Inflation is a big problem in our economic system today. One of the use cases some coin developers have been able to tap into is creating deflationary tokens that are a hedge against inflation. Deflationary tokens have limited supply with some even undergoing a gradual burn process. Parody news…
A good example of a deflationary token is Fantom (FTM), this platform uses a proprietary technology known as OPERA. The OPERA Chain is a new form of distributed network that aims to tackle the scalability problems of existing blockchains through large-scale block processing.
Parody Coin (PARO) is a new addition to the category. It is a Binance Smart Chain-based deflationary utility token (BEP20). The amount of coins in circulation does not rise with time, but rather decreases. This is because a portion of the fees paid by users is automatically moved to a burn wallet, where it is destroyed and never sent back into circulation.
The Paro Coin Will Have Solid Utility In Its Ecosystem
The Parody coin ecosystem has been designed to make NFT marketplaces more interesting and immersive. The ecosystem would consist of; A metaverse, DApp store and NFT marketplace.
The Parody Coin marketplace allows anyone to sell their NFT parody or acquire one from a list of others available. Parodies are clones of the original NFTs, although they are not wholly separate from them. Owners of the original NFT can acquire possession of the parody NFT by locking up or destroying the original NFT. This raises the chance that certain parodies will become the original version of the NFT if the original’s owners chose to do so.
The ecosystem will work as an app with its own DApp store; the long-term objective is for third-party developers to be able to develop and publish apps within the ecosystem. These DApps will offer a variety of services, including those that assist the minting, trading, and access to spoof NFTs.
The Paroverse is an ecosystem component meant to aid in the generation of NFTs that interact with the actual world. It enables the generation and engagement with virtual worlds that may be interfaced with the Real World via NFT parodies and other DApps.
Parody Offers Its Users Staking Options And Other Rewards
ParoRewards is a system that provides profits in BEP20 tokens for PARO holders. The method is intended to lend cash for a yield on the platform’s money markets. This allows HODLers to earn and benefit from compounding interest. The ParoReward system has a staking component. It makes it easier to receive a portion of the reward paid by the core Binance (BNB) Chain protocol. This strategy allows one to profit from both the token reflection of the Parody Coin and the incentive provided by the fundamental BNB Chain as part of the network consensus process.
The Paroflection Mechanism Helps To Provide Liquidity
The token reflection structure serves as the foundation for the Parody Coin system. This implies that platform users pay fees, which are subsequently redistributed to other branches of the ecosystem. In particular, the fees as a means of providing liquidity as well as a measure to limit token inflation. There is a tax on the ecosystem that is split into the ratio of 5:3:2 for coin holder, liquidity pool and coin burn respectively.
Wrapping up
Given that all PARO coins are pre-mined and there is no continuous release, the value of the coins should continue to rise over time if you HODL. This is due to the Paroflection method as well as the deflationary nature of the Parody Coins. Fantom (FTM) and Parody (PARO) will possibly see more growth in their prices in the future. Paro coins are currently in their presale.
For More Information:
Presale: https://presale.parodycoin.io/register
Website: https://parodycoin.io/
Telegram: https://t.me/PARODYCOIN_OFFICIAL
Twitter: https://twitter.com/ParodyCoin
