As you know, PARSIQ became the first customer of IQ Protocol, taking advantage of all that the new protocol had to offer: creating a decentralized subscription-as-a-service model for all companies wanting to take advantage of alle the advantages offered by the blockchain technology.
At a high level, PARSIQ created a pool attached to a smart contract. However, different from other pools (such as Uniswap), this pool doesn’t require users to match deposited tokens with another token. Therefore, users only supply PRQ tokens which they may be interested in lending to others.
By staking PRQ into IQ, the pool mints an iPRQ NFT (Interest PRQ) which is then distributed to the stakeholder. This serves as proof that PRQ was placed into the pool. When renters rent the PRQ deposited by the stakeholder, the pool mints a wrapped version of the PRQ that is dubbed Power Tokens(pTokens) which is then issued to the renter. From the fee the renter paid for renting the tokens, an interest is paid to the stakeholder whose tokens were rented out. At no point is the original PRQ actually leaving the pool, so the stakeholder can rest assured that their original tokens remain safe.
PARSIQ & IQ Protocol
Since launching IQ for our own subscription model at the end of June, 2021, we has seen its TVL grow past 20m PRQ. With over 8m $PRQ currently being rented and earning valuable yield and interest for the stakeholders. Interest and confidence in this new product continues to grow and develop amongst the community as more and more individuals learn about the possibilities which IQ brings to DeFi, with several projects having signed up for using the IQ Protocol for their own tokenomics, like Mysterium, CDzExchange and Coreto.
Take part in the 1 million $PRQ Incentive Program
Providing liquidity to the IQ Protocol in Q4 makes you eligible for a proportional allocation of the 1 million $PRQ reward pool, along with eligibility for an airdrop of the IQ Governance Tokens, expected to mint in the first half of 2022.
1m $PRQ Incentive Program details
The decentralized Subscriptions-as-a-Service, dubbed “IQ Protocol” soft launched on June 30th 2021 on the Binance Smart Chain and we’ve seen tremendous support from our community with nearly 17% of the total circulating supply currently in the liquidity pool.
Starting October 1st and ending December 31st 2021, 1m $PRQ will be shared proportionally to all that provide liquidity to the PRQ pool on the IQ Protocol.
For all those that joined before that, your share will have an added weight in the distribution.
In addition to the 1m incentive, participants of any IQ lending pools will also be eligible for the IQ Governance Token airdrop expected for the first half of 2022. In the meantime we will continue to expand our platform functionality and continue to onboard a rapidly expanding roster of clients and partners.
On the 31st of December 2021 a snapshot of the liquidity pool will be taken and the 1m $PRQ rewards will be vested over 4 months, with a 25% release on the 1st of February and 25% the following 3 months, with the final drop 1st of May 2022.
All rewards distribution will be airdropped/claimable to eligible wallets.
IQ Governance Tokens will be airdropped to eligible wallets after launch, expected in the first half of 2022.
Entering the rewards into the pool while vested is something we’ll leave up to a community vote in December as there are pros and cons to doing this.
📌 Useful links:
A step-by-step guide on staking PRQ into the IQ Pool.
Before staking, be sure to bridge your PRQ tokens to Binance Smart Chain.