The latest proposal from Parrot Protocol's team has sparked controversy within its community.
The protocol's plan does not explain the reasons behind the move, only mentioning that"many PRT holders would like to redeem their PRT tokens for their treasury value." The proposal also follows changes in Parrot's tokenomics from November 2022, when the protocolits token locking period from 12 months to 7 days, claiming it would"create more flexibility for stakeholders to enter or exit their positions.
Comments from community members indicate that 81% of tokens are controlled by the team. However, Parrot's team has refuted these claims byon Twitter that treasury tokens are never touched or used for governance purposes. A breakdown provided by CryptoRank indicates that 35% of tokens were distributed as Protocol Incentives, 20% as Team & Angels, 10% as public sales, 20% as Seed rounds, and 15% as Others.
"The community has already explained in painstaking detail why we're not interested in this. The pro-rata value is an extreme lowball and fails to account for many of the team's misuses of the treasury without the community's consent. The team also prematurely unlocked the team and VCs' vesting tokens, so they are the majority token holders, making this vote meaningless and a total farce," wrote one community member on the proposal discussion.
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