DeFi Parachain, Parallel Finance Launches Six Major Products Simultaneously

Polka­dot and Kusama’s DeFi  Parachain, Par­al­lel Finance, has launched Auto­mat­ed Mar­ket Mak­er (AMM), Farm­ing, Liq­uid Stak­ing, v2 Crowd­loan Plat­form, Cross-Chain Bridge, and Wal­let. The launch of six sep­a­rate prod­ucts in one day points to Parallel’s aggres­sive approach towards estab­lish­ing a strong pres­ence in DeFi. Fol­low­ing the devel­op­ment, Parallel’s users can now access lever­aged trad­ing, crowd­loans and trad­ing through Kusama’s Heiko (HKO) plat­form. Also, Par­al­lel will intro­duce these fea­tures on the main chain on Polka­dot. Heiko’s effi­cien­cy and inter­op­er­abil­i­ty in the sys­tem has been made pos­si­ble by the under­ly­ing Sub­strate chain

“The com­bined prod­uct launch marks the offi­cial real­iza­tion of Heiko’s vision as an inte­grat­ed DeFi parachain”, said Yubo Ruan, Founder of Par­al­lel Finance.

These new fea­tures will bring new use cas­es to the plat­form. When trad­ing with HKO and KSM, the AMM users will be able to swap their assets at a prof­it by using decen­tral­ized liq­uid­i­ty pools. Increased XCM usage will lead to the inclu­sion of more assets in future releases.

The Par­al­lel wal­let offers users a reli­able and secure way to store and mon­i­tor their hold­ings. Fur­ther­more, they’ll soon be able to send their assets from one Par­al­lel address to anoth­er. Like the Crowd­loans mod­ule, Liq­uid Stak­ing allows users to access their KSM even with their assets staked. Essen­tial­ly, this mod­el cre­ates a hybrid of DeFi yield and staking.

With the Farm­ing fea­ture, yield gen­er­a­tion will be even eas­i­er, as there will be a sin­gle point of con­tact for HKO. Con­se­quent­ly, HKO will be oper­at­ing in an ecosys­tem out­side crowd­loans. Also, this approach strength­ens Parallel’s pre­mier liq­uid crowd­loans fea­ture, result­ing in a bet­ter Crowd­loans V2.

On the oth­er hand, the Cross-Chain Bridge as its name sug­gests is a bridge that enables the mov­ing of DOT and KSM from the relay chain.

About Parallel Finance

A DeFI-cen­tric lend­ing pro­to­col, Par­al­lel is capa­ble of sup­port­ing assets from both Kusama and Polka­dot net­works. Polkadot’s fourth parachain auc­tion, held in Decem­ber 2021, saw Par­al­lel take the top spot with a crowd­loan of $306 mil­lion. Through Par­al­lel , token hold­ers and projects can gen­er­ate sig­nif­i­cant prof­its from their idle assets. It accom­plish­es this by enabling mar­gin stak­ing, stak­ing deriv­a­tives, auc­tion loans. Also, it has an AMM fea­ture. All these prod­ucts allow DOT and KSM hold­ers to opti­mize their cap­i­tal. Addi­tion­al­ly, Parallel’s cred­it report­ing sys­tem pro­tects lenders from dis­hon­est insti­tu­tion­al bor­row­ers by pro­vid­ing an addi­tion­al line of protection.