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Parallel Finance, an institutional-grade lending protocol and the DeFi parachain hub of major platforms Polkadot and Kusama, has launched a suite of six new DeFi products.
The products have all been unveiled today, with the launch happening across various DeFi primitives, the platform said in a news release.
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As per the announcement, the six products are an Automated Market Maker (AMM), liquid staking, Farming, v2 Crowdloan Platform, Cross-Chain Bridge, and Wallet.
We have officially initiated the rollout of our HKO products! HKO holders can now utilize our Cross-Chain Bridge, Wallet, Liquid Staking, Farming, v2 Crowdloan, and AMM! We go into detail on what that entails in our Medium Article below!https://t.co/OYVJN0KfpE pic.twitter.com/iEUvMrWuQh
— Parallel Finance (We are hiring) (@ParallelFi) March 18, 2022
Realising an integrated DeFi parachain
With the launch, Parallel users now have the opportunity to access leveraged services, including leveraged staking, trading and crowd loans.
These will initially be accessible via Parallel’s Kusama deployment Heiko before going live on the Parallel chain on Polkadot, the platform added in the announcement.
Yubo Ruan, the founder of Parallel Finance had noted:
“The combined product launch marks the official realization of Heiko’s vision as an integrated DeFi parachain, where all products are naturally interoperable and efficient, thanks to native functions of the underlying Substrate chain.”
The mission, according to the protocol, is to bring DeFi to the mainstream.
What does Heiko’s suite of products offer?
Key functionalities of the products include the availability of swap assets via the Automated Market Maker, while the Farming feature brings simplified yield generation. As for Crowdloans V2 product, users will have access to decentralised liquid crowd loans, complete with an asset management tool for contributors’ assets.
Liquid staking makes it possible for investors to manage their staked Kusama (KSM) tokens. the module thus allows holders of liquid derivative KSM to explore the DeFi space for more investing opportunities.
Meanwhile, the wallet allows one to view their assets and transfer these to other Parallel addresses. The Cross-Chain Bridge is designed to allow for seamless transfer of DOT and KSM.
Parallel Finance was launched in April 2021, and has quickly grown to become one of the main liquidity providers for stakers on the Polkadot (DOT) and Kusama (KSM) platforms. In terms of crowdloans, some of the biggest projects to use Parallel are Efinity, Composable and Centrifuge.