ParaSpace Boosts New Support For NFT Lending With zkSync Integration

Key Points:

• ParaSpace to launch zkSync network, supporting ETH, USDC, and WBTC for NFT lending.
• Platform swiftly resolves asset liquidation issues, reimbursing affected users.
• Exciting upgrades in Version 2.0 promise enhanced user experience in DeFi lending.

ParaSpace, the decentralized NFT lending protocol, has exciting news for its users. The platform has announced the upcoming launch of the zkSync network, a move aimed at further enhancing its capabilities and user experience.

With this integration, ParaSpace will support three major cryptocurrencies: ETH, USDC, and WBTC, expanding its reach and offering even more options to its users.

In addition to the zkSync network launch, ParaSpace has implemented four vital features, namely “Supply,” “Withdraw,” “Borrow,” and “Repay.” These features are designed to bolster the overall experience on the platform, providing users with more flexibility and control over their assets.

As a fully decentralized and permissionless protocol built on the Ethereum blockchain, ParaSpace has already gained popularity for its support of a wide range of fungible tokens, including BTC, ETH, DAI, USDC, and APE, along with various blue chip NFT collections. Furthermore, the platform has ambitious plans to promote capital efficiency across the crypto space by enabling cross-chain lending and borrowing for EVM-compatible or equivalent blockchains in the future.

Recently, ParaSpace also demonstrated its commitment to its users by addressing and rectifying an issue related to asset liquidations that occurred between July 3 and July 4. The platform took prompt action and reimbursed the affected users for the price difference resulting from the liquidations. Moreover, to ensure transparency and provide clarity, ParaSpace plans to host an event for the affected users, demonstrating its dedication to creating a user-friendly ecosystem.

Looking ahead, ParaSpace is gearing up for the launch of Version 2.0, which is expected to bring significant upgrades to the lending platform. With a strong focus on user-friendliness, this new version aims to empower the web3 community with seamless and powerful borrowing options. As the launch date approaches, excitement is building within the decentralized finance space as ParaSpace marks another milestone in its journey to revolutionize the lending ecosystem for NFTs and cryptocurrencies.

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