In this guide you’ll get information about where to buy Parrot Protocol, if you are planning to buy PRT token – You’re in the right place!
Think of Parrot Protocol as a decentralized platform for lending and borrowing, and it is constructed on Solana. The platform offers their services in DeFi products, including a vAMM margin trading, a (non-custodial) lending market, and also stablecoin PAI. The main purpose of the platform is to provide access to the value locked within DeFi systems.
Billions of dollars today worth of value has been locked within hundreds of DeFi. They are converted to various (yield generating) tokens, like AAVE interest (bearing) tokens or Uniswap LP tokens. Unfortunately, there aren’t many usages of those LP tokens as they are locked within DeFi. In most cases, LP tokens are generally inaccessible because of two main reasons: Their units (of account) are unsuitable for human consumption and their risks are basically opaque. This is when Parrot Protocol is needed: to make the values locked within those LP tokens accessible. How do they do that? By creating a liquidity and also a lending network that is collateralized by the LP tokens.
The master plan of the protocol is to created PAI stablecoin, which would be backed by LP tokens (as collaterals). They also want to create a lending market and also virtual AMM for margin trading product. In short, they want to create a platform that is completely useful and beneficial, especially for financial sector.
- Official website: https://parrot.fi/mint/
- Twitter: https://twitter.com/gopartyparrot
- Whitepaper: https://doc.parrot.fi/guide/
Table of Contents
Parrot Protocol (PRT) Features
- The many usages of PAI stablecoins. With the stablecoin, users are able to bridge the LP tokens to Solana or buy more BTC or ETH (with PAI) on Serum. They can stake their BTC/ETH within layer 1 swap to get LP yields. They can also mint PAI by using the LP tokens (as collaterals). In short, users would be able to enjoy yield farming on layer 1 ETH continuously while taking parting in the new yield farms (on Solana).
- Unique business model. In order to manage healthy yields, a healthy business model is required. It should be able to earn fees while sustaining the protocol participants within a positive loop. Parrot Protocol collects fees from the services and use those fees to buy back PRT (they do it in the open market). They would cycle the PRT back as the incentive for the protocol. The fees sources are from liquidation penalties, stability fees (which are collected on stablecoin PAI), trading fees on vAMM, borrow the collected fees from lending market, and borrow the PAI supply’s interest.
Where to Buy, Sell and Trade Parrot Protocol aka PRT
You can basically use debit card, credit card, or even PayPal to buy the Parrot Protocol (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Parrot Protocol as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy Tether first. After you get the ETH or BTC or USDT, you can convert it to Parrot Protocol. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
- Find a crypto exchange that supports Parrot Protocol currency and exchange your Ethereum / Bitcoin / Tether with the Parrot Protocol
- Store your Parrot Protocol to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.
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- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying Parrot Protocol, once you get your Bitcoin or Ethereum or Tether, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH or USDT from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH or USDT with Parrot Protocol:
Gate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.
- Deposit Methods: Cryptocurrency Only
- Fiat Currencies: N/A
- Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 1040+ more
- Trading Pairs: 1801+
IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the PRT/BTC or PRT/ETH or PRT/USDT trading pair and then place the order to buy those pairing cryptocurrencies.
Most likely you’ll find this pair available to you PRT/USDT – so you need to convert your BTC or ETH to USDT first in order to buy Parrot Protocol (PRT)
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your Parrot Protocol (PRT) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Secure
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Frequently Asked Questions (Faqs)
Can I Buy Parrot Protocol (PRT) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Parrot Protocol. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Parrot Protocol (PRT) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy Parrot Protocol (PRT) with Skrill?
You can’t buy PRT directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Parrot Protocol. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Parrot Protocol (PRT) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair PRT/BTC and begin the transactions.
Can I Buy Parrot Protocol (PRT) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support PRT/ETH trading pair.
What Is the Best Payment Method to Buy Parrot Protocol (PRT)?
The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Parrot Protocol right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Parrot Protocol (PRT)?
Once you have purchased the Parrot Protocol, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Parrot Protocol (PRT)?
Find a crypto exchange which allow pairing PRT with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Parrot Protocol (PRT) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Parrot Protocol is to buy it from a reliable exchange.
Conclusion
Parrot Protocol is about gaining access to the locked value within DeFi and reaping benefits from it. The protocol believes that leaving the value unused and unaccessed is such a waste. Why not using it for fruitful outcome? Anyone interested in the concept and the idea should join the platform, but make sure that they buy Parrot Protocol (PRT) first.
