Parallel Finance launches 6 DeFi products in one day

Late last year, we wrote about Parallel Finance after the decentralized lending platform successfully secured the fourth slot in the Polkadot Parachain auctions. More than 30,000 contributors have contributed a total of 10.75 million Polkadot (DOT) tokens during the fourth round of the auction, equivalent to $306 million. Parallel Finance is a new decentralized lending and staking protocol on Polkadot and Ethereum

Today, Parallel Finance announced it has executed a massive coordinated launch of six separate products in one day across many different DeFi primitives. The full list includes: Parallel’s Automated Market Maker (AMM), Farming, Liquid Staking, v2 Crowdloan Platform, Cross Chain Bridge, and Wallet.

The products 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 crowd loans on the Parallel platform. After some testing, these are expected to be deployed on the main Parallel chain on Polkadot.

Each product conducts a specific function. The Automated Market Maker enables users to swap assets through decentralized liquidity pools, letting users earn an additional yield on HKO and KSM pairs. Later versions will include more assets as XCM usage increases.

The Farming feature will simplify yield generation further, with a one-stop interface to put HKO to work outside of crowdloans (which recently ended for the time being). This complements the Crowdloans V2 product, which will improve Parallel’s flagship product of liquid crowdloans by decentralizing key and asset management of the contributors’ assets.

Parallel’s Wallet allows users to view their assets and soon be able to transfer to another Parallel address. Liquid Staking, similar to the Crowdloans module, allows users to maintain access to their KSM while it is being staked. This allows the liquid derivative KSM to be used in DeFi, combining both staking and DeFi yield.

Finally, 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.

Parallel Finance was founded and supported by a team of 20 talented developers from Stanford, MIT, and other big tech companies. Parallel Finance’s institutional-grade lending protocol is backed by the likes of Sequoia, Founders Fund, Polychain, Lightspeed Venture Partners, Slow Ventures, Blockchain Capital, and Alameda Research.

Parallel seeks to provide unique lending solutions tailored to Polkadot while assuring user safety and security. Since its inception in April 2021, Parallel Finance seeks to add more pragmatic tools like interest rate swaps for long-term growth to DeFi. Parallel offers leverage staking and auction lending as its primary services, offering higher yield and more opportunities to users to become the go-to lending solution for Polkadot (DOT) and Kusama (KSM) stakers.

Parallel Finance is seeking to become the “DeFi Pulse of Credit.” It seeks to bring further transparency in terms of the quality of borrowers and their debts. Parallel Finance’s credit reporting system provides lenders with an additional line of defense and brings a check against rogue institutional borrowers.