2 years ago
Polkadot-based lending protocol Parallel Finance is trying to go a one-stop store for each corners of decentralized concern (DeFi).
That effort accelerated Friday with the archetypal motorboat of six products spanning the DeFi spectrum: from wallets to staking, from crowdloans to cross-chain bridges, an automated marketplace shaper and output farming to boot.
“Overall, we’re gathering a ace app: an end-to-end DeFi level for Polkadot to start,” laminitis Yubo Ruan told CoinDesk successful an interview. He said an Ethereum offering is besides successful the cards.
The “super app” strategy is an uncommon 1 successful crypto, helium said: astir DeFi teams opt to specialize connected 1 flagship product, beryllium it a span oregon a wallet. Ruan said Parallel’s uncommonly ample squad (60-70 people) means it tin screen much ground.
Parallel is 1 of the larger DeFi projects successful the Polkadot satellite with implicit $500 cardinal successful full worth locked (TVL) and a 21% marketplace share, according to its website statistics. It's besides 1 of the better-funded projects and is backed by Sequoia and Founders Fund, among others.
Building and hosting aggregate DeFi products is simply a competitory advantage, according to Ruan. For one, they’re complementary to each other: the farming relation generates output conscionable arsenic Parallel's crowdloans merchandise might. The assets generated connected 1 tin easy transportation implicit to others.
Ruan besides said the DeFi “super app” makes the roadworthy to wide adoption a small smoother. It’s easier for newcomers to play astir with marketplace making and staking erstwhile their wallet lives close down the street.
For now, the tools are constricted to the “Heiko” parachain connected Kusama – Polkadot ecosystem’s real-money staging crushed – the six products could migrate to Parallel’s hard-won mainchain slot successful 1 to 3 months, helium said.
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Danny is CoinDesk's lawman concern editor. He owns BTC, ETH and SOL.
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