🌟 Ecosystem Spotlight: Parallel Finance

Subspace Network is archiving the full history of @ParallelFi in real-time. Parallel Finance is a secure and easy-to-use DeFi platform that offers lending, staking, and borrowing.

With the mission to innovate and take DeFi to mainstream users, Parallel Finance is working toward empowering people with access to financial services.

Users can accrue interest from staking while still having a liquid asset not subject to lockups or lengthy unlock periods.

Parallel Finance is one of the largest DeFi projects in the Polkadot ecosystem with over $800 Million in Total Value Locked.

They recently hit $6 mil TVL with their Liquid Staking on Kusama.

Through their Liquid Staking, users can stake their $KSM to Parallel. For providing KSM, in return, they will receive 22.5% APY and an extra 56% interest from Heiko.

With Liquid Staking, users also receive sKSM which is liquid and can be leveraged on Parallel’s Money Market for additional yield.

This is useful when the price of a certain currency fluctuates significantly and you want to borrow another currency for hedging and additional yield.

The Subspace Network team is thrilled to support Parallel with our Subspace Relayer to ensure the history of its blockchain remains accessible and is retained indefinitely.

View real-time updates of the Subspace Relayer here: https://testnet-relayer.subspace.network/

By storing and validating multi-chain histories on our massively distributed permanent storage layer, Subspace will enable native cross-chain functionalities and further support a multi-chain future.

Read more below https://medium.com/subspace-network/archiving-polkadot-on-the-subspace-aries-test-network-b715b3e897a

Subspace LabsPost author

Subspace is an open, scalable platform for both storage and compute that is fully interoperable with any layer one.