By
Godfrey Benjamin
April 18th, 2024
Parallel Finance secures the fourth spot on Polkadot as 30,000 contributors contribute 10.75 million Polkadot (DOT) worth a staggering $306 million.
Institutional-grade lending protocol Parallel Finance has finally managed to secure the fourth slot in the Polkadot parachain auction. The official announcement came on Thursday, December 9, as more than 30,000 contributors contributed 10.75 million Polkadot (DOT) worth a staggering $306 million.
Throughout the auction process, Parallel finance was leading against its competitors like Clover Finance, Litentry and others. Furthermore, Parallel managed to hit the milestone of getting the third-largest amount in DOT contribution for all auctions. Speaking of this development, 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 has secured a reputation of being the most credible institutional-grade lending platform for decentralized platforms (DeFi). The protocol has made sweeping growth in a very short period since its inception in April 2021. Besides, Parallel Finance seeks to support long-term growth for DeFi by adding more pragmatic tools like interest-free swaps.
Parallel also seeks to become the go-to lending solution for stakers on Polkadot and Kusama by offering services like leverage staking and auction lending. It further seeks to improve transparency in terms of the quality of buyers and their debts.
About the Parallel Finance Auction on Polkadot Parachain
Polkadot is currently conducting auctions for six different parachain slots which will go live by December 17. To participate in the auction, users need to cast their votes by staking the DOT tokens.
The $300 million crowdloan will help Parallel Finance to bootstrap its connection to the Polkadot network. As said, the Polkadot auction process will conclude by mid-December 2021 and Parallel Finance will go live on December 17.
The duration of the parachain lease for a total of 96 weeks. Herein Parallel Finance will hold the funds until the end of the allotted time. The lock-up rewards will be distributed in 9 sessions. The first distribution begins five days after parachains are deployed, with subsequent rewards sent to contributors every 92 days.