DeFi protocol Parallel Finance is drumming up interest in its ecosystem with the coordinated launch of six separate DeFi products in one day.
The startup is offering margin staking, auction loans, staking derivatives and an automated market maker curve to enable greater yield for Polkadot and Kusama holders.
Parallel Finance, which was launched just 12 months ago, is rolling out Automated Market Maker (AMM), Farming, Liquid Staking, v2 Crowdloan Platform, Cross Chain Bridge, and Wallet. The heady growth of its products portfolio was necessary to keep up with expansion demands with each product conducting a specific function, the company said.
As the name suggest, Parallel’s AMM solution offers a type of decentralized exchange (DEX) protocol that enables users to swap assets and earn additional yield on HKO and KSM pairs. The newly-launched DeFi products also encompass two key services: leverage staking and liquidity mining. Liquid Staking enables users to borrow against their staking collateral to increase their yield, while Farming allows users to stake their Polkadot (DOT) tokens to receive Parallel’s native tokens.
“These 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 crowdloans on the Parallel platform. After some testing, these are expected to be deployed on the main Parallel chain on Polkadot,” the company said.
Parallel Finance doubles valuation
The Polkadot-based lending protocol also introduces its own wallet to enable users to view their assets and soon be able to transfer to another Parallel address. The press release from the firm also states 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.
Earlier in August, Parallel Finance had raised $22 million in a Series A funding round that valued it at $150 million. Three months later, the protocol’s valuation increased about two thirds to a cool $250 million. That makes Parallel one of the highest-valued projects on Polkadot.
Parallel Finance also secured the fourth slot in the Polkadot parachain auctions. More than 30,000 participants contributed a total of 10.75 million DOT during the fourth round of the auction, equivalent to $306 million.