Landmark achievement for Parallel Finance, secures fourth DOT parachain slot

Landmark achievement for Parallel Finance, secures fourth DOT parachain slot
фото показано с : invezz.com

2021-12-11 14:10

Parallel Finance, an institutional-grade DeFi lending protocol, secured the fourth slot in the Polkadot (DOT/USD) parachain auctions after raising $306 million in a crowdloan, Invezz learned from a press release. During the fourth auction round, more than 30,000 entities contributed a total of 10.75 million Polkadot tokens, equivalent to the above amount in USD.

Third-biggest DOT contribution

This is a landmark achievement not only for the lending protocol, but also for the entire Polkadot ecosystem. Parallel Finance succeeded in maintaining and holding the lead from Litentry, Clover Finance, and others throughout the auction. They also attained the third-largest total amount of DOT contribution for all auctions in history, surpassing Astar at the end of their crowdloan.

Investors vote by staking DOT

In the Polkadot parachain auction system, investors cast votes by staking DOT tokens. Parallel won the auction for the fourth slot on the parachain after getting the most votes. Thus, the crowdloan helped the protocol to augment its connection to the Polkadot network.

Consistently high community involvement

Over the course of the auction, community participation for Parallel Chain stayed at high levels, consistently increasing as it went on. Yubo Ruan, founder of Parallel Finance said:

The Parallel Finance team thanks the community members for showing trust, thereby helping us to become part of the Polkadot ecosystem by securing a parachain. It’s been a huge milestone in a very short period of time. Since its inception in April 2021, Parallel Finance is gaining ground as the most trusted institutional grade lending protocol for decentralized finance.

Parallel Finance goes live on December 17

The first batch of the five Polkadot auctions will end around the middle of the month. All winning parachains, including Parallel Finance, will go live on December 17. Over the next 96 weeks, the protocol will hold the funds. This is the duration of the parachain lease.

Lockup rewards distributed in 9 sessions

The lockup rewards will be distributed in 9 sessions. The first session will start five days after deployment of the parachains. Contributors will get subsequent rewards at regular intervals of just over three months.

The post Landmark achievement for Parallel Finance, secures fourth DOT parachain slot appeared first on Invezz.

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