Testnet days are behind us and we couldn’t be more proud to announce our official release of the IQ Protocol in mainnet beta.
Why “mainnet beta”?
The IQ Protocol is a completely new piece of technology for the DeFi world, and although built by PARSIQ + partners from the ground up, tested and audited by Hacken, we still need to implement features and polish things based on user experience and feedback.
What is live now?
You can loan your PRQ into the IQ Protocol and start earning yield, today.
Borrowing will commence manually from PARSIQ’s side, to ensure fair pricing for borrowers. We will start funneling client funds and test user funds into the pool over the next 2 weeks, before switching to a live borrow scenario, where you can borrow from the pool to be eligible to consume PARSIQ services.
Fees paid in PRQ
Currently we only support PRQ for paying fees on borrowing from the pool. In essence that means that you’ll receive more PRQ for the PRQ you lend to the pool. Fees are accrued daily and auto-compounded in your position.
You can choose to withdraw accrued fees separately from your initial deposit.
Other assets will be added, along with a swap function to retrieve your fees in which ever asset you choose.
Make sure you check out our guide on bridging your PRQ tokens to Binance Smart Chain if you haven’t done so already and want to participate in the IQ Protocol.
How do you use the IQ Protocol?
Once you have your PRQ on Binance Smart Chain head on over to https://iq.space/
Connect your Metamask wallet with the portal and make sure you are in the BSC Network.
Choose which wallet to connect, if you have multiple and click “Next”.
Click “Connect”
Click “Stake”.
Click “APPROVE”
Approval of the contract is only necessary the first time you deposit.
A Metamask prompt will appear, click “Confirm”.
A popup confirms your transaction, click “CLOSE”.
Wait for the metamask confirmation that the contract has been approved.
Now enter the amount of PRQ you want to place into the IQ pool and click “DEPOSIT”.
Another metamask prompt will appear, click “Confirm”.
Now another transaction confirmation will popup, click “CLOSE” and wait for the metamask confirmation to appear.
That’s it, your PRQ is now in the IQ Protocol pool and you can check your accrued interest(which autocompounds every block) under the “WITHDRAW” tab.
When withdrawing funds, you can choose to either just take the accrued interest or your initial deposit+interest, both will open a metamask prompt for you to confirm.
