Protocol for decentralized lending/borrowing Parallel Finance has officially secured a spot in the cross-platform network Polkadot’s fourth parachain auction.
Parallel Finance wins a parachain auction with the help of 30,000 supporters.
Polkadot’s fourth parachain slot auction was won by Parallel Finance, an institutional-grade peer-to-peer lending protocol.
Over 30,000 contributors locked in their Polkadot (DOT) holdings in support of Parallel Finance’s bid.
To support Parallel Finance, a total of 10,750,000 DOT tokens, or $306 million at current prices, were locked. It is the third-largest amount of DOT contributions in the Polkadot (DOT) ecosystem’s history.
Parallel Finance founder Yubo Ruan emphasizes the critical importance of this auction for both his project and Polkadot’s parachain architecture as a whole:
The Parallel Finance team would like to thank the community members who have shown trust in us, allowing us to become a part of the Polkadot ecosystem by securing a parachain. It’s been a huge accomplishment in such a short period of time. Parallel Finance has gained traction as the most trusted institutional grade lending protocol for decentralized finance since its inception in April 2021.
On December 17, Parallel Finance will go live on the mainnet.
Parallel Finance, as the winner of the parachain auction, can now use the infrastructure of Polkadot’s relay chain for its decentralized lending and borrowing instrument.
The protocol, along with the other winners of parachain auctions, will go live in mainnet on December 17, 2021.
Over the next 96 weeks, rewards for supporters will be distributed in Parallel Finance’s core native asset, PARA. The rewards will be distributed in nine batches.
PARA will be distributed for the first time five days after the upcoming parachain deployment.