PARSIQ has launched a $1 million incentive program to be distributed to IQ pool participants.
Apart from the $1 million incentive, users participating in the IQ lending pools will also have the opportunity to enjoy the IQ governance token.
Blockchain monitoring and workflow automation platform PARSIQ has launched a $1 million $PQR Incentive Program. According to PARSIQ, the incentive program is for IQ pool participants. This shows a new development in the latest addition to the PARSIQ ecosystem- IQ protocol. With the new incentive program, PARSIQ will also be able to add value to the PRQ token. Holders of the PRQ token can lend their tokens to participants on the platform. In return, the token holders will earn additional rewards.
Also, anyone who owns the PRQ token can stake their holdings through the IQ Protocol liquidity pools. Through staking, there will be more utility for the PRQ token. In addition, there will be incentives for token holders to encourage them to hold on to their earnings for a more extended period.
Furthermore, PARSIQ explained that users on its platform could rent PRQ tokens from the pool to the SaaS platform to monitor blockchain activity. This process will enable users to create real-time automation on-chain and off-chain for different purposes.
PARSIQ launches incentive program
The new Incentive Program will ensure the proper distribution of more tokens to IQ liquidity pool participants. Speaking on the newly-launched Incentive Program, PARSIQ CEO Tom Tirman said:
The IQ Protocol has been a product which we’ve been working on for some time, and we’re excited to be able to announce it alongside this 1m $PRQ incentive programme. We believe the lending/borrowing feature will provide additional value for PRQ holders and our SaaS users.
Apart from the $1 million incentive, users participating in the IQ lending pools will also have the opportunity to enjoy the IQ Governance Token. Expectedly, the IQ Governance Token will occur in the first half of the following year. In the interim, PARSIQ plans to grow its functionality and onboard more clients and partners.
A share of the PRQ incentive will also be awarded to wallets providing liquidity to the IQ lending pool. As stated by PARSIQ, the campaign will run for three months, beginning on the 1st of October till the 31st of December. After the three-month campaign period elapses, all rewards will be vested for four months, while only 25 percent will unlock on the 1st of February, 2022.
PARSIQ records milestones
PARSIQ seems to be reaching milestones as the platform secured $3 million in an investment round in June. The Solana Foundation and Axia8 Ventures led the financing. There was additional support from Elevate Ventures, Krypital Group, CoinUnited, Mindworks VC, Transfero Swiss, Sanctum Ventures, and more. At the time, Tirman said that the fund would help PARSIQ in stronger marketing and development.
Since 2019, PARSIQ has sealed partnership deals with several companies globally. Some of the companies include Algorand and end-to-end crypto payment service provider Dash. Also, PARSIQ entered into an agreement with Bitfury Crystal. In November last year, PARSIQ announced that it had partnered with AllianceBlock. More recently, the blockchain monitoring system partnered with Shyft Network for technical integrations across several blockchains.
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