Parallel Finance (PARA)
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Oct 23, 2023
Parallel Finance is an institutional-grade DeFi parachain building in the Polkadot ecosystem. We empower the community to earn interest on their assets, with the utmost safety and security in mind.
Dec 18, 2021 00:00:00
Oct 23, 2023 00:00:00
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What Is Parallel Finance ?
Parallel Finance is an institutional-grade DeFi parachain building in the Polkadot ecosystem. We empower the community to earn interest on their assets, with the utmost safety and security in mind. We chose to build in the Polkadot ecosystem because Polkadot (and Kusama by extension) allows for faster and cheaper transactions, shared security, interoperability, and strong upgradability. Our primary goal is to create an innovative lending, borrowing, staking system that uses the power of Polkadot to generate the greatest capital efficiency for everyone involved.
Parallel Finance Unique Features
Parallel Finance Token Economy
- Protocol Governance
At launch, PARA/HKO holders will each have the ability to vote on all aspects related to the management and administration of Parallel Protocol, through governance, including governance action, referenda, network upgrades, council elections, and parameter adjustments, integrations, changes to incentives, and all other managerial functions.
- Transaction Fees
At launch, PARA/HKO will also function as a means of satisfying network fees natively. It will be required to execute all transactions, including staking, lending, borrowing, crowd loans, trading, and other peer-to-peer and peer-to-pool arrangements.
- Network Utility and Incentive
PARA/HKO is also utilized to incentivize collators and validators, which is the mechanism that powers the decentralized node infrastructure of the network. New PARA/HKO tokens are minted on a continuous basis to reward collators.
PARA/HKO will be used as a token to incentivize users to use our products, part of the liquidity mining program.
- Security Module Staking
PARA/HKO can be staked to a security module to hedge risks in case of staking slashes, and in return, contributors to this insurance pool will be compensated with PARA/HKO tokens. The insurance parameters are determined by PARA/HKO token governance in the event of a slash.
- Kusama Validator Insurance and Incentivization
Kusama non-active validators will need PARA/HKO to increase their chances of being selected as an active validator based on our algorithm. The PARA/HKO will be used as the reserve in the insurance pool to cover for slashing risks.
Detailed Token Metrics
Token Release Schedule
The total supply for Parallel (PARA) token is 10 billion. The initial PARA circulating supply will come from crowdloan rewards vesting and the liquidity mining program.