• Parallel Finance dominance in DeFi
• Super-App – How will it be helpful?
• Founder of parallel about DeFi products
• Parallel finance new releases

Parallel Finance dominance in DeFi

Parallel Finance is a decentralized money market protocol that provides lending, staking, and lending built on top of the Polkadot ecosystem. Parallel is one of the larger DeFi projects in the Polkadot world, with over $500 million in total value locked (TVL) and a 21% market share, according to Parallel’s website statistics. This platform is trying to become a one-stop shop for all corners of decentralized finance (DeFi). This platform launches Defi Super-App for Polkadot.

Super-App – How will it be helpful?

Founder of Parallel Yubo Ruan said “Overall, we’re building a ’super app,’ an end-to-end DeFi platform for Polkadot to start”.

The “super app” strategy is an uncommon one in crypto, he said. Most DeFi teams opt to specialize on one flagship product, be it a bridge or a wallet. Ruan said Parallel’s uncommonly large team (60-70 people) means it can cover more ground.

Founder of parallel about DeFi products

Ruan believes that “Building and hosting multiple DeFi products is a competitive advantage”.

Ruan also said the DeFi super app makes the road to mass adoption a little smoother. It’s easier for newcomers to play around with market making and staking when their wallet lives right down the street.

Parallel finance new releases

Recently, 6 DeFi Products launched by Parallel Finance team. Here you can see the list.

• Automated Market Maker (AMM) – Enables users to swap assets and helps earn additional yield on HKO and KSM pairs.
• Farming – It Simplifies yield generation further, with a one-stop interface to put HKO to work outside of crowd loans.
• Liquid Staking – It similar to the Crowd loans module, allows users to maintain access to their KSM while it is being staked.
• v2 Crowd loan Platform – It will improve Parallel’s flagship product of liquid crowd loans by decentralizing key and asset management of the contributors’ assets.
• Cross Chain Bridge – Makes easy to transfer DOT & KSM from the relay chain to Parallel.
• Wallet – It allows users to view their assets and soon be able to transfer to another Parallel address.

As of now, the tools are limited to the “Heiko” parachain on Kusama, the Polkadot ecosystem’s real-money staging ground. The six products could migrate to Parallel’s hard-won mainchain slot in one to three months, he said.