Parallel Finance launches 6 DeFi products in one day
Parallel Finance, the DeFi parachain hub of and Kusama, executed a massive coordinated launch of six separate products in one day across many different DeFi primitives.
Full list includes: Parallel’s Automated Market Maker (AMM)), Agriculture, Liquid staking, Crowdlending platform v2, Cross the Chain Bridgeand Wallet. These will allow Parallel’s Kusama deployment, Heiko, to include almost all major DeFi products and allow Parallel users to access leveraged staking, leveraged trading and leveraged equity lending. lever on the Parallel platform. After some testing, these should be deployed to the main parallel channel on Polkadot.
Each product performs a specific function. the Automated Market Maker allows users to trade assets through decentralized liquidity pools, allowing users to earn extra yield on HKO and KSM pairs. Future releases will include more assets as XCM usage increases.
the Agriculture will further simplify yield generation, with a single interface to operate HKO outside of equity lending (which recently ended for the time being). This completes the Crowdloans V2 product, which will enhance Parallel’s flagship product, Liquid Equity Lending, by decentralizing key and asset management of contributor assets.
Parallel Wallet allows users to view their assets and soon be able to transfer them to another parallel address. Liquid staking, similar to the Crowdloans module, allows users to retain access to their KSM while it is staked. This allows the KSM liquid derivative to be used in DeFi, combining both DeFi staking and yield.
Finally, the Inter-chain bridge will facilitate the transfer of 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 the native functions of the underlying Substrate chain,” said Yubo Ruan, founder of Parallel Finance.
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