The announcement follows seven recent product launches and advances Parallel Finance’s mission to establish decentralized finance
PALO ALTO, California., June 23, 2022 /PRNewswire/ — parallel fundingthe leading decentralized lending and staking protocol aiming to bring decentralized finance into the mainstream, today announced the launch of Omni NFT Money Market, powered by Ethereum.
Omni is a decentralized protocol based on providing lending and lending services to various assets on the Ethereum blockchain. Users can lend their NFTs and ERC-20 tokens to earn income in the form of interest. In addition, users can use their borrowed assets as collateral for borrowing more assets. With the recent surge in NFT prominence, Parallel Finance aims to implement the first protocol upgrades by adding value to the NFT ecosystem through improving pricing and liquidity.
“I believe in a future where tokenized assets proliferate with different types of uses, applications and connections to real assets,” he said Yubo Ruan, Founder and CEO of Parallel Finance. “Our mission is to empower DeFi users by offering seamless and innovative products. As the DeFI sector continues to expand exponentially, we’re incredibly excited to continue building this momentum.”
The Omni Protocol aims to give users access to cash and profits without selling their assets. Omni uses a pool-based money market model, where users provide their assets to a pool to earn interest and instantly borrow money from the pool when they collateralize their assets.
Parallel Finance focuses on building infrastructures to accommodate industry growth. The launch of the NFT money market follows seven other product launches. Most recently, Parallel Finance announced Automated Market Maker (AMM), which allows users to trade assets through decentralized liquidity pools, allowing users to earn additional returns on HKO and KSM pairs. In addition, the team launched the new money market, which allows users to maintain liquidity without having to sell their assets. Parallel Finance’s growing suite of products increases the accessibility and liquidity of cryptocurrencies for traders, investors and market participants around the world.
For more information on Parallel Finance, see www.parallel.fi
About parallel financing
Parallel Finance is an institutional lending protocol backed by companies such as Sequoia, Founders Fund, Polychain, Lightspeed Venture Partners, Slow Ventures, Blockchain Capital, and Alameda Research. Parallel Finance specializes in decentralized finance-related services and products that include lending, trading, staking and derivatives on multi-chains while ensuring user security. Since its inception in April 2021, Parallel Finance is trying to add more pragmatic tools like interest rate swaps to DeFi for long-term growth. Parallel offers leverage staking and auction lending as its primary services, offering users higher returns and more opportunities to become the preferred lending solution for Polkadot (DOT) and Kusama (KSM) stakers.
Parallel Finance aims to create more transparency regarding the quality of borrowers and their debt. Parallel Finance’s credit reporting system provides lenders with an additional line of defense and checks against fraudulent institutional borrowers. For more information visit https://parallel.fi/.
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SOURCE parallel financing