USDT LIVE On Parallel And Heiko Network

Parallel Finance are excited to share with you that USDT LIVE on both Parallel and Heiko Network.

With the Cross Chain product (Parallel/Heiko), users can now bridge their USDT over from Statemint/Statemine straight into Parallel ecosystem, and start trading, borrowing and earning yield on USDT with our DApp Suite.

Parallel/Heiko AMM

The 2 initial USDT trading pairs supported by our AMM are:

• LP-USDT/PARA Pair
• LP-USDT/HKO Pair

Users can now start trading between USDT, PARA and DOT on Parallel AMM and between USDT, HKO and KSM on Heiko AMM.

Additionally, in order to create a strong initial liquidity for USDT, we have also launched a juicy Farming Program for the 2 trading pairs. Users who have provided liquidity to these pools can deposit their respective LP tokens on our Farm product (Parallel/Heiko) and earn up to ~500% APY in PARA/HKO token.

The PARA/HKO incentive for LP Farming will be distributed as follow:

To put things into perspective, table below shows the APY respectively at $30k/$50k/$100k liquidity with the 0.2 HKO/Block and 0.4 PARA/Block reward rate:

Parallel/Heiko Money Market

To ensure a safe & smooth on-boarding experience. USDT will be first integrated into their Money Market as a borrowable asset only.

Users can now start supplying their USDT on Parallel/Heiko Money Market to earn extra yield paid in PARA/HKO token, or start borrowing USDT according to their own needs.

The PARA/HKO incentive for Money Market will be distributed as follow:

To put things into perspective, table below shows the APY respectively at $50k/$100k/$200k liquidity with the 2 PARA/Block and 0.6 HKO/Block reward rate:

How to bridge USDT with Parallel/Heiko Cross Chain

1. To bridge your USDT over to Parallel/Heiko, you will first need to have USDT token on Statemint/Statemine. Refer to this article for instruction on how to withdraw USDT from Bitfinex to Statemint/Statemine.
2. After you have successfully minted USDT on Statemint/Statemine, head over to Parallel Cross Chain (or Heiko Cross Chain).
3. Under “From”, select Statemint (or Statemine) and under “To”, select Parallel (or Heiko). Enter the amount of USDT you would like to bridge over, click Transfer:

Note: you will need a small amount of DOT/KSM token on Statemint or Statemine to cover the transaction fee.

4. After the transaction goes through. You will then be able to see your USDT balance on Parallel/Heiko on the overview page:

5. If you ever wish to bridge your USDT back to Statemint/Statemine, head over to Parallel Cross Chain (or Heiko Cross Chain). Select Parallel (or Heiko) under “From” and select Statemint (or Statemine) under “To”. Enter the amount of USDT you would like to bridge over, click Transfer:

Note: you will need a small amount of DOT/KSM token on Parallel or Heiko to cover the transaction fee.