CRYPTO NEWS & DATA SPACE

CRYPTO NEWS & DATA SPACE

Moonbeam Integration With Parallel Finance

Published on:

Parallel XCM Integration Brings PARA and Expanded DeFi Opportunities to Moonbeam

Moonbeam integration with Parallel Finance and the availability of its native token, PARA, on Moonbeam. Once deposited on Moonbeam as xcPARA, the token can be used across Moonbeam’s active DeFi ecosystem; GLMR can also be used in Parallel’s single-platform DeFi functionalities. This is Moonbeam’s second cross-chain connection with another independent parachain, bringing together two of the largest DeFi ecosystems on Polkadot.

Polkadot-based smart contracts first became available in January. Moonbeam’s launch completion, allowing teams and users to access scalable and stable DeFi options on Polkadot for the first time. Since then, teams like Parallel and Moonbeam have been rapidly rolling out new capabilities from a number of talented DApp teams.

Parallel Finance is designed to create a low barrier to entry for accessing decentralized finance using a decentralized money market protocol that offers lending, staking, and borrowing in the Polkadot ecosystem under one platform. Additional functionality includes swaps, lending and borrowing, as well as functions such as DAO and crowdloan support which will now work seamlessly with Moonbeam assets. The protocol helps users keep assets liquid to increase their efficiency and simultaneously bring new users and options to Moonbeam.

Boasts an impressive DeFi ecosystem

Moonbeam boasts an impressive DeFi ecosystem in its own right, featuring deployments from well-known multi-chain projects like Lido and Curve, as well as compelling Moonbeam-native projects like StellaSwap and Moonwell. Collection of additional DeFi platforms, including derivatives and synthetic assets, coming soon.

Moonbeam continues to be the top choice for deployments on Polkadot as projects seek to advance their multi-chain application strategy. Teams on Moonbeam can leverage XCM and also more sophisticated connections with chains and applications outside of Polkadot. Moonbeam provides the best and easiest developer platform for building multi-chain applications that change the way people organize and coordinate financially, addressing many issues such as fragmentation, challenges with “scaling for all features,” and poor or disparate user interfaces.

About Parallel Finance

Parallel Finance the Polkadot network-based DeFi super DApp protocol that features a composable and interoperable ecosystem of community-focused decentralized applications. The DApps include liquid staking, AMM, decentralized money market, liquid crowdloan, stream protocol, wallet, and yield farming applications. Committed to building a decentralized future that empowers the community, by increasing DeFi accessibility, capital efficiency, and security.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. Like Moonriver, its sister parachain on Kusama, Moonbeam is expected to accumulate developer and user activity from the 80+ projects building DApps and protocols on the network.

 

Related

Market Stats:
BTC Dominance: 42.46%(+0.03%/24h)
ETH Dominance: 15.65%(+0.06%/24h)
Defi Market Cap: $38.19B(-14.30%/24h)
Total Market Cap: $962.71B(+0.36%/24h)
Total Trading Volume 24h: $51.31B(-22.43%/24h)
ETH Market Cap: $150.82B
Defi to ETH Ratio: 25.32%
Defi Dominance: 3.8%
Altcoin Market Cap: $553.91B
Altcoin Volume 24h: $32.79B
Total Cryptocurrencies: 20002
Active Cryptocurrencies: 9941
Active Market Pairs: 58854
Active Exchanges: 523
Total Exchanges: 1683