NFT

ParaSpace And Parallel Finance To Merge Into Web3 Super App ParaX

ParaSpace-And-Parallel-Finance-To-Merge-Into-Web3-Super-App-ParaX-1

Key Points:

NFT lending leaders combine to form ParaX, a Web3 superplatform.
ParaX integrates ParaSpace and Parallel offerings, plans mini-apps, and adopts zkVM technology.
Ethereum functions phase out for ParaX, the NFT “ParaX Medal” launches, and PARA/HKO token holders receive airdrops in transition.

ParaSpace and Parallel Finance have revealed a significant merger and rebranding effort aimed at creating an expansive full-chain platform known as ParaX.

This venture will encompass the integration of the NFT lending agreement from ParaSpace and the lending agreement from Parallel Finance, propelling the development of a comprehensive ecosystem.

At the heart of ParaX’s evolution is its transformation into a Web3 super application empowered by account abstraction and zkVM technology. This ecosystem is rooted in the foundations of both ParaSpace and Parallel products, encompassing account abstraction, the meta-user interface, and zkVM components.

Moreover, the teams are actively exploring the creation of mini-apps within the ParaX ecosystem, including a full-chain yield optimizer, comprehensive lending solutions, and diverse underwriting models. To facilitate these endeavors, the infrastructure of a zkVM dubbed “ParaVM” is in progress.

ParaSpace’s roadmap involves the gradual phasing out of all Ethereum mainnet functions by September 30, 2023, post-deployment of ParaX.

Meanwhile, Polygon, zkSync, Arbitrum, and Moonbeam functionalities will persist and steadily expand across these networks over the coming months, necessitating migrations that will incur transactional costs.

Estimated at around $50–200 for the average user at less than 20 Gwei, these fees will accompany a noteworthy ParaX initiative, the “ParaX Medal” NFT. Exclusive to the first 2,000 migrants to ParaX, the NFT serves as a limited-time commemoration.

Parallel Finance highlights streamlined parallelism within the ParaX ecosystem, obviating the need for immediate asset migrations on Polkadot. The Parallel wallet and extension will be rebranded as the ParaX wallet.

As the transition unfolds, PARA and HKO token holders can anticipate future airdrops, with precise amounts linked to token holdings and on-chain activities.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.