal unlocks each month subsequent on the first, and the ultimate unlock occurring on Might 1, 2022. As soon as the funds are unlocked, eligible wallets will be capable to declare them.
On the time of the snapshot, all liquidity-providing members will even be eligible for the airdrop of the brand new IQ Protocol governance token if taking part within the PRQ pool. It’s anticipated to reach within the first half of 2022. PARSIQ plans to share extra particulars relating to the IQ governance token within the coming months. Nonetheless, earlier than then, PARSIQ is welcoming any crypto mission that might leverage IQ in an effort to refresh the utility of their mission’s token.
PARSIQ, IQ, and the Persevering with Evolution of DeFi
The blockchain trade continues to develop and evolve at a breakneck tempo. Whereas DeFi has been round for a number of years, it’s nonetheless very early within the trade, particularly compared to conventional monetary companies markets in the present day. PARSIQ has acknowledged the numerous potential that this house has, and is able to take a place early on and assist different crypto tasks to do the identical.
As this discipline continues to develop, tasks ought to assess how their present fashions stand to benefit from the exponential progress that’s anticipated to reach within the subsequent years. With a lot to suppose by way of, think about reaching out to PARSIQ for extra steerage on methods to leverage this rising house and studying about how IQ Protocol may assist.
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