Home Technologies Software Finance Gaming Contacts Home Finance Finance November 10, 2021 Parallel Finance is a next-generation financial service in the Polkadot ecosystem Parallel is a decentralized marketplace protocol that offers lending, betting, and borrowing in the Polkadot ecosystem. Parallel’s capabilities With Parallel, token holders can freely dispose of unused capital to earn interest. Parallel Finance plans to make the future of Polkadot even brighter by offering customized lending solutions. Parallel’s new lending concept could shatter the established DeFi narrative with higher returns and better opportunities. But Parallel doesn’t plan to limit itself to creating utilities alone, as it plans to create and brand the user interaction interfaces needed to interact with DeFi. Depositors can lend and bid simultaneously to get a double return on their coins, and borrowers can provide collateral to get a loan. They call this feature “leveraged stacking” because users can increase their pledge rate to increase their overall yield. When a user’s DOT and KSM are billed through Parallel, a reputation algorithm is applied that maximizes the stacking yield on behalf of the user. In the future, projects and individual users will also be able to get their auction loans through the Parallel interface, a feature dubbed “auction loans.” This feature will give users the ability to remain liquid while their DOT/KSMs are locked into parachains. Parallel does its best to offer the best possible terms for lending to DOT and KSM members. By backing both Kusama and Polkadot assets, Parallel allows token holders and projects the flexibility to invest their unused capital for interest without restrictions. In conjunction with the lending protocol, the fund introduces a derivative stacking tool between alliances to create an interest accumulation module for DOT lenders and participants, xDOT. PARA Token Utility PARA token holders have voting rights and the ability to propose: governance measures; referendums; network updates; board elections; and other parameter adjustments. PARA is the commission’s own token, which is needed to perform the functions and security of the protocol. The proprietary token is also used to incentivize pickers and validators, which is the mechanism that enables the decentralized node infrastructure of the network. The PARA token is also used to hedge risk, incentivize rewards and distribute profits. Insurance parameters are determined by the slash management of the PARA token. PARA token Project Parallel will participate in the Polkadot parachain in the near future. To receive PARA tokens, users will need to lock their DOTs. The testnet stage is currently underway. Heiko’s daughter project will participate in the parachain on Kusama – in this case, it will be necessary to block KSM tokens. What is Polkadot Polkadot is an open-source segmentation protocol that facilitates the transfer of any data or asset type, not just tokens, between circuits. DOT is the system’s own token. It was designed specifically for the platform. DOT ensures that everything will function smoothly. Without it, the platform’s core functions would lose their meaning. All actions performed on the platform are done with the token. The DOT token was designed to serve the ecosystem with various functions such as management, stacking and linking. Some of the cryptocurrencies offering trading on Polkadot include Binance, Huobi Global and FTX. DOT helps the platform properly perform basic functions. The token is designed to perform the following tasks: coordinating the operation of the network; network management; linking DOT with the emergence of new parachains. Polkadot is an interoperable ecosystem built using Substrate, consisting of various components. These include relay circuits, paracaches, paranetics and bridges. Together, these elements form a developer’s platform for creating interoperable, decentralized applications that leverage Ethereum’s liquidity. Polkadot facilitates the exchange of data between public and private blockchains, oracles, and a protocol for future technologies. Kusama Kusama is often considered a testing ground for Polkadot projects. Although often referred to as the “test network” for Polkadot, it has provided a versatile environment that has helped in the rapid growth of several leading Polkadot projects. Kusama was also created on Substrate by the co-founder of Polkadot. You may also like Alkami Technology IPO. Digital banking solutions Alkami Technology, Inc.is a U.S.-based technology company Why software development will always be in demand Software development is an area that has always been Technologies to watch out for in the coming year Solar geoengineering The dust and ash that volcanoes The best games for Oculus Rift Oculus Rift S virtual reality helmets are a godsend © 2021 dunnetech