THELOGICALINDIAN - Earlier on Monday Parallel Finance appear that it had aloft 22 actor in a Series A allotment round
The advance annular for the Polkadot-based DeFi agreement was led by Polychain Capital, alongside Alameda Research, Blockchain Capital, Blockchain ventures, Slow ventures, Lightspeed adventure Partners, and CMT Digital, amid others.
What is Parallel Finance?
Parallel Finance offers allowance staking, bargain loans, staking derivatives and an automatic bazaar maker (AMM) ambit to accredit greater crop for Polkadot holders.
The agreement additionally boasts of appearance such as clamminess mining and advantage staking. Clamminess mining enables users to pale their Polkadot tokens to accept Parallel’s built-in PAR token, admitting advantage staking allows users to borrow adjoin their accessory to access yield.
The Series A annular was an disinterestedness annular — acceptation that investors are accustomed equity, or stock, in Parallel. This is Parallel Finance’s additional anytime allotment round, as the activity aloft $2 actor beforehand in June.
It’s important to agenda that the agreement has alone been online for 5 months, with its admission aftermost March. The activity still charcoal in about infancy, currently in testnet on both Polkadot and Kusama. Parallel is planning to barrage its mainnet in the aftermost budgetary division of 2021, according to Co-Founder Yubo Ruan.
As the DeFi amplitude continues to abound at an aberrant rate, Parallel is attractive to aggrandize its operations by hiring added developers and engineers, Ruan said. There are currently 3,000 users of the protocol, but Ruan said he was hopeful of the agreement extensive over 50,000 users aural the abutting year.
Protocol Set to Participate in Polkadot Crowd Auctions
Parallel is additionally attractive to accompany Polkadot and Kusama army auctions. Earlier aftermost week, Parallel appear that it had launched its army accommodation attack to accretion a atom for a Kusama parachain slot, with Heiko Finance acting as the parachain to barrage on Kusama.
With alone 100 parachain slots actuality accessible on the Polkadot network, projects charge to win a army accommodation in adjustment to accomplish on the mainnet and affix to the DOT network.
Related Reading | Polkadot Officially on Schedule for Next Parachain Auctions on Kusama
As for approaching funding, Ruan said Parallel Finance will accession added funds already the activity has added TVL (total amount locked).
