PRQ 2x Yield Boost Incentive + IQT Incentive Program
PARSIQ is bringing new incentives for staking into 2022!
UPDATE: The claim portal for the Q4 (2021) 1m $PRQ incentive can be found here.
And the claim portal for the Q1 (2022) 2x $PRQ Yield Boost incentive can be found here.
As most of you will know, following the launch of IQ Protocol, PARSIQ became the first customer of IQ, using it to power PRQ’s new tokenomics.
During these early growth phases we decided to launch a series of different incentive campaigns to encourage the stakers of our PRQ Pool on IQ Protocol. You can read about these and our next incentive to come below. The first of these was the 1 million PRQ Incentive Program.
Concluding the 1 Million $PRQ Incentive Program (a +400% Liquidity Increase!)
At the start of Q4 2021, we decided to share 1M $PRQ tokens proportionally to all that provide liquidity to the PRQ pool on IQ Protocol. This has been a hugely successful campaign, seeing a 400% increase in the number of tokens staked, over 55 Million as of the time of writing.
With this campaign coming to an end on Dec 31st, the reward distribution will soon follow. This means that — as of now — you still have time to participate! Learn how to do so with this Guide to Staking in IQ Protocol.
How will the reward tokens be distributed? A snapshot of the liquidity pool will be taken and the 1M $PRQ rewards will be vested over 4 months: starting February 1st, 25% of the tokens will be released, with 25% released on the 1st of each following month until the final drop on May 1st. A claim portal will be made available to collect your rewards ahead of the first release.
IQ Governance Token Incentive Program to Continue into Q1
PARSIQ and PRQ holders have been absolutely instrumental in the success of IQ Protocol and it’s upcoming launch. To reflect our commitment and gratitude to our community, we decided at the start of Q4 that all of our early adopters in the PRQ pool in IQ Protocol should share in the launch of IQT. Therefore, we announced some details about an impending reward program for IQT, the upcoming IQ Protocol Governance Token.
This has been running concurrently with our 1 Million PRQ Incentive Program, making staking during this quarter a very attractive proposition. During Q4 our CEO Tom has hinted that the IQT Incentive Program would continue beyond Dec 31st. We are now happy to confirm this for you! This means that anyone who may have missed out on staking during Q4 still has time to qualify and secure their share before the launch of IQT.
The IQT Incentive Program involves similar criteria to the 1M $PRQ Incentive Program: just stake your PRQ in IQ Protocol and you will qualify for rewards in the form of IQT. And once again, your total rewards will be determined by the amount of tokens you staked and how long you have staked them for.
Many in our community have been asking how big the IQT rewards will be. As all of the details surrounding the IQT token launch are still being finalized, we cannot yet provide precise figures. However, we can say that 5% of the total supply of IQT has been allocated to be used for incentive programs and rewards — going to early stakers of both PRQ and other members of the IQ Protocol Ecosystem.
With a majority of this going to PRQ stakers and what is expected to be a relatively low circulating supply at launch, this is likely to be a very substantial reward, especially since it will be running alongside our next staking incentive.
So, what’s next? Introducing the Q1 PRQ 2x Yield Boosting Incentive!
As we move into 2022, the IQT Incentive Program isn’t all we have for you.
We want to continue to reward the kind of dedication we have seen from stakers in Q4. Following the success of our Q4 campaign, we’re going to be introducing a series of new campaigns to incentivize continued staking of PRQ in IQ Protocol.
The next incentive we have for you is a yield boost on the PRQ you stake during Q1. How will this work? Simple: Stake your $PRQ from January 1, 2022 until March 31, 2022 on IQ Protocol, and PARSIQ will double all of the returns you get from staking! That’s a 100% ROI on your interest payments! If you have staked tokens prior to January 1st, no further action is required to qualify for this incentive—simply leave your tokens staked.
Q1 Incentive Disclaimer: Please note that withdrawing any amount of your deposit during this quarter will invalidate the additional yield boost gained up until the point of your withdraw. You are free, however, to withdraw any of the interest that you have earned during this period without invalidating the yield boost you have gained. (To better understand what this means, read the example below.)
On January 1st, Tom decides to stake his 10,000 PRQ in IQ Protocol. However, on January 31st, he realizes (for whatever reason) that he wants to withdraw a portion of his PRQ tokens from the staking pool. This is perfectly fine, as Tom knows best about his own particular needs and desires. So, he removes 3,000 PRQ from IQ Protocol, leaving 7,000 PRQ tokens remaining in the staking pool.
In this case, Tom will have received the regular interest that his 10,000 tokens have accrued between January 1st and January 31st; however, he will be forfeiting the 2x yield boost that he would have qualified for during that period had he not withdrawn any of his PRQ tokens. Moving forward, his 7,000 PRQ will remain accruing the regular interest that they generate, and these tokens will also restart the process of qualifying for the 2x yield boost.
Two weeks later, on February 14th, Tom decides to re-stake the 3,000 PRQ tokens he had removed on January 31st. In this case, the 7,000 PRQ will have been accruing interest and will qualify for the 2x yield boost, and once he has added the additional 3,000 PRQ, the total 10,000 PRQ tokens will begin accruing interest and all his tokens will continue qualifying for the 2x yield boost.
Thus, the staking system works just as it always has: you are free to stake and withdraw your PRQ tokens whenever you see fit. You are not penalized for withdrawing, as you will still be gaining the usual interest that your tokens accrue. However, withdrawing your tokens at any time will cause you to forfeit the bonus yield that you would have accumulated up to that point. You can, however, add tokens to your staking position at any time.
As with the $1M PRQ Incentive Program, these rewards will be vested across 4 payments, with the first 25% release on May 1st and 25% each 3 months thereafter. So, just stake your PRQ, sit back and look forward to enhanced returns!
Thank you all for your continued support!
About IQ Protocol
IQ Protocol is a decentralized money market for digital asset renting and on-chain subscriptions. The next money lego that allows users to rent wrapped expirable versions of digital assets without collateral for their utility, while allowing holders to earn by providing liquidity without risk.
PARSIQ is a blockchain monitoring and workflow automation platform connecting on-chain and off-chain applications in real-time, providing transaction notifications for end-users. With PARSIQ you can connect blockchain activity to off-chain apps and devices, monitor and secure DeFi applications, and build custom event triggers and power real-time automations.