Parallel is an all-in-one decentralized finance (Defi) platform designed as a Layer 2 solution with the aim of democratizing access. The project offers a range of offerings including staking, lending and trading, expanded through partnerships, with a focus on usability through features such as artificial intelligence (AI) interaction.
In this interview, we discuss the specifics of Parallel’s capabilities, roadmap, and philosophy toward growth in web3.
In brief, what is the overarching vision and mission of the parallel project?
Parallel’s vision is that in 10 years 1 billion people will be using decentralized finance (Defi). We want to develop a product and services to make this possible. In short, Parallel is an all-in-one Defi-focused Layer-2 with integrated applications such as staking, lending and trading.
How does the Parallel Super app add value to users through its yield farming options?
We package yield on the base chain and put all trading and lending activity on our layer 2. We are able to improve capital efficiency by offering people the opportunity to trade in addition to their return position.
What are the main benefits of the Ape staking feature on Parallel?
The biggest advantage of using parallel Apesking is that we can reduce the need for automatically composed Apesking rewards. It would be 10-20% more than if you didn’t do automatic compounding. Additionally, many BAYC holders do not own Apecoins, which are required for Apesking. We are able to offer Apecoin pairing with them.
Parallel has a number of high-level partnerships. Could you talk about how these partnerships fit into your growth vision?
We partner with Chainlink for Oracle’s floor price and we also partner with Delegate Cash to provide users with a non-fungible token (NFT) gaming delegation experience.
What trends do you see in the blockchain/AI market that Parallel can benefit from?
We can benefit from the AI trend where users can leverage fast interaction with Defi protocols.
How important is zkVM technology for parallel app performance?
zkVM can help us check the validity of the calculation. For example, we use RiskZero zkVM infra to prove the correctness of our off-chain order book matching engine.
Security is a key aspect of any crypto platform. How robust are parallel measures to secure user funds?
We had carried out over nine audits of the largest auditors. We’ve also added a timelock contract to our product to help prevent malicious hacking.
ChatGPT has captured the imagination of the entire technology sector; How does Parallel’s vision fit into an AI-centric world?
We created a demo showing that we can use ChatGPT to allow users to interact with Defi via a text prompt.
Why build on Polkadot?
Polkadot has tremendous value but lacks a good Defi ecosystem and that’s why we want to build one on Polkadot
How does Parallel navigate the ever-changing blockchain and Defi regulatory landscape?
We are moving to a more decentralized and DAO-based protocol.
How does Parallel optimize digital asset management for a Defi enthusiast?
Parallel manages crypto assets based on users’ preferences and risk profile. If they prefer higher risk, we will invest it in higher risk return borrowers etc
What do you look for when hiring new platform team members? Are there core values that the leadership team works towards?
We are looking for two senior backend developers, a senior BD, social media and content manager. We value a strong work ethic, transparency and an innovative, open-minded person
What is the future of Web3 adoption and impact on finance?
Web3 could eventually engulf the entire financial world, with blockchain becoming one of the infrastructures powering the future of financial services
What’s the appeal for developers to build on the Parallel platform?
We have a total value (TVL) of $150 million and 40,000 on-chain users. Our ecosystem is active for new developers
Are there any exciting developments in the pipeline that you would like to share with the world?
We will be building a Defi-focused Layer-2 soon.
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