Parcl Update: Post Testnet 1.0 & HOA Mint
What comes next for the Parcl Protocol and Homeowners Association
We are providing this update to our community and our stakeholders following Parcl’s Testnet and Homeowners Association (HOA) NFT launch - both of which substantially exceeded our expectations, as outlined in detail below. We are grateful for the support of both our long-standing backers & partners and our newest community members, and we are extremely excited to be embarking on this journey together with you. LFG!
Parcl Protocol Testnet
Our Testnet generated significant interest over the ten days it was live (3/30-4/9). Here are the highlights:
- >70K unique visitors to our Testnet
- >25K Typeform feedback submissions
- >300K on-chain transactions
The feedback we received from Testnet was overwhelmingly positive, which supports our view that the Parcl Protocol is addressing a unique and untapped market opportunity. Over the next several weeks, we will be iterating on our UI/UX and optimizing our smart contract design. The most significant update is our decision to launch to mainnet with concentrated liquidity.
We are currently implementing and integrating Orca’s Whirlpool program for the Parcl DEX. We believe concentrated liquidity makes the most sense for Parcl because, not unlike stablecoins, Parcl tokens should generally maintain a relatively consistent peg to underlying Parcl Price Feeds. Concentrated liquidity across ecosystems has proven to be a powerful tool for stable pairs because LPs can elect to allocate capital across specific price ranges, such as the relatively tight range around the desired peg price. Think of it as the thickest portion of a bell curve.
Furthermore, Parcl can utilize Orca’s built-in yield farming framework to incentivize price ranges around the oracle price to bolster LP incentives to further support the Price Feed peg.
We are very excited about the potential of concentrated liquidity as Parcl progresses towards the mainnet launch.
HOA Launch & Roadmap Highlights
On the back of the Testnet, we launched our Homeowners Association NFT Collection to bring awareness to Parcl and our community, identify our earliest supporters, and reward their initial usage of the protocol, including participation in our testing phase. We are thrilled with how this played out, and we believe that it helped ensure that Parcls truest believers became the first HOA homeowners. Everything we do moving forward will keep that community rewarding philosophy front and center while maintaining our long-term vision for both the protocol and HOA.
The Homeowners Association (HOA) itself consists of 7,777 unique pieces representing iconic architectural traits found in our launch markets of Miami, Phoenix, Los Angeles, & New York City.
Through the HOA, we are connecting like-minded individuals who are interested in real estate, NFTs, and crypto.
The collection sold out in just 30 minutes via the Magic Eden Launchpad, and we were the top 24-hour volume NFT in the entire Solana NFT ecosystem on launch day. As of the time of writing, the HOA has done a cumulative aftermarket trading volume of 14,000 SOL, or over $1.4M.
This is an absolutely incredible beginning for the HOA. But what lies ahead is infinitely more exciting. We remain firmly committed to building with a long-term lens across all Parcl initiatives, HOA included. The most transformative value creation happens when all stakeholders can zoom out and see the long-term potential of a project. That said, here is what our HOA holders can expect in both the near-and-medium term:
Near term (today to mainnet launch in June)
1) Participate in the Parcl Mission: Delivering Real Estate to Everyone
A) A substantial portion of our mint proceeds will be returned to our community through a real estate related charitable giveaway (more on this below)
B) Our HOA Treasurer, Ndamukong Suh will help us allocate funds, driven in part by feedback from the HOA community
C) The remaining mint proceeds & ongoing royalties will be fed into an HOA community fund & re-distributed to the community on a semi-regular basis
2) HOA holders will become eligible for our upcoming International HOA collection
A) HOA holders will receive rights to a whitelist (free mint) for the International HOA, which will coincide with our introduction of new international Parcl markets (see Parcl 2022 roadmap below)
B) Unclaimed whitelist allocations would return to the public sale pool
3) Merch drops for HOA holders
A) We plan to have a gated online storefront for NFT holders go live in May
B) We plan to have an IRL merch pop-up drop at NFT NYC in June
4) NFT gated VIP access to our IRL launch party
5) Lastly, we plan to continue to randomly restock our HOA NFT Treasury on an ongoing basis. The HOA Treasury NFTs are reserved for awareness campaigns, community treasure hunts, discord/Twitter contests, and further charitable initiatives
Medium-term HOA utility primarily centers around how Parcl plans to incorporate HOA NFTs into its core DeFi product, the Parcl Protocol, particularly around the mainnet launch (targeting 2H June). We are considering several potential incentive structures, which include boosted rewards for eligible NFT holders.
In addition, we are exploring HOA staking, which would incentivize long-term community membership and qualify HOA holders to receive future rewards, and/or additional pre-mint allocations for future NFT collections.
As we work through these initial ideas, we will continue to explore additional staking strategies to find the best possible alignment for all Parcl community members. We look forward to hearing the community’s feedback on these preliminary proposals - please let us know your thoughts in discord, on Twitter, and during our AMAs.
In summary, we are working towards the implementation of the following:
1) NFT gated early access to the Parcl protocol
A) We are planning to gate Parcl protocol liquidity pools; eligible NFT holders will get early access for a specific period of time
B) This could mean higher APY for initial liquidity providers, where eligible
C) Early access to new markets, incorporating region and rarity traits
2) Staking benefits for eligible HOA NFT holders, which could be determined by NFT staking duration and volume of activity on the Parcl Protocol
Use of Mint Proceeds
We are committed to returning the entirety of HOA mint proceeds to the community. Here’s how we plan to follow through on that commitment:
1) Charitable Efforts
Parcl is on a mission to deliver real estate to everyone. That means leveling the playing field for folks that have been impacted by the increasingly inaccessible state of the real estate market in the US and around the world. Our first initiative along these lines is to return a substantial portion of our mint proceeds to our broader community through a real estate related charitable giveaway. This is extraordinarily important to us, and we are firmly committed to this initiative.
We’re thrilled to share that we have partnered with our friend & HOA Treasurer Ndamukong Suh to help us carry out this very important mission.
We & our Treasurer will have more information on this front soon!
2) HOA Community Fund
The substantial remainder of our HOA mint proceeds and ongoing royalties will be pooled into a community fund. These proceeds will be used to strengthen the HOA community in various ways (restocking our HOA NFT Treasury, community treasure hunts, discord/Twitter contests, further charitable initiatives, and much, much more). We will be as transparent as we possibly can be with regard to the general quantity, status, availability, and use of these funds.
Parcl’s 2022 Roadmap
Testnet 2.0: Participate in our second Testnet and explore new features, more functionality, and more Parcls to trade.
- US City Expansion: Continuing to expand Parcl’s US analytics capability, expanding our metropolitan area coverage to include cities nationwide
- Comprehensive Protocol Research Tool: View more information about each neighborhood to make more informed trades. Our data will pull relevant information such as median square footage, price trends, days on market, amenities, and more
- News & Social: Relevant news and social information from each real estate neighborhood will populate so you can learn more about where you’re investing
Parcl Original Real Estate/Geospatial R&D: Publishing timely, relevant real estate stats for public consumption, building on our best-in-class data infrastructure/capability
Mainnet launch: Parcl plans to launch to the Solana mainnet in late 2Q22!
International Expansion: Expanding Parcl’s product offerings and real estate / geospatial tracking globally, starting with global cities such as Paris, Mexico City, and Singapore, among several others. International market introduction is based on the availability of data that meets Parcl’s stringent, thorough & institutional-grade Price Feed standards. Some day, we might even have Parcl Price Feeds for regions beyond Earth…
HOA Staking; enabling eligible HOA holders to stake their HOA’s & receive future protocol benefits
IRL Events: Join Parcl at IRL events all over the world. Initial events will focus on our four launch markets represented via the HOA NFT!
Rarity Properties & Distribution
What is Parcl?
Parcl is a Solana-based synthetic asset protocol that is on a mission to deliver real estate to everyone. The protocol allows for the creation of “Parcls,” which are synthetic smart contract tokens that represent the median price per square foot of residential real estate in a given geographical area, such as the most popular and recognizable city neighborhoods from all over the U.S. and the world.
Through Parcl, users can trade their favorite neighborhoods just like they would trade Bitcoin, Ethereum, or other crypto assets. By creating a decentralized trading platform for individuals and institutions to execute trades, Parcl makes real estate investing faster, cheaper, and more liquid than ever before. Learn more
What is the Homeowners Association
Homeowners Associations (HOAs) generally get a bad reputation. The Parcl Homeowners Association is here to turn that rep on its head; Parcl’s HOA is the friendliest, most rewarding HOA to ever exist.
We are connecting like-minded individuals who are interested in Real Estate, NFTs, and crypto.
The HOA consists of 7,777 unique combinations of iconic homes from four distinctive cities. Ownership grants eligible holders exclusive benefits such as early access to the Parcl protocol, protocol rewards, staking benefits, priority access to future drops, access to real-world events, discounts on merchandise, and participation in charitable initiatives. More on this below!
The HOA pre-mint (0.4 SOL) began on April 11th, 2021, and over 2,000 pre-mint eligible HOA members secured their homes within the first 24 hours. The public mint (0.65 SOL) began at 11:00 AM on April 12th, 2021, and sold out 7,777 pieces in just over thirty minutes!
Parcl - www.parcl.co
Parcl Blog - https://www.parcl.co/blog
Homeowners Association Website - https://hoa.parcl.co/
MagicEden - https://magiceden.io/marketplace/parcl
Rarity - http://howrare.is/
Solana Floor Tracker - https://solanafloor.com/nft/homeowners-association-parcl
Yawww - https://www.yawww.io/
Parcl’s Investors - https://blockworks.co/blockchain-real-estate-startup-raises-round-to-expand-digitized-property-investments/