Introducing Parakeet DAO
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What is Parakeet DAO?
Parakeet DAO aims to unify web3’s metaverse community across chains. Our first offering to the world is the Parakeet bridge — a cross-chain bridging protocol for NFTs.
What is Parakeet Bridge?
Parakeet is an omnichain bridging protocol for NFTs. It provides a key missing piece of metaverse infrastructure by helping users bridge their NFTs between multiple blockchains.
With Parakeet bridge you can transfer your ERC721/ERC1155 tokens across multiple public blockchain networks in a secure, trustless & decentralized manner.
It uses LayerZero’s cross-chain messaging technology under the hood.
What chains are supported on the Parakeet Bridge?
Parakeet Bridge will launch with support for NFT collections across 7 chains👇🏻
- Ethereum
- Arbitrum
- Optimism
- Polygon
- Avalanche
- Fantom
- Binance Smart Chain
In the future, we’ll expand support to more EVM chains like the Gnosis chain as well as non-EVM chains like Solana & Cosmos. This functionality is already built into the protocol v1.
But why make NFTs omnichain/cross-chain?
A Problem to be Solved: High Transaction Costs
A gas fee is a charge that users pay to transact on the Ethereum blockchain. A certain amount of Gas is required for minting + transacting in NFTs. High transaction costs(i.e. gas fees) on Ethereum Mainnet have priced out many NFT users.
A quick scan of Etherscan is all it takes to find out that Opensea’s smart contracts are almost always amongst the top 10 gas guzzlers on the Ethereum blockchain. This is a consequence of Ethereum being the home to a majority of NFT projects and users.
#L222
Parakeet enables NFT artists, traders & collectors to do their job on a different more-scalable blockchain with lesser fees without sacrificing support for Ethereum Mainnet community & tools.
More use-cases for NFTs
By providing a simple bridging experience & multi-chain support, Parakeet bridge also unlocks multiple exciting L2 use-cases for NFTs:
- Fractionalization
- Lending
- Borrowing
It’s good for the climate as well!
A big argument against the metaverse revolution has been the climate effects & a complex legacy of greenhouse gas emissions.
The Verge wrote an article about this — The Climate Controversy Swirling Around NFTs
Although this argument might be valid after Ethereum’s upcoming POS merge, Parakeet solves this issue by allowing support for more climate-friendly solutions like POS blockchains & layer-2 scaling solutions.
Growing with the community: Partners of Parakeet
Parakeet bridge is a part of Parakeet DAO & if you’re an artist, builder, or a user of the web3 metaverse, we’d love to work together with you.
We are on the way to making great partnerships with other successful NFT projects.
Here’s how Parakeet can add value to your NFT Collection👇🏻
🚀 For already live NFT collections
If you’re a holder or part of the project team at an already existing NFT project, we can help take your NFT collection omnichain.
The very first project we’re whitelisting is Pudgy Penguins !!
🔥 For upcoming NFT launches
If you’re an upcoming NFT project, Parakeet can help you get omnichain support for your NFTs from the get-go!
We can also help you explore the idea of minting on a layer-2 or a cheaper layer-1 & then migrating to Ethereum Mainnet or vice-versa!
💸 For NFT wallets
We want to help increase the NFT bridging adoption by integrating with your wallet/app. Our SDK is easy to integrate & works flawlessly.
📈 For NFT marketplaces
We’d like to see support for more chains within your marketplace as well as native bridge-UI & we can help make that happen.
How does Parakeet work?
Parakeet uses LayerZero’s cross-chain messaging protocol for sending messages across chains. We leverage this to build a cross-chain bridging protocol.
Stay tuned 🔜
- A detailed article describing how the Parakeet bridge works
- A security AMA with the team
Road to Becoming a DAO
- Parakeet NFT Bridge: https://www.parakeetdao.com/
- Follow us on Twitter: https://twitter.com/ParakeetDAO
- Join Parakeet Community Discord server: https://discord.gg/parakeetdao
- Parakeet DAO’s Snapshot page: https://snapshot.org/#/parakeetdao.eth
This is just the beginning, we have a long way to go with the Parakeet Community.
