Parallel’s Heiko Finance (the sister network of Parallel finance) has won the 45th Kusama network Parachain slot in a Crowdloan auction after a total of 25,000 KSM was received from 475 contributors.
The crowd loan received a significant boost from the community after a bonus was announced for the first 8000 KSM contributed, 12 hours after this announcement 11,000KSM was contributed.
Winning this Parachain auction slot will enable Parallel finance to continue testing and building a decentralized future that empowers the community to increase capital efficiency, security, and accessibility through leverage staking and auction lending.
These will all lead to Parallel finance fulfilling its vision of optimizing the best yield for users who only have to supply their assets.
About Parallel Finance
Parallel finance is a protocol of composable and interoperable ecosystem of decentralized applications that is focused on the community. They help users stay liquid, compound their yields, and increase their capital efficiency.
Parallel finance was designed to create opportunities to enable users to invest or enter at a relatively low barrier point, in order to have access to decentralize finance.
Parallel finance has a line of products that make Defi more accessible to users these products are mobile-friendly, legal, and compliant for increased institutional and retail use.
These apps further increase the scalability, efficiency, and speed of transactions for users.
The products include:
- liquid staking ( the first of its kind in the Polkadot network)
- Automated Market Marker (AMM)
- decentralized money-market
- A wallet, and
- Yield farming.