If you are a PRQ holder and worried about the price issue even after the launch of IQ protocol, then this article is a consolation prize for you. We have unearthed some major points that are causing PRQ price to remain standstill
Basically, People wonder why PARSIQ price is standstill even after the launching of IQ Protocol! Definitely we are here to answer the question, but before jumping onto the answer, we are going to explain what PARSIQ IQ protocol is. And it’s because we know that some people are quite ignorant of IQ protocol. So those who know what PARSIQ IQ protocol is can directly turn their eyes on the facts without wasting time reading about IQ Protocol.
The IQ Protocol is a decentralized finance or DeFi solution for the SaaS market, which is a type of marketing that specifically focuses on promoting and acquiring leads for subscription-based SaaS products. IQ Protocol is the world’s first risk-free, collateral-less DeFi protocol to tokenize SaaS subscriptions in the DeFi space with a circular economy.
Its specialty is that it offers a way for passive income through standard DeFi services, including lending (staking), and borrowing. Being an open-source system, IQ Protocol allows anyone to incorporate the protocol into their own projects and change it to how they fit. Even though IQ has come in place only with the intention to being a Subscription as a service, IQ is now dreaming to be much more than that. Put simply, it can allow people to create elaborate incentives over time, like node runners crucial in a project’s network.
We have briefly discussed over IQ protocol above. Our Cryptooof research team has found some facts that are responsible for the stable price.
Launched on BSC instead of ETH Chain
This is one of the reasons that sight of our research team be responsible for PARSIQ’s stable price. On June 29, 2021, PARSIQ announced to launch their IQ protocol on Binance Smart Chain instead of Ethereum blockchain all of a sudden. Nevertheless, a total of around 17,000 PRQ holders were on ETH blockchain even a day before the launching event of IQ protocol. It is an appreciably brave decision taken by PRQ to safeguard their PRQ users against technical issues. Complexity regarding transaction fees is one of the technical issues here.
It has been confirmed through analysis that ETH extreme gas fees coercively led the PRQ team to move to BSC chain. Although the transaction fee at the BSC is low, many crypto users still do not prefer it due to its centralization issue. Some of them cast suspicion on the decentralization issue of BSC.
PARSIQ is not the first one to part from BSC, many other crypto projects also parted from here owing to their gas fee issue. In 2021, there was the scenery that the ETH chain charged 800 dollars against the transaction amount of 1000 dollars, which is so ridiculous.
ETH & BSC Comparison Table Based on Transaction Cost
|Parameters||Ethereum Chain||Binance Smart Chain|
|Transaction Per Second||15||100|
|Average Fee (Per Transaction)||15.00$||0.01$|
|Transaction Latency||5 Minutes (near about)||only 75 Seconds (average)|
|Number of Validators||11,000+||21|
|Total Transactions to Date||1.07B||227M|
Through the Telegram channel, our cryptooof team has come to know that PRQ holders were eagerly waiting for the IQ protocol to be launched on the ETH blockchain. But the pleasing news is that the PRQ team is working hard to allow PRQ holders to use IQ protocol on the ETH chain.
PARSIQ launched IQ Protocol on ’mainnet beta’
As the IQ protocol is a DeFi solution for the SaaS market and we are seeing such SaaS subscriptions for the first time in DeFi space, the news came to PRQ holders as a shocking matter that PRQ launched their IQ protocol on ‘’mainnet beta’’.
Since the technology is entirely innovated and generated by PARSIQ with the help of Hacken, PARSIQ is trying to observe the user experience and feedback. There is no issue existing now with lending and lenders can be automatically running their lending. But the issue of borrowing hasn’t been yet solved as, at the time of launching, PARSIQ confirmed that they would start funneling client funds into the pool over the next 2 weeks. Borrowing is not being done manually, which is considered to be a major hurdle.
There has been a noticeable decline we see in the rate of passive income; whereas the expected rate of APY of PRQ holders is 5%, it is now 3%, which discouraged PRQ holders to a large extent.
Bad Momentum of Crypto Market
Crypto users are acquainted with an evergreen market terminology which is BTC dump is always followed by AltCoins Dump, and in the same way, AltCoins get in a stable position when BTC is pumped, and afterwards, when BTC is stable, AltCoins get pumped.
Whereas the price of BTC was at 65K% on April 14, 2021, the price has sunk down to 33K, and it’s almost half. Our Cryptooof research team has found two possible reasons for the decline in price that can be either its 1st move to bear market or a simple move of ‘crypto market correction’. Such rapid movement in price is instilling fear in crypto-holder’s minds about keeping their money in crypto.
It’s an unfortunate truth that several other crypto projects’ prices are affected by the market condition of BTC price. In such a disorder situation, investors don’t have that courage to buy PRQ even after the launching of IQ protocol.
On April 12, 2021, the ATH price of PRQ was $2.61, but after that, we saw an unexpected drop in price which took down PRQ to $0.70. And the IQ protocol was launched when the price was at $0.70. Such a situation refers to the bad market momentum. So it can be easily perceived that bad market momentum leads people not to embrace such a ‘‘unique crypto protocol’’.
Although the price is stranded by the bad market momentum, there is no obstacle to accepting that the PARSIQ has taken a brave decision.
Dearth of a T1 Exchange
It’s a wondering truth that PRQ coin is still unavailable in ‘’T1 crypto exchanges’’, like binance, coinbase, etc. To get PRQ coin listed in Binance, the PRQ team has submitted all paperwork to the exchange and now is waiting for the sanction indeed.
When Stansberry, a privately owned American research company that runs researching works, and Simetri, which is a battle-tested suite of research tools, were thinking about PRQ to bring lots of faces in, just think, how awesome it would be if binance listed PRQ!
Hopefully, uniswap would no longer be the main trading point once binance lists PRQ to get it on other exchanges. With a huge crypto community, Binance stands as the world’s largest bitcoin exchange and altcoin crypto exchange in the world by volume.
There is hearsay that Binance pumps the prices of crypto coins after listing them, and then they manipulate the price to dump them. But we don’t have any comment on the issue.
If we put our eyes on the binance community, we will see that its official telegram channel is prosperous with 164K members. So, it can undoubtedly be said that the ‘’huge crypto community’’ of binance will notice PRQ as well as its IQ protocol once the exchange lists the coin. Such eyesight of that huge crypto community on PRQ will help to drive its price.
In the end, we can conclude that the dearth of a T1 exchange being the most unnoticed fact is highly responsible for the ‘immediate price growth‘.
Lack of advertisement
Reportedly, the PRQ team has recently betaken a professional marketing firm to marketing their products. We are also seeing that multiple media and events have been covering PRQ in recent times. For example, we can mention that coindesk published a piece of news regarding PRQ on January 16, 2021. And Nasdaq, which is an American stock exchange ranked second on the list of stock exchanges by market capitalization of shares traded, published news on PRQ just yesterday.
But we wonder that there is no advertisement regarding the IQ protocol! What we think regarding the issue is that probably the team is thinking they are still on their mainnet beta version, however, they will hanker after marketing after the release of the full live version.
We think this issue to be a one of the major hurdles in the way to the PRQ’s price growth.
PARSIQ Coin Overview
|PARSIQ Price (PRQ)||0.46$ USD|
|Fully Diluted MarketCap||230M+|
|Volume (Last 24 Hours)||397,618$ USD|
Update: 13-07-2021(13th July)
There is a tag written in the dashboard of IQ protocol down the table of the ‘Deposit/Withdrawal’ section saying, ‘the project is in beta, use it at your own risk’. Whereas the PRQ team previously assured that IQ protocol is 100% risk-free, there lies a different scenario affecting the confidence of users. Users are mainly averse to taking a risk. So PRQ users are waiting for the withdrawal of this tag line.
Throughout the entire article, we mentioned all the obstacles like launching on BSC instead of ETH, launching on mainnet beta, lack of advertisement, dearth of a T1 exchange, and disclaimer tag that are playing their role not to bring an upsurge in the price of PRQ.
However, by the time of writing, we have noticed that already 13M+ PRQ have already been deposited in the liquidity pool, and the total borrowed amount has become 4M+ PRQ. This is actually creating hope in the mind of PRQ users.
If we see the growth history of Chainlink, we could see that its price didn’t get increased overnight. Considering the uniqueness and innovation PASIQ has introduced and will introduce, we can expect its price to grow up eventually. Even though there is fundamental risk inherent to PRQ, It’s expected that PARSIQ’s thoughtful innovation will brush away all risk and lead to dawn in its way.
PRQ IQ Protocol launched : FAQ
-Which chain was IQ launched on?
Answer: The IQ protocol was launched on BSC.
-When did PRQ launch IQ protocol?
Answer: It was launched on 30th June.
-Is the IQ protocol launched with full version?
Answer: No, only mainnet beta. Lending is okay but borrowing is being done manually by PARSIQ.
-What are the average APY lenders are getting now?
Answer: Near about 3%.
-When will automatic borrowing version be available?
Answer: After 2 weeks according to the PRQ team, confirmed at the time of launching.
-Why did PRQ team launch IQ protocol on Mainnet beta?
Answer: To ascertain polish things based on user experience & feedback.