PARALLEL FINANCE CONTINUES RAPID PRODUCT EXPANSION WITH LAUNCH OF OMNI: NFT MONEY MARKET

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Announcement comes on the heels of seven latest product launches, advancing Parallel Finance’s mission to mainstream decentralized finance

PALO ALTO, Calif., June 23, 2022 /PRNewswire/ — Parallel Financethe main decentralized lending and staking protocol that goals to deliver decentralized finance to the mainstream, at present introduced the launch of Omni NFT Cash Market constructed on Ethereum.

Parallel Finance Emblem (PRNewsfoto/Parallel Finance)

Omni is a decentralized protocol with the muse of offering lending and borrowing providers for varied property on the Ethereum blockchain. Customers can lend their NFTs and ERC-20 tokens to earn earnings within the type of curiosity. Moreover, customers can use their loaned property as collateral for borrowing extra property. With the latest rise of NFT prominence, Parallel Finance goals to implement the primary protocol upgrades by including worth to the NFT ecosystem by enhancing value discovery and liquidity.

“I imagine in a future the place tokenized property proliferate with completely different sorts of utility, purposes, and connection to real-life property,” mentioned Yubo Ruan, Founder and CEO of Parallel Finance. “Our mission is to empower DeFi customers by providing seamless and progressive merchandise. Because the DeFI sector continues to exponentially increase, we’re extremely excited to proceed to construct off this momentum.”

The Omni protocol goals to offer customers entry to money and earnings with out promoting their property. Omni makes use of a pool-based cash market mannequin whereby customers provide their property to a pool to earn curiosity and immediately borrow from the pool when collateralizing their asset.

Parallel Finance is targeted on constructing infrastructures to deal with business progress, the launch of the NFT Cash Market comes on the heels of seven extra product launches. Most not too long ago, Parallel Finance introduced Automated Market Maker (AMM), which allows customers to swap property by decentralized liquidity swimming pools, letting customers earn extra yield on HKO and KSM pairs. Moreover, the workforce launched the brand new Cash Market, permitting customers to take care of liquidity with out having to promote their property. Parallel Finance’s rising product suite will increase the accessibility and liquidity of cryptocurrencies to merchants, traders, and market members all over the world.

For added data on Parallel Finance, please go to www.parallel.fi

About Parallel Finance

Parallel Finance is an institutional-grade lending protocol backed by the likes of Sequoia, Founders Fund, Polychain, Lightspeed Enterprise Companions, Sluggish Ventures, Blockchain Capital and Alameda Analysis. Parallel Finance makes a speciality of decentralized finance-related providers and merchandise, which embody lending, buying and selling, staking, and derivatives on multi-chains whereas making certain person security and safety. Since its conception in April 2021, Parallel Finance seeks so as to add extra pragmatic instruments like rate of interest swaps for long-term progress to DeFi. Parallel affords leverage staking and public sale lending as its main providers, providing increased yield and extra alternatives to customers to turn into the go-to lending answer for Polkadot (DOT) and Kusama (KSM) stakers.

Parallel Finance seeks to deliver additional transparency by way of the standard of debtors and their money owed. Parallel Finance’s credit score reporting system gives lenders with a further line of protection and brings a verify towards rogue institutional debtors. For extra data, go to https://parallel.fi/.