Parrot Finance early backers to lose 90% of investment in contentious proposal
Parrot Finance is facing a redemption vote two years after raising over $80 million in a public token sale during Solana’s heyday. The proposed redemption program seeks to end Parrot’s governance token, PRT, with more than $80 million from its treasury set to be distributed among holders at $0.0045 per token. The price would drastically devalue the investment of early backers , causing them to recoup just one-tenth of their initial investment of $0.04 per token. Critics claim that the team behind Parrot Finance could walk away with as much as $60 million under the proposed redemption plan while leaving other investors with only $12 million. Today in governance was a mistake news: @gopartyparrot team takes their $72m remaining in ICO funds and attempts to split it $12m to the token holders, $60m to the team. Oh they also early unlocked their tokens and will be voting it through regardless of what anybody else says pic.twitter.com/vmhDXJochQ — Spreek (@spreekaway) July 21,...