PARODY Coin（PARO）: Everything You Should Know About It

2022-07-21, 04:26

[TL; DR]

The Parody coin is a new blockchain protocol built on the Binance Smart Chain (BEP-20).

Parody is a deflationary token that offers user-friendly decentralized applications (DApp).

The Parody protocol has several features in its decentralized ecosystem.

The Paroverse, ParoRewards, Parody Bridge, Parody Swap, Parody Market, and Paroflection are some of the features of the Parody blockchain.

Users can make money on the Parody blockchain by minting parodies of top-rated Nonfungible tokens.

The Parody network aims to build a blockchain framework that will fuse commerce, NFT, and the metaverse features to cut across multiple chains of the blockchain technology.

The native token of Parody is the PARO coin, and it supports the meme culture.

Parody network supports the deployment of Decentralized Apps (DApp) and facilitates Decentralized finance (DeFi)

Keywords: PARO, parody, coin, cryptocurrency, blockchain, metaverse

[Full Article]

Coinmarketcap.com estimated that there are about 17,000 cryptocurrencies. These crypto tokens have different utilities and purposes.

Experts assert that the continuous launch of new blockchain protocols meets the increased demand and ensures every investor gets what they want.

On this note, we shall highlight the PARODY coin (PAR) and everything you need to know about this cryptocurrency.

What is PARODY Coin?

PARODY coin is a new blockchain project with exciting features like never before. The PARODY coin, its cryptocurrency unit, is a deflationary token built on the Balance Smart Chain (BEP-20).

Parody is a robust decentralized ecosystem that offers a user-friendly decentralized application (DApp). The Parody blockchain allows its investors and holders of the PARO token to exist in a brand new ecosystem and earn income through the NFT market.

It is expected that 72 billion PARO coins will be pre-mined before the Initial DEX Offering (IDO) on Pancake Swap. 70% will be allocated to the Initial DEX Offering (IDO), 7% to the team, 3% to operational expenses, 5% to marketing, and 15% to community incentives and rewards. Being a deflationary token, the supply of PARO tokens is expected to decrease over time and increase the price value.

Additionally, the value system is in the community of PARO, that is, the holders and investors in the Parody system. The developers of Parody seek to create an ecosystem where everything functions and works like its original, real-life version while users are having fun at it.

With the Parody coin (PARO), users can transfer different crypto assets between multiple blockchain infrastructures. The PARO token is built to reduce the number of coins in circulation, retain the value of the existing tokens and ensure the market stability of the token. While these features are just a glimpse of what the Parody project entails, we shall identify the main features of the Parody blockchain protocol.

Image: CoinChapter

Paroverse: The paroverse is a parody ecosystem built to integrate the Non Fungible token (NFT) features with real-world experience to meet the growing demand for metaverse development. The Paroverse is like a branch of a metaverse where you can use the PARO coin for minting, trading, and purchasing NFT parodies.

The Paroverse is a project developed to address inaccessibility and reduce the high cost of participating in NFT minting cum trading. As a user, you get 10% interest on every transaction you make on the Paroverse. The 10% is distributed by giving 5% to the parody coin holders, 3% goes to the liquidity pool, and 2% goes to the coin burn wallet.

ParoRewards: This is the reward feature of Parody and has a simple mechanism. The Parody blockchain is designed to generate revenue for parodying users consistently. Users that trade the PARO token or use it for other activities on the blockchain network generate revenue for the Parody system and get rewards in return.

The Parody network also gives loans on money markets, and the interest generated on those loans becomes the reward of Parody coin holders.

The Parody Bridge: The parody bridge is a utility form of the Parody protocol that allows the PARO token holders to send their coins to other blockchains.

Parody Swap: The parody swap feature allows investors to trade any crypto token on any crypto platform for an equal amount of Parody coins. Parody Swap enables parody users to to enjoy the possibilities of multi-chain technology. Investors can act more flexibly and exchange an array of tokens with the PARO token directly.

ParodyMarket: The ParodyMarket is an NFT marketplace in the Parody ecosystem. The ParodyMarket allows token holders and investors to develop their own NFTs, mint it and make them available for sale on a single platform embedded in the Parody blockchain.

Paroflection: Paroflection is a mechanism by which investors can render rewards using the PARO native token.

How To Make Money On Parody Network

Image: TechCabal

Parody holders and users can make money in the following ways:

The first significant way to make money on the Parody blockchain is the minting of parodies of popular and top-rated Nonfungible tokens (NFT). After minting, you can sell the minted NFTs in an open marketplace.

The other ways you can make money on Parody include the ParoReward system, earnings from the Paroreflection system, and staking on the BNB chain.

How The Parody Coin Works

Parody coin aims to build a blockchain framework that will fuse commerce, the Nonfungible tokens (NFTs), and metaverse features cutting across multiple chains to advance blockchain technology. The roadmap of the Parody ecosystem includes long-term deliverables. Nonetheless, the utility users can immediately deploy the token and promote the project further.

The Parody coin will support the meme culture by building a parody marketplace alongside a custom metaverse called the Paroverse. The Parody network will support the deployment of Decentralized Apps (DApp), facilitate Decentralized Finance (DeFi), and staking options that help Parody coin holders to generate passive income.

The Parody NFTs are the face of the project and would be the source of financial value to PARO holders and investors. The Parody coin ecosystem works like an application with a long-term objective of enabling third-party developers to create and deploy their decentralized apps inside the Parody ecosystem.

Conclusion

Image: The crypto basic

One of the crypto tokens and blockchain projects to look out for is the Parody coin. With a decentralized protocol with various features fused into its ecosystem, investing in such a project is expected to yield a high return.

Author: Valentine. A, Gate.io Researcher

This article represents only the researcher's views and does not constitute investment suggestions.

Gate.io reserves all rights to this article. Reposting of the article will be permitted, provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.

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