What is ParaX? ParaX is a web3 super application created by the merger between ParaSpace and Parallel Finance with the core mission of bringing web3 to one billion users. So what’s special about ParaX? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to better understand.
- What is ParaSpace? ParaSpace cryptocurrency overview
- ParaSpace – The leading NFT Lending platform on the market
- ParaSpace 2.0 review: Drastic change after a series of shocking Dramas
What is ParaX?
ParaX was created by the merger between ParaSpace and Parallel Finance. At its core, ParaX aims to be a super application for web3 that provides the necessary infrastructure to enhance existing user experiences and pave the way for mass adoption on any chain.
ParaX will start with three core features including:
Multichain Account Abstraction
Multi-chain Account Abstraction (MAA) allows for the consolidation of individual accounts on each chain into a unified account similar to accounts on centralized exchanges (Cex).
This model allows users to conveniently manage and control their assets and multi-chain identities using Web3 applications. Users can have a single identity, which can be authenticated and authorized across multiple applications and platforms, increasing their ability to control their own data.
ParaX’s Multi-chain Account Abstraction collects on-chain transaction and asset data of users in different chains by establishing Smart Contracts. This data is then displayed in ParaX’s account section.
ParaX introduces Multi-chain Account Abstraction
User interface
ParaX’s design uses a minimalist style without compromising the functionality of the entire system. ParaX will integrate with over 100 different dApps such as: Uniswap, OpenSea, Lens, Aave and other famous applications to create an all-in-one web3 portal.
Users don’t need to know which chain they are joining or which application they should use. This makes it easier for users to access the web3 world.
ParaX interface
In addition, ParaX also provides users with two types of interfaces including:
- Simplify: Showcase the essential features users demand, cutting out middlemen to minimize the barrier to entry for newcomers.
- Professional: Users can choose specific dApps according to their preferences and common needs.
Infrastructure: ParaVM
Powering the entire platform is a zkVM infrastructure called ParaVM. ParaVM is being developed to serve the requirements of more complex ParaX applications. The development team is working to build upon existing zkVM projects such as Risc Zero, Axiom, and Hyper Oracle. In the long term, ParaVM will attract developers to build more “small applications” to enrich the ParaX ecosystem. Currently, ParaVM is still under development and is constantly being updated.
Infrastructure – ParaVM
ParaX Features
ParaX opens up a series of new features with 3 main ideas built into the ParaX ecosystem including:
Omni-chain Yield Farming
Move assets automatically from one Yield Protocol to another on any chain using Omni-chain to optimize returns for users.
Omni-chain Lending
Users can use assets on any blockchain as collateral to borrow a corresponding amount of money. Although users can use a single platform, ParaX will classify assets according to different chains to ensure the safety of the protocol.
Omni-chain Lending with ParaX
Custom profit and risk models
Lenders can choose the appropriate loan range based on different assets and their rating standards. Borrowers can borrow with any onchain collateral across the risk curve and enjoy a customized interest rate market.
ParaX’s diverse profit and risk model
The Merger Process Of ParaSpace And Parallel Finance
ParaSpace is merging with Parallel Finance to create a brand new upgrade called ParaX. The transition from ParaSpace to ParaX will be completed in 1 to 2 months. Once the upgrade is complete, ParaSpace and Parallel Finance will make the following adjustments:
- On August 31, 2023 UTC, scoring for ParaSpace V1 will end. Points can only be obtained by interacting with ParaX.
- User migration will begin on September 4, 2023 UTC. Once the migration begins, the features on ParaSpace V1 will be closed including: Lending, Borrowing, ApeStake (Stake ApeCoin, Stake NFT, P2P) and others. Users can reuse these features in ParaX.
- On September 29, 2023 UTC, support for all Ethereum mainnet functions of ParaSpace V1 will officially close, and users will only be able to experience ParaSpace Ethereum mainnet functions in ParaX .
- Other ParaSpace networks that will not be immediately affected include: zkSync, Arbitrum, Polygon and others. Users can still use them until ParaX is gradually deployed on these chains.
- One point to note is that even if ParaSpace is completely closed, all functions related to deposits and withdrawals of ParaSpace will not be affected and users can still make deposits and withdrawals on the platform.
Introducing ParaX Medal NFT
As a token of gratitude and reward for the migration to ParaX, the development team will release the ParaX Medal NFT to add additional benefits within the ParaX ecosystem and include point distribution. ParaX Medal NFT is limited to the following distribution:
- 200 NFT: For early adopters providing liquidity to ParaX
- 1,000 NFT: For users who are in the top 1,000 in the comprehensive ranking including 2 criteria (Deposit + BNPL) of ParaSpace on the Ethereum mainnet but have completed the migration process.
- 800 NFT: For users who are not in the top 1,000 in ParaSpace’s comprehensive ranking on the Ethereum mainnet but have completed the migration process.
Scoring system
With the transition from ParaSpace to ParaX, a dual scoring system will appear with both ParaSpace and ParaX points. ParaX will have a new dashboard that tracks users’ historical activity on ParaSpace and new activity on ParaX.
ParaSpace Point
With ParaSpace, users will be rewarded for their contributions to the protocol, points will be based on specific actions and activities as follows:
- Lending and Borrowing
- Participate in APE Staking activities
- Some other activities in the market
ParaX Point
With ParaX, users will be rewarded for qualifying actions:
- Consignment of assets
- Interact with ParaX and other related applications
- Introducing new users
- Some additional activities later
Calculate scores on ParaX
How are points calculated?
When ParaSpace moves to ParaX, point accumulation on the ParaSpace Ethereum network will stop starting August 31, 2023 UTC. However, qualifying activities will continue on the ParaX platform, which is also where user points are tracked.
Points associated with ParaSpace on Polygon, Arbitrum, ZkSync and Moonbeam will not be affected and will accumulate as before. Points will be calculated and refreshed every day, ensuring the user’s total score is always updated and accurate.
Scoring includes a number of factors such as: Quantity, duration, activity, etc. However, there is a direct correlation with the larger the volume, the more significant the reward.
The Future of ParaX
ParaX aims to bring Web3 to one billion users around the world. With an ambitious development roadmap and lots of exciting features to be built. ParaX believes that these drastic changes will enhance the current user experience, reduce Blockchain barriers, and move towards mass adoption.
summary
ParaX is a new super app that combines the most unique features of ParaSpace and Parallel Finance. Above is all the information I want to introduce about ParaX. I hope everyone has received useful knowledge.
