What is Parallel Network? Parallel Network is an ecosystem with many products such as Parallel Chain, Parallel Finance or ParaX. Parallel Network has received a lot of attention from the community. So where is the attraction of Parallel Network? Everyone, let’s find out in the article below.
Overview of Parallel Network
What is Parallel Network?
Parallel Network is an ecosystem of many different products including Parallel Chain, Parallel Finance or ParaX. The first is Parallel Chain with some special points as follows:
- Parallel Chain is a Layer 2 solution built and developed based on Offchain Labs’ Arbitrum Nitro toolkit. Of course, Parallel Chain will have some of the same features as Arbitrum Nitro such as being highly compatible with EVM, being an Optimistic Rollup solution.
- Parallel Chain builds a WebAssembly execution environment based on Arbitrum Stylus while supporting many different programming languages such as Rust, C and C++.
- Parallel sets up a gas financing program for qualified users and transactions.
Next is Parallel Finance which is a diverse DeFi protocol built on Parallel Chain with outstanding services such as:
- Lending & Borrowing marketplace for NFT assets and popular Altcoins on the market.
- NFT Marketplace trading platform.
- Join the program Ape Staking.
In the last days of 2023, ParaX officially merged with Parallel Finance.
Development Roadmap
Parallel Network has undergone many changes during its development including:
- While developing in 2021, Parallel is one of the projects that won the 4th Polkadot Auction in December 2021 with the ambition of becoming a decentralized finance solution on the Polkadot ecosystem. & Kusama.
- In January 2024, Parallel officially became a Layer 2 platform on Ethereum based on Offchain Labs’ Arbitrum Nitro technology.
Investor
- June 14, 2021: At the Seed round, Parallel successfully called for $1.5M with the leadership of Pantera, Polychain with the participation of Lightspeed Venture Partners, Breyer Capital, 8 Decimal Capital, Shima Capital,…
- August 30, 2021: At Series A round, Parallel successfully raised $22M led by Polychain with the participation of Lightspeed Venture Partners, COIND, Shima Capital, Slow Ventures,…
- November 8, 2021: In an unknown round, Parallel successfully raised $1.5M with the participation of Seuqoia Capital.
- March 2, 2022: In an unknown round, Parallel successfully raised $5M with the participation of StarkWare, Shima Capital, Coinbase Ventures, Breyer Capital,…
Core Team
Yubo Ruan: Founder
- Yubo dropped out of school while studying at Stanford University in the Department of Economics & Computer Science.
- Yubo started a business with Alisimba Technologies – an online piggy bank product that teaches children to develop strong financial habits, integrating mobile solutions with digital payments (Alipay/Wechat Pay) to help children manage their pocket money. .
- Yubo invested in the Crypto market very early with names like Kyber Network, Chia Network, Polkadot and Solana.
- Yubo founded 8 Decimal Capital – a multi-strategy investment firm focused on blockchain and DeFi. 8 Decimal has over 40 companies in its portfolio with an AUM of $60 million.
- Yubo started building Parallel in April 2021 until now.
Tokenomics
Information about Parallel’s token
- Token name: Parallel Finance
- Code: PARA
- Blockchain: Update…
- Token classification: Update…
- Contract: Update…
- Total supply: 1,000,000,000
Token Allocation
- Crowdloan: 15%
- Insurance Fund: 5%
- Ecosystem & Dev Fund: 15%
- Liquidity Mining: 25%
- Private Investors: 15%
- Seed Investors: 5%
- Team & Advisos: 20%
Token Release
Update…
Token Use Case
Update…
Exchanges
PARA is currently traded on several platforms such as Kraken.
Project Information Channel
- Twitter: https://twitter.com/ParallelFi
- Website:
Summary
Parallel is one of the notable DeFi platforms in the near future. Hopefully through this article, everyone can understand more about what Parallel Network is?
