TechFlow news, a member of DeFi project Parrot Finance's official team stated in the Discord community that they are moving forward with a plan led by activist investors to gradually phase out its PRT token, starting redemptions this Monday.
Parrot Finance plans to buy back PRT tokens from all sellers at a price of $0.0045 per token, and the redemption period will last eight weeks.
The approval of the redemption plan follows a community vote, returning part of Parrot’s treasury—worth over $70 million—to token holders. Original investors in Parrot and PRT are expected to recover around one-tenth of their initial investment value.
New investors, especially the activist investors who pressured Parrot’s leadership to implement the redemption plan, could see multiples of returns depending on when they purchased.
