January 2023 Update ⚠️
For the last two years, each month 1.54 million $PRQ have been added to the circulating supply from the PARSIQ Advisors Wallet. As of January 2023, these unlocks have come to an end! This means circulating supply will remain stable until further notice. Our token page has been updated accordingly.
Curious to know all about the $PRQ token?
Well, you’ve come to the right place!
Even before its launch in 2019, $PRQ was envisioned as an integral part of PARSIQ’s ecosystem. And it remains so to this day. But that doesn’t mean $PRQ hasn’t acquired a rich and interesting history along the way to 2022.
This post is designed to give you an idea of where our token has come from and where it is going — to tell the story of the $PRQ token, if you will.
We’ll get to all the details below, but it’s worth noting that potential buyers will be happy to find that…
- $PRQ is a utility token for PARSIQ services!
- A high proportion of $PRQ’s circulating supply is being staked!
- Holders can stake $PRQ without risk or lock-up periods on IQ Protocol!
- Stakers of $PRQ qualify for free $IQT tokens!
- Stakers of $PRQ qualify for free $HYPS tokens!
- Holders will play an integral role in a PARSIQ DAO!
- An exciting new tokenomics model is on the horizon!
Now, with all this in mind, let’s start at the beginning…
The Birth of $PRQ
It seems like only yesterday…
It was a crisp September day. The kind of day that just sticks in your memory — leaves changing, winds wisping, and despite the imminent signs of winter ahead, the sun seems to be smiling down on you. And not on just you alone, but upon all of humankind alike.
Okay. Maybe it wasn’t really like that. Who knows? But we can imagine it that way!
The $PRQ token began its life on September 21, 2019, as an ERC-20 token. Our team successfully raised 1,595,000 EUR through a private sale, with a price of 0.0175 EUR per token; and an IEO (initial exchange offering) on Coinmetro.com, with a price of 0.025 EUR per token. ($PRQ has since launched as a BEP20 token as well. See below for token addresses.)
At launch, the total supply of $PRQ of 500M tokens were minted. Currently, however, the total supply is closer to 310mm tokens — more details about this below!
As anyone who’s been in the Web3/crypto space for more than a few years will remember, 2018–2019 were difficult years, as far as the market was concerned. But that didn’t stop our team from realizing the PARSIQ vision. If anything, launching during such trying times has given us the type of experience needed to thrive in such a turbulent environment.
PARSIQ began with the belief that Web3 represents the future. So, not fearing the market conditions, we did what we knew we needed to do: we built!
The Evolution of $PRQ’s Utility
Initially, $PRQ tokens were a part of the PARSIQ platform which co-existed with fiat payments for using its services. In other words, PARSIQ platform users could pay to use our services either via fiat or $PRQ tokens. This is a common tokenomics model used by Web3 platforms.
While we loved the fact that this made $PRQ important to PARSIQ’s ecosystem, we weren’t satisfied with the way this model left our token external to the inner workings of our platform.
So, shortly more than a year after the launch of $PRQ — with the PARSIQ platform up, running, and gaining traction — we were ready to begin publicly discussing our vision for a more mature tokenomics model.
Enter: IQ Protocol!
Initially announced in October of 2020, we conceived of IQ Protocol as a way to better align the interests of $PRQ holders with those of utility users. And indeed, it’s thanks to IQ Protocol that $PRQ now sits at the heart of PARSIQ, providing access to our services.
Created by the team at PARSIQ, IQ Protocol serves not just as the staking mechanism for $PRQ holders, but it is also the interface that allows users to gain access to our platform (by holding or renting $PRQ tokens).
With the goal of better unifying our vision — for instance, of bringing $PRQ to the heart of PARSIQ, and better aligning the interests of token holders and platform users — we successfully launched IQ Protocol in the summer of 2021.
Curious how to stake your $PRQ tokens on IQ Protocol?
Then, continue reading!
Before getting to those finer points, however, we’ve got more of $PRQ’s story to tell.
The Great Rebalancing
Today, our circulating supply sits at 310,256,872 $PRQ, but how did we get here?
As we said above, the initial supply of $PRQ was 500 million tokens.
Our intention was to distribute the tokens in this way:
- 250mm tokens for IEO participants.
- 250mm tokens for reserves, marketing, development, advisors, and the team.
Remember, we were deep in a bear market at this time. So — surprise, surprise — raising funds was difficult (to say the least!). At the end of the day, 98.3mm tokens were sold. Along with bonus allocations for advisors and large contributors, the total circulating supply ended up being 101 million $PRQ.
So, what were we to do with the remaining 151.7mm tokens?
Wanting to do right by our investors (and future token holders!), we sent these tokens to a retention wallet, which kept them locked away from the market and from the team. Effectively, they were dead tokens.
Of course, we knew this wasn’t a permanent solution. But because of regulatory uncertainty, we didn’t want to burn the tokens in a potentially illegal way and land ourselves in trouble.
But wait a moment, with these 151.7mm tokens out of circulation, that means the max supply would sit around 348mm tokens. But above, you said the current max supply is around 310mm tokens? What else happened?
Ah, these are great questions!
Recall the fact that our intention was to divide the max supply 50/50 between IEO participants and reserves, marketing, developers, advisors, and the team.
If all we had done was render a significant portion of the IEO tokens dead, then this would create an imbalance in the distribution of the tokens. Specifically, we believed that the ratio gave too strong of a favor to the team and the advisors over our community.
So, to show the team’s long term commitment to the project and protect the $PRQ community, in January 2021 a decision was made to add 38.04mm tokens — over 50% of team and advisor tokens! — to the retention wallet as well.
Alongside the original 151.7mm tokens, these additional 38.04mm brings us to a total of 189.74mm tokens (189,743,128 to be exact!) to be burned. Were this burn to occur, we would be left with the current max supply of 310,256,872 $PRQ tokens.
Token Burn
…Guess what?
The burn did occur!
July 2021 was a very happy moment in the story of $PRQ: we received approval to burn the tokens that had been sitting in the retention wallet.
This means that the total max supply of the $PRQ token is only 310,256,872 $PRQ — roughly 38% less than it was originally, at 500mm tokens.
We were very proud of this moment, not simply because it increases the long term potential value of $PRQ for the token holders, but also because it gave us an opportunity to demonstrate our commitment to our community as a whole!
Staking Your $PRQ
Now that we understand the distribution of $PRQ, we can catch back up to $PRQ’s relation to IQ Protocol.
Again, the core utility of $PRQ is a result of our team having created the IQ Protocol.
To access PARSIQ’s products and services, customers will need to hold $PRQ tokens or rent them from the $PRQ renting pool. Even if a client decides to pay with stablecoin, PARSIQ will borrow the necessary equivalent amount of $PRQ from the pool to tie a client’s access to $PRQ.
But not only that! Since the deployment of the IQ Protocol, $PRQ holders have been able to stake their tokens and earn a yield. This continues to hold true. And what is great about our staking model is that there is no lock-up period for staking your tokens. This means that you can stake and unstake your tokens as you please, keeping you from the risks commonly associated with token-staking (where stakers have to lock up tokens for a set amount of time).
$PRQ holders can stake their $PRQ tokens and not only continue to earn more $PRQ tokens, but also qualify to earn $IQT tokens! At the time of this writing, over 52mm $PRQ tokens are staked.
That is an exciting detail to consider! It means around 30% of $PRQ tokens are being staked. And, alongside the fact that there are currently about 175mm tokens in circulation, this means that the current, active circulating supply is only around 102mm tokens!
For a detailed guide to learn how to stake your $PRQ, check out this $PRQ Staking Guide!
And there’s also a couple of exciting bonuses!
1. Free $IQT tokens!
Upon creating IQ Protocol, we realized that it was a revolutionary idea that provided solutions to more cases than our own! Not only was it the world’s first decentralized SaaS but it also created the framework for risk- and collateral-free lending and renting of digital assets! Now, having raised $12mm in a fundraising round (led by Crypto.com Capital), it has developed into its own project, with its own team, and soon its own token, $IQT.
Because of the close relation between $PRQ and IQ Protocol, those who stake their $PRQ between now and the launch of $IQT (IQ Protocol’s native token) will be qualified to receive an airdrop of free $IQT tokens!
All you have to do is stake your $PRQ! For more details about the free $IQT opportunity, click here!
2. Free $HYPS tokens!
The $HYPS token is the native token for Hypersea, a next generation DEX built on Solana. Game-changing DEXs aren’t just built overnight. Getting it right requires several months of hard work, imagination, problem-solving, behavioral observation, a dedicated team, and of course, data! This is where PARSIQ comes in! Our data tech was instrumental in the development of the precise mathematical models used to establish the basis for the Hypersea DEX.
PARSIQ and Hypersea have a very close working relationship. Because of this, they’re rewarding stakers of $PRQ with an airdrop of free $HYPS upon the token’s launch!
To qualify, be sure to stake your $PRQ and also register in the Hypersea Airdrop program. For more information about this opportunity, check out this link!
Future Tokenomics!
The team at PARSIQ is also looking to improve $PRQ tokenomics to ensure we’re best serving the company and the community. With the release of Tsunami API, we now have the opportunity to significantly upgrade our tokenomics.
Though we are not yet prepared to share all of the details publicly, we are looking forward to doing so!
At this time, however, we can say that no one else currently offers the suite of services we have planned; and the speed and ease of access to our data is currently unmatched.
We at PARSIQ are whole-heartedly dedicated to our platform and to the advancement of Web3 and blockchain technologies. The $PRQ token is directly tied to usage of all of our services. As our platform accrues more and more users, so too will the $PRQ token accrue value.
The $PRQ token will also gain further utility upon the launch of the PARSIQ DAO, providing voting rights (on, e.g., product integrations, Data Lakes, etc.) and more. What we have to look forward to is the fact that $PRQ holders will play a critical and important role in the PARSIQ DAO, deciding collectively how to strategically and successfully move its products and services forward.
And, a newer tokenomics model is on the horizon, which will involve the staking of $PRQ for those that wish to build on the PARSIQ Network in order to run Data Lakes, which they can in turn monetize. Again, more details about this will be provided as soon as they are ready to be shared!
Some Other Happy Details
Up to now, we’ve covered the facts that $PRQ sits at the heart of the PARSIQ platform, that there is a very limited max supply of $PRQ tokens, that there is no risk or lock-up period for staking your $PRQ tokens, that stakers qualify for free $IQT tokens, that $PRQ holders will play an integral role in a DAO, and that an even more up-to-date tokenomics model is on the horizon!
These are all important facts for potential token holders to know!
In addition to all of this, we are happy to report that the vesting schedule for the team and advisory pool (which has been 1.4mm tokens per month) is set to conclude in January of 2023 — just a few short months away! Once this occurs, the circulating supply of $PRQ will become steady, and the releases of new tokens onto the market will come to a close.
We are also happy to note that $PRQ can be purchased and traded on nearly all of the major exchanges (both CEX and DEX):
If you are using a DEX, be sure you are using the correct $PRQ token contracts:
- ETH Contract: 0x362bc847A3a9637d3af6624EeC853618a43ed7D2
- BSC Contract: 0xd21d29b38374528675c34936bf7d5dd693d2a577
So, now you’re all caught up!
This summary may cover all the important details up to this point, but it isn’t the end of the story. PARSIQ and $PRQ have a lot of exciting prospects on the horizon.
In the summer of 2022 we launched our flagship Tsunami API, which provides Web3 data instantly! To learn more about the Tsunami API, check out these links:
This is all just the beginning! The Tsunami API represents the foundation of an entire suite of new products and technologies. As mentioned above, these plans involve unveiling an exciting new tokenomics model, with ties to our Data Lakes and future DAO.
We look forward to sharing these details with you as soon as we possibly can!
About PARSIQ
PARSIQ is a full-suite data network for building the backend of all Web3 dApps & protocols. The Tsunami API provides blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time data and historical data querying abilities.
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