Parrot Finance adds renBTC as collateral for PAI

This post was originally published on RenVM

Michael Burgess

Jul 21 · 2 min read

We are excited to announce that Parrot Finance now enables users to collateralize their BTC ($renBTC) to mint the $PAI stablecoin on Solana! This opens a new use case for bridging $renBTC to the Solana platform, where transactions are low-cost and fast.

Parrot Finance is a borrow-lending liquidity network built on Solana that includes the stablecoin $PAI, a non-custodial lending market, and a margin trading vAMM. $PAI is an over-collateralized stablecoin, which has gained significant traction in the Solana ecosystem. Today, there is deep liquidity available to swap $PAI for other stablecoins, such as $USDC and $USDT, through stable swap protocols such as Saber and Mercurial.

How to Use Parrot Finance to Mint PAI

1) Prepare a new Solana wallet if you have not already, and top it up with some $SOL so you are able to pay for transaction fees.

2) Use RenBridge to bridge $BTC onto Solana.

3) Deposit $renBTC into Parrot and mint $PAI: https://parrot.fi/mint/

4) For details on collateralization ratios and more, check out the official guide here: https://doc.parrot.fi/guide/

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Watch this short 2 minutes video tutorial to learn how to mint PAI:

Looking Forward | Future Collaborations

Moving forward, we’ll continue working with Parrot Finance to explore a native UI integration to make it as easy as possible for users holding assets on any chain to interact directly with Parrot without first having to go through a standalone bridge. We’ll also explore adding other liquid multichain assets wherever there is demand!

Onwards and upwards,
— Ren Team

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