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In a recent announcement, ParaSpace and Parallel Finance revealed their merger and rebranding initiative to create ParaX, a Web3 super app designed to revolutionize the decentralized finance (DeFi) landscape. The new platform aims to address the complexities of Web3 by offering a more user-friendly experience powered by account abstraction and zkVM (Zero-Knowledge Virtual Machine).
ParaX Brings Multi-Chain Account Abstraction
Web3 has been a hotspot of decentralized and secure online interactions but is often criticized for its complexity. Issues such as the intricacies of cross-chain operations, lack of user-centric design, and absence of automation have been barriers to mainstream adoption. ParaX aims to abstract away these challenges, offering a more streamlined experience for users.
ParaX is not just a rebranding; it’s a transformation. Building upon the existing products of ParaSpace and Parallel Finance, which have a combined Total Value Locked (TVL) of over $250 million, ParaX aims to be a Web3 super app. It will feature Multi-chain Account Abstraction (MAA), allowing users to manage their assets and identities across multiple chains effortlessly.
ParaX introduces a Meta User Interface (MUI), a dashboard that allows users to interact with multiple apps without worrying about the underlying chain. The platform will offer two interfaces: a simplified version for newcomers and a professional version for experienced DeFi users. This dual-interface approach aims to lower the entry barrier while still catering to the needs of seasoned users.
ParaX is also innovating with three mini-applications:
- Omni-chain yield optimizer: This feature will enable assets to move automatically from one yield protocol to another across any chain based on user-defined criteria.
- Omni-chain lending: Collaterals from any chain can contribute to a common credit account, offering more flexibility in lending.
- Multi-underwriting model: This will allow lenders to set loan ranges based on different assets and their risk profiles, providing borrowers with customized interest rate markets.
ParaX Brings ParaVM To Attract More Developers
ParaX is developing a state-of-the-art zkVM infrastructure called ParaVM in collaboration with existing zkVM projects like RiscZero, Axiom, and HyperOracle. ParaVM aims to attract more developers to create mini-apps, further enriching the ParaX ecosystem. According to the thread, all functions of the ParaSpace Ethereum mainnet will be phased out by September 30th, 2023. Polygon, zkSync, Arbitrum, and Moonbeam products will continue to run normally and will be gradually deployed on these networks over the next 1-2 months.
ParaX is also introducing its independent wallet, offering a seamless migration process for existing users. The migration will require transactions and gas fees, estimated between $50-$200. As an incentive, ParaX is releasing limited-edition Medal NFTs, offering additional benefits within the ecosystem. These NFTs are limited to the first 2,000 users who migrate.
A dual-point system will emerge with both ParaSpace and ParaX points, along with a new dashboard to track historical and new activity. ParaX aims to target the 99.99% of users who have yet to explore the decentralized world.
ParaX aims to become the super app for Web3, leveraging the transparent and open nature of Web3 to offer a seamless, integrated experience. With its innovative features and robust infrastructure, ParaX is poised to lead the future of decentralized finance, paving the way for mass adoption.