What is ParaSpace? ParaSpace is a Lending Protocol platform that allows users to borrow and lend against both NFTs and tokens. So what’s special about this project? Let’s find out with Weakhand in this article.
What is ParaSpace?
ParaSpace is a Lending Protocol platform that allows users to borrow and lend against both NFTs and tokens. NFT prices are provided by NFT Price Oracle and is based on the floor price of NFT collections from OpenSea and LarvaLabs (for CryptoPunks).
Main active objects on the ParaSpace platform:
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Borrower (Borrower): Deposit NFT onto the platform as collateral to borrow a corresponding amount of money and receive nToken (ERC 721 standard NFT) representing the collateralized NFT. In addition, Borrower can also use other collateral assets such as tokens and LP tokens on Uniswap V3, vToken (minted on NFTX), Aave’s aTokens and Compound’s cTokens.
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Lender (Lender): Deposit assets (tokens) to the platform to receive interest.
ParaSpace partners with tokenproof and works with existing NFT collections on the platform to ensure that nTokens can enjoy access to other utilities such as the use of native NFTs.
Sale: ParaSpace offers an index called account health coefficient. The account health coefficient is calculated based on the ratio of total loan assets to total mortgage assets. If this coefficient is < 1, the user's assets are liquidated and put up for auction.
ParaSpace applies Dutch auction meaning the auctioneer announces the highest offer at the beginning and that offer decreases until a buyer accepts, with the proceeds sent back to the liquidated user. The auction ends when all users have an account health coefficient > 1.5.
What is the ParaSpace Difference?
ParaSpace allows users to use credits generated from ParaSpace to instantly purchase NFTs listed on Marketplaces such as: OpenSea, LookRare. By depositing assets to ParaSpace, users can increase their available credits and purchasing power.
Currently, users can participate in the ApeCoin Staking program on the ParaSpace platform with the Bored Ape Yacht Club collection.
ParaSpace is currently deployed on Ethereum, but in the future the project wants to deploy Multi – Chain on many other chains such as: AVAX, Polygon, Arbitrum, Moonbeam.
Core Team
ParaSpace is developed by parent company Parrallel Finance, some key members include:
Yubo Ruan : Founder
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He graduated with a bachelor’s degree in computer science from Stanford University.
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He started a business and founded Alisimba Technologies Inc – a company that develops piggy bank products to help children develop financial habits in June 2014.
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In August 2016, he decided to quit his job and venture into the Crypto market.
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He became the investor of a number of projects in the Crypto market, including two prominent investments: Solana and Polkadot in mid-2019.
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By April 2021, he decided to establish Parrallel Finance company.
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After that, he decided to establish ParaSpace company to develop NFT products in June 2022.
Jonathan C : Product
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He graduated with a bachelor’s degree in aerospace from the University of Sydney.
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He joined Uber company in many different positions since July 2016.
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In January 2019, he quit his job and moved to work as Product Manager at Crypto.com.
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After that, he quit his job and joined both Parralel Finance and ParaSpace from April 2022.
Walid Al Habboul : Principal Blockchain Engineer
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He graduated with a degree in computer science from Simon Fraser University.
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He has worked for Amazon as a Software Engineer since September 2018.
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In March 2022, he moved to work as main development engineer for Parralel Finance and ParaSpace.
Development Roadmap
- Initially, the project team developed the Parallet Finance product on Polkadot. Parallet Finance has created attraction when successfully calling for $30M from many famous investors in the market such as: Coinbase Ventures, Sequoia, Pantera,…
- However, at the end of 2022, the team turned to Multichain development and entered the NFT Lending market when launching ParaSpace.
- In the future, ParaSpace and Parallet Finance will be integrated together to create a Lending platform with many features for users.
Tokenomics
Update…
ParaSpace Project Information Channel
- Website: https://para.space/
- Twitter: https://twitter.com/ParaSpace_NFT
- Discord:
summary
ParaSpace is a Leding Protocol platform with a diverse combination of collateral from NFTs to tokens, lp tokens, etc. Applying more types of collateral makes the platform take on more risks but also helps platform attracts more users. Hopefully the above information has helped everyone have useful information about ParaSpace.