Currently, in this uptrend season, there are quite a few new DEXs launched on ecosystems with user-friendly features and interfaces. Party Parrot is a new DEX lending, built on Solana Ecosystem Network, with outstanding features. In this article, we will learn about this DEX in detail, as well as understand how this exchange works.
What is Party Parrot?
Party Parrot is a Lending platform in Solana Ecosystem. In the Parrot platform, users can deposit different types of assets to mint Parrot’s stablecoin is PAI.
For an ecosystem to grow and explode, Lending is a key area in the DeFi Stack so that Solana can attract users and cash flow in the DeFi market. Therefore Party Parrot will be a very important and potential project in the Solana ecosystem.
The Parrot protocol is equipped with a margin trading algorithm, designed to allow the value of LP tokens locked in DeFi to be accessible. The protocol mainly relies on LP tokens used as collateral for all activities in the ecosystem.
Party Parrot is set up to create a margin trading product or virtual AMM. Where PAI tokens will be used as a tool to benefit the whole Parrot community.
Read more about: What is Party Parrot (PRT)? Learn about Party Parrot and PRT coin
Instructions for using Party Parrot
Currently, Party Parrot is supporting users with the main features that are Mint, Repay and Stake. First, I will direct you to create and connect Sollet wallet first.
Connect with Sollet Extension
I will guide you to connect Party Parrot with wallet Sollet Extension. In addition, you can also use other wallets such as: Ledger, Solflare, Sollet, Coin98, MathWallet, Phantom..to trade!!
Step 1: Install Sollet wallet extension
First of all, you need to prepare your wallet in advance Sollet Extension Please, GocTienAo There is an article on how to create and use this wallet, you can refer to: Sollet Wallet Extension User Manual – Solana’s Defi Gate Key
Step 2: Connect Wallet with Party Parrot
On the main interface, in the right corner of the platform will display the item Connect Wallet. Then the system will show you the wallets that can be connected, I will choose Sollet Extension Please.
Next you will enter the previously created password and press UNLOCK to unlock the wallet
Then you click on the item Connect When the system moves to the next screen as shown below, it’s done
Mint Guide on Party Parrot
To access the interface Mint On the platform, you can choose in the upper toolbar as shown below.
Normally, we will use stablecoins – USDC, USDT as collateral. However, I have Sol in my wallet, so I will make an example for you.
Next in the interface of the Mint feature. In the section I want to deposit, you will select the property you want to mortgage and enter the amount you want to mortgage.
Still in the section To mint you will enter the number of dong PAI that you want to create. In addition, for more convenience, you can choose the available landmarks such as: 25% 50% 75% and 100%.
Below you will need to note the item Collateral ratio OK, this will be the ratio of collateral to the amount of PAI you want to generate.
In addition, you should also note the following parameters:
- Borrow rate: this is the interest rate that you have to pay when borrowing.
- Debt (PAI): the amount of PAI coins you want to generate.
- Collateral: assets and the amount that you use as collateral.
- Liquidation price: When the price of your collateral falls below this price, it will be liquidated.
- Current price: the current price of the property you use as collateral.
Next, you click on the item Mint to execute the loan order
Right after that, Sollet A message will appear asking you to enter your password, you need to enter the correct password of the wallet and press UNLOCK to confirm the transaction.
Wait a bit, the system will process your transaction. Then you can go to your wallet to check your PAI balance.
Instructions for Repay on Party Parrot
When you have finished using PAI coins and want to return them to get your original coin back. The first is also on the interface Mint you select the tab Repay in the next section.
First in the Withdraw collateral, you will enter the amount of collateral you want to receive back. In the section And repay, you will enter the amount you want to repay the borrowed PAI.
The parameters below are similar to what I explained to you above.
Next, after filling in the parameters. You will click on the item Repay to pay back the borrowed PAI as well as get back the coin you used as collateral.
Stake Guide on Party Parrot
First to access the interface Stake You will select the tools tab above. Then you will put in the Deposit to pool like the picture below
Next, the Stake interface will appear so you can fill in the parameters.
Ok, in the first box you will enter the number of SOL coins that you want to take to Stake. In the picture below, for each SOL coin, you will receive a prtSOL coin corresponding to the ratio 1:1.
After filling in the quantity, you choose the item Deposit Please
Next, the interface of the Sollet wallet will pop up. You just need to enter the password then press Unlock is to complete the Stake on the platform Party Parrot Please.
In addition, to see the possible rewards, you will choose the tab Rewards on the toolbar above.
With the continuous development of the Solana ecosystem. In the coming time, Party Parrot promises to take new steps to become a major lending platform in the ecosystem and the DeFi space. Hopefully, the above tutorial will help you use the Party Parrot floor easily. To improve and update new information and knowledge every day in the crypto market, join the discussion with the community of GTA Ventures in:
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