Having been running for nearly two years, the $PRQBoost incentive program has had a very successful run. But — as we have been mentioning in our recent AMAs — the program has been nearing its conclusion over the course of this year.
Today, we are officially announcing the end of our $PRQBoost liquidity incentivization program.
Many in our community have heard of $PRQBoost, but may not know much about the token and its origin.
So, you might be wondering…
What was the initial point of $PRQBoost? And why is it ending?
And, for those of you who have been taking advantage of the program, you’re probably thinking…
What does the program’s conclusion mean for me and other liquidity providers?
We’ll answer these questions below. But first, we want to thank those who utilized the token’s utility and helped provide further liquidity for $PRQ on Uniswap!
Now, onto the details…
What was the initial point of $PRQBoost?
The origin of $PRQBoost takes us back to October of 2020. At that time $PRQ was not as easily tradable as it is today. There were a variety of options, but the primary exchange for trading the token was Uniswap.
In order to make trading easier, and to run as smoothly as possible, our team wanted to come up with a way of increasing the liquidity of the token on Uniswap. Our solution was $PRQBoost, which launched in November, 2020.
How did it work?
On Uniswap, users can earn a portion of Uniswap’s fees by providing liquidity for a token, thereby making it easier to trade on the platform. We at PARSIQ came up with a program that would incentivize $PRQ liquidity providers even further. In addition to Uniswap fees, our liquidity providers were also able to gain rewards in $PRQ for providing liquidity.
At launch, $PRQBoost was initially airdropped for free to wallets who held $PRQ and was made tradable on Uniswap and Coinmetro. (Also worth noting is that $PRQBoost was never sold by the team at PARSIQ, team allocations were never taken, and the token’s launch was never used as a mode of profit or fund raising.)
In order to be eligible for the extra $PRQ rewards, liquidity providers were required to stake their $PRQBoost. The more liquidity and $PRQBoost the user had, the more rewards they would receive.
In short, this incentive program allowed $PRQ liquidity providers to gain even more funds with the same liquidity. Overall, the program was a wonderful success, allowing us to provide upwards of 600K $PRQ tokens in rewards to participants of the program!
Why is the $PRQBoost incentive ending?
As has always been the plan, the $PRQBoost incentive was not meant to be a permanent program. Again, its purpose was to make trading $PRQ easy and reliable on the most popular exchange for trading $PRQ, namely Uniswap.
However, unlike before, $PRQ is now available on a number of different exchanges, including some of the most popular tier-1 exchanges, such as Coinbase, Crypto.com, and Huobi Global. For most of our token holders, Uniswap is no longer the go-to exchange for trading $PRQ. Other exchanges are far more popular and have sufficient liquidity.
Ultimately, this is a very good thing! The problem to which $PRQBoost offered a solution, is a problem for $PRQ no longer!
It seems only natural for us to recognize the fact that the campaign has successfully run its course.
What does the program’s conclusion mean for current liquidity providers?
In order to draw the PRQBoost liquidity incentive campaign to an end, we will be providing current liquidity providers utilizing $PRQBoost with a reward in $PRQ tokens.
By the time of this announcement, a snapshot has been completed, recording all of the information about wallets currently utilizing the $PRQBoost token to provide liquidity (meaning the wallets currently providing liquidity and holding $PRQBoost). Those wallets will be eligible for a portion of a token pool totalling 100K $PRQ, which will be airdropped to those wallets on (or before) September 16th, 2022.
Once again, thank you to those in our community who participated in the $PRQBoost incentive campaign!
