The cryptocurrency market keeps growing with new coins and ecosystems seeking to solve a particular problem. Examples of these coins include the VeChain ecosystem, its $VET token, the Klaytn ecosystem, and its KLAY token. Another coin to solve a pertinent issue is the Parody Coin (PARO).
The Parody Coin (PARO) is the native token of an ecosystem that seeks to reduce the costs of minting NFTs by creating parodies of them. With the meteoric growth of the NFTs space, the digital assets now sell for thousands of dollars in ETH equivalents, but not everyone has the financial capability to mint one.
It has become quite expensive to mint an NFT and costs just as much to transfer NFTs from one address to another. Only a fraction of the crypto population can eventually afford these fees to make profits from their minted digital assets. With Parody Coin, you can mint the parodies of popular NFTs for way less and swap them in the Parody Coin marketplace.
This way, you’re minting NFTs and making money like it’s the real one. Although conditions come with cloning original NFTs, the ecosystem is set to make the native coin more valuable thanks to those features.
How Parody Coin (PARO) Stands With A Coin Like VeChain (VET)
The VeChain (VET) ecosystem, also known as VeChainThor, serves as a public blockchain that derives its value from the activities of its members within the ecosystem. These activities have to be solving real-world economic systems. The better the project solves a problem, the more VET tokens you receive to swap or save.
A system like this spurs the creation of the Parody coin (PARO). It plans to make the NFTs market more inclusive to everyone in the crypto space and not just the exceedingly rich faction. As people mint NFT parodies on the platform, they get tokens they can use to trade their NFTs, buy NFTs, and also swap with other cryptocurrencies.
The function is not limited only to the NFTs, as the PARO tokens are exchangeable with other blockchain assets. For example, the Parody Coin native tokens are available on the Binance Smart Chain (BEP-20), and the exchange with other assets is made possible through liquidity pools on decentralized exchanges.
These liquidity pools depend on PARO users who volunteer to fund the special wallets that will facilitate the conversion between different coins. The system’s robustness will always depend on whether these liquidity pool providers deem the rewards they get from the BEP-20 chain enough. If they decide they’ll be better off investing in a different system, they can withdraw their assets and crash the system.
With this system, Parody Coin removes the burden of holding the liquidity pool from users. Instead, the pool is held up through token reflection, which comes from the fees that PARO users pay to make transactions in the ecosystem.
What Happens To The Original NFTs Cloned?
The minted NFT Parody is not totally separated from the original ones. Instead, the ecosystem uses a unique bridge such that the owners of the real NFTs can claim the parody NFT by burning the original NFT. This way, there are possibilities that parody NFTs might end up as the original NFTs when the owner chooses to claim the parody and execute the changeover.
The Parody coin extends beyond the NFTs marketplace and coin swapping. There’s also the Paroverse that makes the system sustainable as the metaverse evolves. It also has a reward system for users who HODL and mint NFTs on the platform. The rewards system offers a chance to earn passively by token reflection and the foundational BNB as a component of the network consensus mechanism.
Undoubtedly, this coin has the potential to thrive exceedingly well in the coin market as it solves the problem of an expensive NFTs marketplace.
Parody Coin (PARO):
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