Parallel Finance is a Decentralized Money Market Protocol which empowers the users to possess easy access to the financial services. The institutional-grade lending platform is very determined to provide the new era for crowdloan through its innovative developments. As one of its achievements, Parallel Finance successfully completed its 4th round of the Polkadot parachain auctions.
Significantly, the lending protocol received a total of 10.75 million Polkadot (DOT) tokens worth up to $306 million. Almost from more than 30,000 contributors, contributed to this project’s auction. More so, this remarkable victory remains memorable for both Parallel Finance and the entire Polkadot community.
In recent years, the marketplace is booming, recording many new blockchains with innovative technologies. Among these, the most exciting blockchain with unique features is Polkadot. Notably, the special feature of Polkadot is it will allow all blockchains to connect, communicate and interchange data with each other.
Parallel Finance connects with Polkadot
Furthermore, the Polkadot parachain auction enables the investors to cast the votes by staking their own DOT tokens. As there are auctions aligned up, Parallel Finance made a record scoring high number of votes. Thereby winning this fourth round of the auction. Additionally, Parallel Finance is technically marking as the third highest Polkadot contribution ahead of Astar in the crowdloan.
Moreover, Parallel Finance takes an opportunity to thank the community members for participating in developing a strong connection with the Polkadot network. Through this great chance, Parallel Chain maintains a high scale performance throughout the entire auction process. Thus, it marks a great relationship between Parallel Finance and the Polkadot ecosystem with huge trust and security.
In addition, the founder of Parallel Finance, Yubo Ruan shares,
“This remarkable auction has been a huge milestone for the Parallel Finance team in a very short time. From its origin in April 2021, Parallel Finance is striving to be ranked as the most trusted institutional grade lending DeFi protocol.”
Upcoming Auctions
The most significant mission of Parallel Finance is to bring DeFi as a mainstream project to more than 1 billion people in the world. Through this, the entire Parallel team is focused on bringing DeFi to the next level adding innovative projects like interest rate swaps for long-term growth to DeFi.
However, there are a total of 5 Polkadot parachain whose auctions will end by mid of December, 2021. Notably, the winning parachain like Parallel Finance and others will stream live on December 17, 2021. More so, the validity of the parachain will last for the next 2 years until which the Parallel network secures the funds.
Therefore, as the auctions are coming up, many users are interested to contribute to a crowdloan platform. As it is a great way to believe and support your favorite project and team in the auction process. Through this, each contributor will be the part and leave a mark on the Polkadot ecosystem.
