Today, we want to share a tangible step forward: our plan to release a first batch of DOT in 2026 using the team’s own resources to help expedite relief for eligible users.

First Batch of DOT in 2026

To help accelerate access to funds, we plan to release the first batch of DOT in 2026 using the team’s own resources. This first distribution is intended to provide earlier access for users while recovery efforts continue.

The exact timing and batch size will be announced closer to release, once logistics and processes are finalized.

Submit Your DOT Address

To ensure you are eligible and prioritized for this first DOT distribution, please make sure to submit your DOT receiving address through the updated front-end interface:

👉 https://legacy.parallel.fi/

If you do not submit your address, distribution may be delayed.

What Happens Next

We’re here to support you through this process.

If you have questions about: eligibility, how to submit your address, or expected timelines, please open a support ticket on Discord, and our team will get back to you after review.

We appreciate your patience, engagement, and thoughtful participation as we work through this next step together. As decisions are made and additional details are confirmed, we’ll continue to share updates transparently.

— The Parallel Team

Over the past weeks, we’ve been quietly working on stabilizing and simplifying the Parallel experience. Today, we’re sharing an update on:

• the legacy front-end relaunch
• a lightweight website refresh at parallel.fi
• the current status of Polkadot-related balances

Our goal is straightforward: make sure users can reliably access their historical positions, understand risk clearly, and get support when needed.

Legacy Front-End Relaunch

The legacy product is now accessible at:

👉 https://legacy.parallel.fi/
or via parallel.fi → Legacy

What’s been fixed and improved

1. Oracle pricing stability
Oracle prices are now actively pushed and refreshed, improving position accuracy and risk calculations.

2. RPC reliability
We addressed unstable RPC connections that previously caused transactions to fail or hang mid-execution.

3. Account Abstraction (AA) support
AA accounts are now automatically detected and surfaced across:

• Ethereum
• Arbitrum
• zkSync

Your account is discovered directly from those chains, so balances and positions should appear correctly without manual configuration.

4. Liquidation scanner & monitoring
A new liquidation view now clearly shows:

• near-liquidation positions
• active liquidations

This is designed to improve transparency around risk and position health.

5. Backend & performance improvements
We’ve made multiple backend optimizations that result in:

• faster page loads
• more responsive data updates
• reduced UI latency overall

Polkadot (DOT) Status Update

We want to be direct and transparent here.

• We are still working to recover the hacked DOT funds, but progress has been limited so far.
• Internally, we are discussing alternative paths and potential solutions, given the current constraints.
• Our Polkadot chain is no longer actively operating in a way that allows automated balance queries.

How to check your DOT balance

If you previously held assets on Polkadot:

1. Visit https://legacy.parallel.fi/
2. Go to the Polkadot page
3. Submit a manual balance check request

Because the chain is effectively shut down, balance verification must be handled manually. Reviews may take some time, and we’ll respond once the verification process is complete.

If you have questions about progress, timing, or edge cases, please open a Discord support ticket so we can track and respond properly.

Website Refresh

Alongside the legacy relaunch, we’ve also updated parallel.fi.

The new site intentionally keeps only essential information:

• what came before, while leaving space for what’s next
• where legacy users should go
• how to get support

Closing Thoughts

This update is about making sure users can check their positions, regain access to the protocol through a stable front-end, and know where to go for help when needed.

We know some processes now take time, and not everything can move as quickly as we’d like. We appreciate the patience from those who are still here and engaging thoughtfully. As decisions are made and paths become clearer, we’ll continue to share updates.

— The Parallel Team

Thank you for supporting Parallel V2, ParaSpace V1, and our NFT and ERC-20 lending products on Ethereum mainnet, Arbitrum, and zkSync. In the six-month sunset notice issued in January 2025, we set an official shutdown date of August 1, 2025. That date has passed. To ensure smooth liquidity exits for all lenders, we are now entering a full liquidation phase and will activate the measures below within the next two weeks.

1. Scope and method of liquidation
- Assets covered: all NFTs and ERC-20 tokens on the platform, including accounts with no open loans
- Networks: Ethereum mainnet, Arbitrum, zkSync
- Mechanism: the standard Dutch-auction liquidation flow used by Parallel NFT Lending will continue

2. Parameter and mechanism changes
These changes will roll out in stages over the next fourteen days and take effect immediately once deployed.
- Borrow APY sharply increased
- Lender APY disabled; new interest flows into the liquidation pool
- Reserve ratio may rise up to one hundred percent
- Loan-to-value and liquidation thresholds lowered across the board
- Liquidation bonus adjusted dynamically; exact numbers announced via official channels
- Contract upgrades or migration to centralized custody may occur if needed

3. Key timeline
- Asset-liquidation window: main liquidation expected to finish three to five days after new parameters go live
- Withdrawal window: fourteen-day period opens after liquidation for lenders and LPs to withdraw balances
- Final shutdown: relevant smart contracts permanently disabled after the withdrawal window closes

4. Action checklist
- Borrowers: repay outstanding debt or add collateral as soon as possible
- Lenders: withdraw funds within the withdrawal window

Over the past years we have explored the frontier of NFT-backed credit markets with our community. A strategic shift now leads us to conclude this chapter in the way that best protects user interests. We appreciate your trust and understanding and look forward to meeting you again in future products and collaborations.

The Parallel Protocol Team
August 5, 2025

平行协议（Parallel & ParaSpace）停运暨全面清算公告
发布日期：2025 年 8 月 5 日

感谢您长期以来对 Parallel V2、ParaSpace V1 以及其在以太坊主网、Arbitrum、zkSync 上多链 NFT 与 ERC-20 借贷业务的支持。根据 2025 年 1 月发布的六个月停运预告，原定 2025 年 8 月 1 日关闭日期已到。为保障所有出借人的流动性退出，我们将立即进入全面清算阶段，并在未来两周内启用以下措施。

1. 清算范围与方式
- 资产范围：平台上全部 NFT 与 ERC-20 资产（包括无借贷记录的账户）
- 网络覆盖：以太坊主网、Arbitrum、zkSync
- 清算机制：沿用 Parallel NFT Lending 现行流程，继续采用荷兰式拍卖

2. 参数与机制调整
下列调整将在未来十四天内分阶段生效，部署完成后立即执行。
- 借贷利率大幅上调
- 出借人利率关闭，新利息全部归入清算资金池
- 储备金比率最高可升至一百百分比
- LTV 与清算阈值统一下调
- 清算奖励将根据市场深度动态调整，数值另行公布
- 视需要进行合约升级或中心化托管

3. 重要时间线
- 资产清算期：参数生效后约三到五天完成主要清算
- 提款窗口：清算结束后开放十四天，供出借人与流动性提供者提取余额
- 最终关闭：提款窗口结束后，相关合约将永久停用

4. 操作指引
- 借款人：请尽快还款或补充抵押
- 出借人：请在提款窗口内完成资金提现

过去几年，我们与社区共同探索了 NFT 抵押与链上信用市场的边界。因战略调整，我们选择以最大限度保护用户利益的方式结束本阶段。感谢您的信任与理解，期待在未来的新产品与合作中再度相见。

平行协议团队
2025 年 8 月 5 日

While AI has already made strides within decentralized finance, enhancing everything from trading strategies to risk management, these early implementations only scratch the surface of AI’s potential to redefine financial infrastructure.

The Role of AI in DeFi

One of the key ways AI is contributing to DeFi is through predictive analysis. AI algorithms excel at sifting through and analyzing vast amounts of data to identify patterns that might elude human observers. In DeFi, this translates into remarkable predictive capabilities, enabling the forecasting of market trends, token performance, and user behavior with impressive accuracy. AI can process on chain data, analyze market sentiment from various sources, and incorporate broader macroeconomic indicators. These insights are nearly impossible for human analysts to derive manually.

Beyond individual trading activities, AI powered predictive analysis enables protocols themselves to anticipate market movements and adjust their parameters accordingly, leading to more resilient and adaptive financial systems.

AI is also pushing automation in finance to new heights. While algorithmic trading has existed for decades, AI powered algorithms continuously learn from historical DeFi data, allowing them to adapt strategies in real time without human intervention. Sophisticated AI agents can execute intricate trading strategies, rebalance portfolios, and adjust positions based on market movements all at speeds that far exceed human capabilities. This level of optimization was previously accessible only to the most sophisticated institutional investors.

Moreover, AI is improving the user experience within DeFi. One major barrier to widespread DeFi adoption has been its complexity and high entry threshold for ordinary users. AI is addressing this by creating personalized experiences tailored to each user’s investment history, risk tolerance, and financial goals. Intelligent interfaces simplify complex protocols, recommend strategies, and guide users through intricate financial operations, making advanced financial tools more accessible to a wider audience.

The DEFAI Revolution: A New Financial Ecosystem

While these applications of AI in DeFi represent significant progress, they merely scratch the surface of what is possible with true AI integration. Agentic DeFi (DEFAI) is designed to address five major limitations that currently hinder the full potential of traditional DeFi systems.

• Human Centric Design Limitations

Most existing DeFi protocols are built with human users in mind. These systems operate at a human pace, often requiring manual approval for transactions, human readable interfaces, and decision making measured in minutes or hours. In contrast, DEFAI is creating frameworks optimized for seamless AI integration, enabling autonomous, high frequency transactions at machine speed. This transition demands building a new financial paradigm designed for AI agents, unlocking efficiencies that human centered systems cannot match.

• AI as Auxiliary, Not Primary

Many current DeFi projects use AI for basic tasks like data analytics or optimization. However, DEFAI places AI agents at the core of financial operations. These agents go beyond analysis; they autonomously execute transactions, hold assets, participate in governance, and even create new financial instruments without human oversight. This shift towards AI driven autonomy promises unparalleled efficiency, speed, and innovation in financial markets.

• Infrastructure Gaps

Current DeFi protocols lack the infrastructure to fully support AI agents. Key components such as on chain AI model deployment, agent to agent communication, and AI native governance mechanisms are largely absent. DEFAI protocols are addressing these gaps by building the foundational infrastructure needed for AI agents to operate effectively. This includes specialized data layers for real time information processing, secure communication protocols for agent collaboration, and execution layers that enable autonomous capital deployment and financial creation.

• Human Centric Financial Innovation

Traditional DeFi frameworks often rely on human developers to create and deploy new financial instruments, limiting innovation. DEFAI eliminates this bottleneck by empowering AI agents to autonomously create new asset classes and financial instruments that are dynamically adapted to market demands. This allows for self evolving financial ecosystems that respond quickly to changing market conditions.

• Complexity and Accessibility Barriers

The inherent complexity of DeFi platforms has discouraged many users from engaging with the space. DEFAI directly addresses this by leveraging AI to simplify underlying complexity. AI agents can act as intelligent financial intermediaries, executing strategies on behalf of users while presenting simplified, understandable interfaces. This enables users with limited technical knowledge to benefit from advanced financial strategies.

The Future of AI in DeFi: Autonomous, Intelligent, and Decentralized

At the heart of the DEFAI revolution are AI agents, autonomous software entities capable of making independent financial decisions, executing transactions without human intervention, and collaborating with other agents within the ecosystem. These agents represent the future of decentralized finance for several reasons:

• Learning and Adaptation

Unlike traditional algorithms, DEFAI agents learn and adapt to complex, multi dimensional data. They can analyze on chain transaction data, market trends, social sentiment, and macroeconomic factors to formulate adaptive strategies

• Autonomous Wallet Creation and Management

DEFAI agents can create and manage their own cryptocurrency wallets, autonomously executing transactions, optimizing portfolios, and monitoring positions around the clock. This enables continuous market participation without the constraints of human limitations such as sleep or emotional bias.

• AI Driven Customization

DEFAI frameworks allow human creators to define tailored asset management strategies, which AI agents then execute with efficiency and precision. Parameters such as acceptable risk, preferred assets, and compliance requirements can be customized to align with user goals.

• Data Integration and Collaboration

DEFAI agents rely on decentralized data integration layers to access and process high quality information in real time. These layers fuel AI decision making and enable agents to collaborate seamlessly, forming autonomous trading syndicates, optimizing yield strategies, and evolving governance mechanisms.

The Market Opportunity

The market for AI agents has already reached a significant milestone, peaking at a market capitalization of $17 billion. Meanwhile, DEFAI, valued at approximately $1 billion, is still in its infancy, with substantial growth potential. Unlike earlier AI solutions, which functioned as basic automation tools, DEFAI is focused on delivering practical, real world value through optimized blockchain operations.

The Road Ahead: A New Era of Finance

The convergence of AI and DeFi into DEFAI represents a transformative shift in financial systems. As AI continues to advance and DeFi matures, the integration of these technologies will unlock new levels of financial sophistication and accessibility. In the near future, we will likely see the creation of new financial instruments tailored for AI agents, such as self adjusting derivatives and dynamic liquidity pools. DEFAI’s evolution promises a more inclusive financial system, one that democratizes access to sophisticated strategies and capital optimization techniques previously reserved for institutional investors.

As the DEFAI revolution gains momentum, those who understand and adapt to this emerging paradigm will find themselves at the forefront of the most significant transformation in finance since the advent of digital banking. The future of finance is autonomous, intelligent, and decentralized and it is arriving faster than many expected.

Polkadot Community’s Response

Following the breach, Referendum 1424 was introduced, aiming to update the runtime to allow Parallel to recover some of the stolen DOT. However, by the time this proposal gained traction, the attacker had already moved the funds beyond reach. In an attempt to buy time, Referendum 1445 re-bonded DOT across several accounts, delaying the attacker’s access. Unfortunately, the attacker leveraged fast-unstake to bypass Polkadot’s standard 28-day unstaking period, accelerating the liquidation process.

Tracing the Funds

On February 26, the attacker consolidated DOT from multiple accounts into a single address, swapping the vast majority for USDC. The USDC was subsequently moved to Moonbeam, a well known Ethereum compatible parachain within the Polkadot ecosystem.

• Polkadot Subscan records:https://polkadot.subscan.io/xcm_transfer?address=16cm11H5g5ZgiaqGL6FYDQVDFGPfujLe8kadQA36BdcTuwRt
• Moonscan transactions:https://moonscan.io/address/0xF6B852758a34c31641994CA6B4357B34ad1C18dC#tokentxns

The USDC was then moved out of the Polkadot ecosystem via Axelar, making recovery efforts significantly more complex.

Law Enforcement Steps In

In response to the breach, authorities in Hong Kong have been contacted and are actively involved in the investigation, working alongside blockchain analysts and Parallel’s security team to trace and recover the stolen assets. Efforts are being made to identify the attacker and potentially compensate affected users.

While Polkadot governance mechanisms attempted to mitigate the situation through referendums, the rapid movement of funds and cross-chain transfers have complicated recovery efforts. This incident highlights the challenges of securing decentralized networks while maintaining governance integrity.

Next Steps

Parallel and the Polkadot community are dedicated to supporting affected users and ensuring they receive compensation. We’re working closely with law enforcement, security experts, and blockchain analysts to track the stolen funds and explore recovery options. We’ll provide ongoing updates and remain transparent throughout the process.

If you have been affected, please join our official Discord at https://discord.gg/parallelfi and open a support ticket. Our team is here to assist you, answer your questions, and ensure that your concerns are addressed with the urgency they deserve.

As Tom stated when joining Parallel “while we can’t change the past, we can shape the future.” Our focus is on rebuilding trust, strengthening security, and building the leading products in DeFi. We stand by our community and will continue working toward a resolution that protects and compensates those impacted. Thank you for your patience and support as we move forward together.

We want to inform you that the Parallel NFT Lending, Parallel L2, Parallel , Parallel Arbitrum Lending Protocol, and Parallel Zksync Lending Protocol will be officially closing in 6 months. This decision was made after careful consideration of our product strategy and future direction.

Key Details

• Closure Date: August 1st, 2025
• Withdrawal Period: You will have 6 months from today to withdraw your funds. After this period, you won’t be able to withdraw.

We encourage all users to take action promptly to ensure a smooth withdrawal process.

Thank you for your support and understanding during this transition.

Dear Community,

We would like to provide an update regarding the recent Referenda 1339 and the DOT attack we encountered.

The attacker exploited the system again by adding himself as a proxy just a few blocks before Referenda 1339 was executed. Additionally, the attacker froze all available PARA tokens, rendering the new sudo account unable to send any transactions. As a result, the attacker still remains the sudo proxy owner and is initiating the rebonding of the remaining 200K DOT, with around 26 days left.

We are actively evaluating the situation and exploring potential solutions to address this issue. This means we will need additional time to vote and handle the situation properly. Rest assured, we will keep the community informed as we progress toward resolving the matter.

Thank you for your understanding and continued support.

TL;DR

On October 31, 2024, an attacker exploited a malicious runtime upgrade on the Parallel parachain, resulting in the theft of over 312,185 DOT and 126,837 USDT. This event was devastating for our platform and our community. Through our tireless efforts and days and nights of hard work along with the Polkadot community, we successfully rebonded 200,000 DOT, which was separate from the main attack, back to the chain. We remain fully committed to supporting affected users, compensating losses, and strengthening the platform’s security. While some solutions depend on the approval of Referenda 1339, expected in approximately 28 days, the remaining challenges will require a longer timeframe to address. We deeply appreciate your patience and trust as we work tirelessly to rebuild and move forward stronger than ever.

Incident Overview

The attacker exploited a malicious runtime upgrade, granting themselves administrative privileges on the parachain. By November 22, they had minted unauthorized DOT and USDT tokens, taken control of various parachain features, and stolen 312,185 DOT from sovereign and staking accounts. They sold more than half of funds across multiple exchanges, transferred assets cross-chain to Moonbeam, and swapped USDT for DOT, which was then sent back to Polkadot. To cover their tracks, the attacker used new addresses, moved funds across different chains, and ultimately transferred the stolen DOT to Ethereum, where it was exchanged for ETH, BTC, and DAI. You may check out further details in this document.

Commitment to Users

This attack has shaken the trust and confidence you placed in us, and we take full responsibility for what happened. We understand the gravity of this situation, and we are committed to making things right. Our team is working day and night to address the issues caused by this incident. All technical problems will be resolved as quickly as possible. If you’ve been affected, please reach out to us through our Discord ticket system — your concerns are our top priority. Your patience and support during this difficult time mean everything to us. Together, we will overcome this challenge and emerge stronger.

Current Progress

Despite the challenges, we’ve made significant progress toward recovery. Here’s what we’ve achieved so far:

Recovery Efforts: We collaborated with the Parity team to submit Referenda 1332, which passed with a 117M DOT vote with conviction. This allowed us to rebond 200,000 DOT, a critical milestone in restoring what was lost. We want to extend a huge thank you to the Parity team and entire Polkadot community for their invaluable support — this achievement wouldn’t have been possible without them.

Restore the Sudo Right: We are diligently working on Referenda 1339, which, if passed, will regain the sudo access and fully secure the platform. This is a vital step in preventing future attacks and addressing existing user issues. Our team wrote the runtime update and thoroughly tested it to ensure its effectiveness and reliability. At this stage, we are focused on addressing community questions and rallying the additional votes needed to ensure its success. Your engagement and support are critical as we take this important step to safeguard our platform and community.

Supporting Users: Even without sufficient funds in the parachain’s sovereign account, we’ve prioritized user withdrawal requests and have personally compensated over 50 user withdrawals out of pocket. Additionally, our community manager Hulu has been diligently working to support users, answering questions, resolving concerns, and ensuring everyone affected receives the assistance they need during this challenging time.

Strengthening Security: We’ve launched a comprehensive review of potential vulnerabilities across our ecosystem, including our Ethereum-based products. To prevent future incidents, we’re also developing a real-time monitoring system to proactively address potential issues.

Tracking the Hacker: In collaboration with law enforcement and security firms, we’ve engaged over 55 exchanges to block and freeze funds tied to the attacker’s addresses. This has already prevented the movement of over 14,000 DOT. Multiple police reports have been filed across different jurisdictions, and we are working closely with authorities to recover frozen funds and pursue the hacker. We will not stop until every stolen fund is recovered and returned to its rightful owner, regardless of how many years it may take. Each step the attacker takes leaves traces, and we are confident that, with time, justice will prevail. To those who have provided information or assistance — thank you. Your support is invaluable, and we are offering a generous bounty for any information that helps us capture the attacker.

Issue and Solution

We know this incident has caused frustration, concern, and uncertainty, and we deeply regret the impact it has had on our users. Here are the six most common issues and how we’re addressing them:

1. XCM Issues

Problem: You are attempting to withdraw DOT to the relay chain but have failed to receive your funds due to the hacking incident.

Solution: Your DOT will be reminted on Parallel in the form of sDOT (becuase there are only staked DOT on our Parachain), and you will need to wait for the unstake period.

Estimated Timeline: This process will take roughly two months, as it requires Referenda 1339 to pass and your staked DOT to unstake.

2. sDOT Issues

Problem: You notice that the sDOT is either in a pending state or the unstake transaction has failed, yet you have not received the corresponding DOT.

Solution: We will remint your sDOT, allowing you to unstake again and retrieve your DOT.

Estimated timeline: This process will take roughly two months, as it requires Referenda 1339 to pass and your staked DOT to unstake.

3. Balance Missing Issues

Problem: You may have reported missing balances. This issue arose during the closure of the money market, as we needed to transfer positions from different products, which may have resulted in some positions being accidentally burned.

Solution: We understand how alarming this can be, and we will mint back your position.

Estimated timeline: This process will take roughly one and a half months, as it requires Referenda 1339 to pass and regain sudo access.

4. cDOT Issues

Problem: You are unable to redeem cDOT back to DOT.

Solution: Since we announced the closure of the crowdloan products across multiple channels (Medium, Twitter, Discord) on August 5, 2024, you will not be able to make any new redemptions. However, as a gesture of goodwill, we will offer 1,000 PARA rewards for each cDOT held by remaining cDOT holders like you, which will make you eligible to receive priority access to the new airdrop (airdrop details will be announced in Q1 2025 on X). Additionally, we will open swap pairs for cDOT/PARA and cDOT/DOT. That said, we can’t guarantee the conversion price, but we will do our best to provide liquidity for you.

Timeline: This process will take roughly two months, as it requires Referenda 1339 to pass and open relevant AMM pairs.

5. USDT Issues

Problem: You are unable to withdraw USDT back to AssetHub.

Solution: As mentioned in the incident overview, the attack maliciously stole all available USDT on our parachain, and now you cannot withdraw USDT anymore. We are actively tracking down the attack and working to recover the funds lost in the hack.

Timeline: We cannot provide a specific timeline at this moment, but please rest assured that we are doing everything we can to resolve this issue as quickly as possible.

6. Other Issues (e.g., Swap, MM, Ledger, Heiko-related)

We understand that other issues, such as swap errors, money market repayment concerns, or ledger-related problems, are frustrating. While these are not currently our highest priority, please know they are not being ignored. Once we tackle the more urgent matters, we will address these issues within the next 2–3 months and keep you updated on our progress. Your patience and trust during this time mean the world to us.

Conclusion

This exploit was a significant setback, and we deeply regret the impact it has had on our community. However, we remain fully dedicated to addressing the aftermath — prioritizing platform security, fund recovery, and supporting affected users. With a steadfast focus on accountability and transparency, we are working tirelessly to restore your confidence and protect the future of our platform. We are also willing to accept the community’s oversight as we deeply reflect, review, and learn from this incident. Both the project and our team are committed to growing through this experience, forging stronger wings to weather future storms. Thank you for standing with us during this critical time.

We are pleased to announce that Parallel’s Polkadot Parallel Money market has been a great success and will officially close on September 22th, 2024.

Currently supported collateral assets include: DOT, sDOT, USDT, PARA, GLMR, ACA, LP-DOT/sDOT, LP-DOT/PARA, LP-DOT/cDOT-6/13, LP-DOT/cDOT-7/14, LP-DOT/cDOT-8/15, LP-PARA/cDOT-6/13, cDOT-6/13, cDOT-7/14, cDOT-8/15, and lcDOT. Collateralizing assets such as DOT, LP-DOT/cDOT-8/15, cDOT-7/14, LP-DOT/cDOT-7/14, cDOT-8/15, LP-DOT/cDOT-6/13, lcDOT, and cDOT-6/13 enables you to borrow DOT without the risk of liquidation.

Upon launch, the Polkadot Parallel Money market quickly secured a leading position with a TVL (Total Value Locked) exceeding $75 million. [See reference](https://x.com/dotinsights_xyz/status/1592489364541427712). As of September 18th, 2024, the Money market still holds a TVL of $3.646 million, including the following assets:

• DOT: $2.01M
• sDOT: $1.14M
• USDT: $144.6K
• PARA: $117.03K
• GLMR: $734.97
• ACA: $2,193.33
• LP-DOT/sDOT: $59,566.26
• LP-DOT/PARA: $1,680.71
• LP-DOT/cDOT-6/13: $957.50
• LP-DOT/cDOT-7/14: $1,301.75
• LP-DOT/cDOT-8/15: $727.36
• LP-PARA/cDOT-6/13: $768.62
• cDOT-6/13: $99,998.35
• cDOT-7/14: $49,029.14
• cDOT-8/15: $20,349.34

If you have any outstanding debts, please repay your loans and withdraw your assets via the Parallel network before September 22th. Any positions with unpaid loans after this date will be liquidated.

How to Repay:
1. Visit the Parallel website: [https://app.parallel.fi/]
2. Click “APPs,” select Polkadot chain, then navigate to the “Money market” page.

3. Connect your wallet and click “repay/withdraw” to complete the process.

As we work to simplify our services and focus on delivering excellence, we will be closing the Money market page. Rest assured, your funds are secure. Please note that any funds not withdrawn will need to be manually redeemed through the official guide, or you can open a support ticket in our Discord channel.

Closure Details:
Relevant Page: https://app-polkadot.parallel.fi/lendAndBorrow
Service Closure Date: September 22th

Our support team is available to assist with any questions or concerns. Please open a Discord support ticket to get in touch.
We appreciate your continued support as we enhance our platform and deliver innovative solutions. Thank you for being a valued member of the Parallel community.

We’re excited to announce that ParaSpace is one of the first NFT financialization protocols to integrate Chainlink NFT Floor Price Feeds on Ethereum mainnet. This integration with the industry-leading decentralized oracle network provides ParaSpace users with access to high-quality, tamper-proof price feeds and helps enable our platform to calculate collateral amounts for users to borrow against their NFTs. With Chainlink NFT Floor Price Feeds, ParaSpace users can have stronger assurances that collateral calculations are based on high-quality, unbiased, and tamper-proof NFT floor price data.

Our initial integration involves the use of Chainlink NFT Floor Price Feeds for the following collections: Bored Ape Yacht Club, Mutant Ape Yacht Club, Doodles, CloneX, Azuki, and CryptoPunks. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value and has recently launched NFT Floor Price Feeds to help power innovation in the NFT finance space.

ParaSpace is a decentralized lending protocol that allows users to borrow and lend against non-fungible and fungible tokens alike. ParaSpace allows users to tap into otherwise-unused capital to fund further yield and investment opportunities. The ParaSpace team believes in a future where tokenized assets proliferate with different kinds of utility, applications, and especially the connection to real-world assets. The next 10–20 years will see substantial changes in how we account for and transact valuable assets. Ultimately, ParaSpace will act as the permissionless and highly customizable infrastructure to solve many unmet needs in efficient uses of on-chain capital. We seek to bring Web3 and decentralized finance to billions of people.

In order to help secure collateral calculations on our NFT lending platform, we needed access to fresh NFT collection prices that are supplied directly on-chain in a highly reliable manner. Thus, we needed to make use of an oracle network to fetch floor price data off-chain and deliver it on-chain to be consumed by our platform.

After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

“Chainlink is the industry standard when it comes to price data, which is why it was a no-brainer to integrate the newly launched NFT Floor Price Feeds to help secure collateral calculations on ParaSpace. We’re excited to contribute to the growth of the novel NFT finance space.”

— Yubo Ruan, Founder at ParaSpace

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About ParaSpace

ParaSpace is a universal, cross-margin NFT lending protocol that enables users to collateralize both ERC-721 and ERC-20 assets into a single portfolio to borrow against. Backed by Sequoia Capital, Coinbase Ventures, Founders Fund and others. As a permissionless, on-chain NFT Financialization protocol, ParaSpace empowers users to have flexibility to borrow anything against everything.

Learn more about ParaSpace at para.space and docs.para.space.

ParaSpace Integrates Chainlink NFT Floor Price Feeds To Help Secure NFT Loan Calculations was originally published in ParaSpace on Medium, where people are continuing the conversation by highlighting and responding to this story.