Parallel Finance expands product suite with 6 DeFi solutions

abdelaziz Fathi

DeFi protocol Parallel Finance is drumming up interest in its ecosystem with the coordinated launch of six separate DeFi products in one day.

Parallel Finance

The startup is offering margin staking, auction loans, staking derivatives and an automated market maker curve to enable greater yield for Polkadot and Kusama holders.

Parallel Finance, which was launched just 12 months ago, is rolling out Automated Market Maker (AMM), Farming, Liquid Staking, v2 Crowdloan Platform, Cross Chain Bridge, and Wallet. The heady growth of its products portfolio was necessary to keep up with expansion demands with each product conducting a specific function, the company said.

As the name suggest, Parallel’s AMM solution offers a type of decentralized exchange (DEX) protocol that enables users to swap assets and earn additional yield on HKO and KSM pairs. The newly-launched DeFi products also encompass two key services: leverage staking and liquidity mining. Liquid Staking enables users to borrow against their staking collateral to increase their yield, while Farming allows users to stake their Polkadot (DOT) tokens to receive Parallel’s native tokens.

“These will allow Parallel’s Kusama deployment, Heiko, to include nearly all major DeFi products and enable Parallel users to access leveraged staking, leveraged trading and leveraged crowdloans on the Parallel platform. After some testing, these are expected to be deployed on the main Parallel chain on Polkadot,” the company said.

Parallel Finance doubles valuation

The Polkadot-based lending protocol also introduces its own wallet to enable users to view their assets and soon be able to  transfer to another Parallel address. The press release from the firm also states the Cross-Chain Bridge will make it easy to transfer DOT & KSM from the relay chain to Parallel.

“The combined product launch marks the official realization of Heiko’s vision as an integrated DeFi parachain, where all products are naturally interoperable and efficient, thanks to native functions of the underlying Substrate chain,” said Yubo Ruan, Founder of Parallel Finance.

Earlier in August, Parallel Finance had raised $22 million in a Series A funding round that valued it at $150 million. Three months later, the protocol’s valuation increased about two thirds to a cool $250 million. That makes Parallel one of the highest-valued projects on Polkadot.

Parallel Finance also secured the fourth slot in the Polkadot parachain auctions. More than 30,000 participants contributed a total of 10.75 million DOT during the fourth round of the auction, equivalent to $306 million.

Read this next

Digital Assets

DappRadar report: NFTs volume below $1 billion for the first time since June 2021

DappRadar’s July 2022 industry report found that blockchain games and their NFTs remain resilient amid a crypto winter accentuated by the debacle of Terra.

Digital Assets

Blockchain.com registers to operate crypto business in Italy

Blockchain.com had registered as a digital asset provider in Italy, following in the tracks of rivals who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).

Digital Assets

Binance rolls out crypto card in Argentina with 8% cashback

Binance is launching its crypto debit card in Argentina, the first country in Latin America to have the product thanks to a partnership with Mastercard.

Digital Assets

Greece sends BTC-e operator Alexander Vinnik to US

Alexander Vinnik, an alleged Russian hacker accused of laundering $4 billion of criminal proceeds through BTC-e, has been extradited from Greece to the United States.

Retail FX

Saxo Bank reports weakest FX volume in 6 months

As many traders were away on annual summer leave, currency markets saw a relatively quiet period in July. Within that context, Copenhagen-based Saxo Bank has reported its monthly metrics, which showed a renewed decline month-over-month.

Market News

The Week Ahead: 5 August from David Madden, Market Analyst at Equiti Group

It has been an interesting week and despite a lot of negative news, equity markets enjoyed a positive run. US House Speaker, Nancy Pelosi, defied the warnings from the Chinese government and carried out a visit to Taiwan. The Beijing authorities moved military hardware close to the self-governed island to flex its muscles. Stock markets came under a little pressure as a result and risk-off assets like the Japanese yen and gold found themselves in high demand.

Opinion

Alina Strogonova of Muvon Payments: How Can Fintech Optimise Payments

Financial services in their conventional form are obsolete, according to fintech startups. New-age finance is constantly redesigning electronic money transactions and testing innovative solutions.

Digital Assets

No need for CFDs: BitMEX introduces leveraged FX perpetual swaps

Previously retail FX trading was mostly possible via CFDs (contract for difference). BitMEX’s FX perps allow both retail users and institutional traders to access FX markets through an exchange-traded contract.

Digital Assets

BEQUANT launches index measuring dollar against crypto

“Our research team has worked hard to quantify and capture the latest economic story into the broader crypto market.”

<