$PRQ — Token Utility Updates & the Exciting Road Ahead
PARSIQ and Crypto.com recently made the exciting announcement that the $PRQ token is now available for trading on crypto.com under the $PRQ/$USDT pairing and $PRQ/BTC. Just two weeks after the Crypto.com announcement, $PRQ was also listed on Huobi Global Exchange!
PARSIQ is extremely proud of this recognition and the opportunities which come with it — including the introduction of PARSIQ to new audiences, and adding yet another trusted platform to acquire and HODL $PRQ tokens!
Many of our followers are aware that, earlier this year, PARSIQ made a huge announcement wherein we shared that after many years of listening to our customers and learning from the industry, we would be refocusing our efforts towards foundational technologies and SDKs.
Towards the end of March ’22, Tom Tirman, our CEO, announced a new roadmap for PARSIQ — full of exciting new milestones which we look to achieve for the remainder of 2022. As many of you may have imagined, an evolution of PARSIQ’s products and services means that PARSIQ’s token utility also needs to evolve alongside — to continue serving the needs of the Web3 projects which rely on our solutions, retail customers, and token holders in general.
With this in mind, we are excited to share how $PRQ token utility has evolved, and will continue to evolve, as PARSIQ follows its roadmap and continues to roll out exciting new solutions to the Web3 world.
Staking & Yield
Since the deployment of the IQ Protocol, $PRQ holders have been able to stake their tokens and earn valuable yield. This continues to hold true. $PRQ holders can continue to 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 60M $PRQ tokens are staked.
$IQT, which comes from the revolutionary IQ Protocol — also developed by the creators of PARSIQ, is poised to launch later in 2022.
The staking and yield earning process continues to be the same for those who have staked and earned before. For those who are only now entering the $PRQ community — welcome!
We are extending our 2x Yield Boost Incentive (and the Free $IQT Incentive remains active) for those who stake $PRQ in IQ Protocol during Q2, 2022!
To learn how to stake $PRQ on IQ Protocol, see this $PRQ staking guide.
Readers of Tom’s most recent CEO Letter would have learned that PARSIQ’s first new product in the updated roadmap will be the Tsunami API — scheduled to ship during July, 2022. As a refresher, the Tsunami API will provide blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time data and historical data querying abilities.
Tsunami access will be managed via $PRQ tokens. PARSIQ will make two models available for its Web3 customers. Interested parties will be able to “pay to play” with $PRQ — meaning that each API call will cost a fixed amount of $PRQ, OR tiered access will be provided based on the number of $PRQ tokens which are being held by the user account.
The number of these tokens will drive what functionalities a user will be able to access, including the number of API calls which will be made available to that particular account.
More information will be released regarding pricing and the tiered model as PARSIQ gets closer to the Tsunami launch date.
PRQ Renting — Understanding the Yield
Now that users understand that staking earns yield, and access to PARSIQ’s products will be based on PRQ holding and usage, we explain further how the yield actually functions.
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 stablecoins, PARSIQ will borrow the necessary equivalent amount of $PRQ from the pool to tie a client’s access to $PRQ.
One customer which PARSIQ supporters may recognize is IQ Protocol. As many are aware, IQ Protocol is a DeFi solution for renting NFTs and fungible tokens. Developed by the creators of PARSIQ, IQ Protocol clients will have PARSIQ monitoring services available at their disposal. The cost associated with these services will be paid to PARSIQ through borrowing PRQ tokens.
We anticipate that a significant percentage of our users will rent tokens — freeing up their capital for other needs they may have in their projects. $PRQ rentals will generate fees, and a percentage of those fees will be earmarked for interest yield to our devoted $PRQ stakers.
Currently, PARSIQ has a deep pipeline of customers who are eagerly waiting for delivery of Tsunami, and we know that many of our community members are also feeling the same. We anticipate that as demand for Tsunami and our other products and services grows, so too will the rental market for $PRQ tokens, and the associated interest to be earned by those who stake.
The PARSIQ DAO
In the end, we know that PARSIQ and its products and services are here to serve the community, and the growing Web3 space. That’s why we see it more important than ever to create a PARSIQ DAO — a place where PRQ holders can voice their opinions and vote with their stack regarding where they feel PARSIQ should move next and how it should be done.
From voting on product integrations (e.g. new Data Lakes) to managing the DAO treasury, 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.
This is Just the Beginning
It was only at the beginning of the year when PARSIQ announced a refocus and evolution of how it would serve the Web3 community. We have come a long way in only a few short months — with a crypto.com and Huobi Global listing, Tsunami on the horizon, and many more exciting milestones to be achieved for the remainder of 2022.
We will continue to listen to our customers, our advisors, and our communities to refine and explore opportunities to deliver value to our PRQ token holders. What has been explained above is only the beginning of how we see the utility of the PRQ token changing. As the evolution of PARSIQ’s products continues, the PRQ token will continue to evolve right alongside with it.
Be sure to stay up to date with all of our upcoming announcements by following PARSIQ on socials!
PARSIQ is a full-suite data network for building the backend of all Web3 dApps & protocols. The Tsunami API, which will ship in July 2022, will provide blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time data and historical data querying abilities.