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.

About Parallel Finance

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

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Users can now borrow DOT/KSM against their GLMR/MOVR collaterals and borrow GLMR/MOVR against other collaterals on the platform.

GLMR and MOVR are the native tokens for Moonbeam and its Kusama-based sister network Moonriver. Parallel Finance Integrates Moonbeam & Moonriver, Their uses on the networks include:

• Paying fees on the network
• Incentivizing nodes
• Governance
• Deploying pallets by staking GLMR/MOVR
• Auto-adjustment of risk parameters

This is parallel’s first Money Market integration of assets from other parachains, bringing together two of the largest DeFi ecosystems on Dotsama. By supporting GLMR and MOVR on our Money Market, we expect the capital efficiency of the whole Moonbeam/Moonriver ecosystem to be significantly improved and in turn further boost the utilization rate of Parallel and Heiko Money Market.

About 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. As a parachain on the Polkadot network, Moonbeam benefits from the shared security of the Polkadot Relay Chain. Integrations with other chains that are connecting to Polkadot.

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About Parallel Finance

Parallel Finance (with its Kusama-based Heiko network) is the Polkadot network DeFi super DApp protocol that features a composable and interoperable ecosystem of decentralized applications. The DApps include liquid staking (first of its kind on Polkadot network), AMM, decentralized money market, liquid crowdloan, stream protocol (DAO tooling), wallet, and yield farming applications. The protocol is building a decentralized future that empowers the community, by increasing DeFi accessibility, capital efficiency, and security.

Parallel is also one of the largest parachains in the Polkadot space with over $700M+ TVL and 300K+ active users.

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RESOURCES

https://medium.com/parallel-finance/glmr-movr-are-now-live-on-parallel-and-heiko-money-market-494944ae8753

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Parallel Finance integrates Ledger Wallet and now available (in DevMode) on the Parallel Super App.

Users can continue to earn, lend, and borrow as they have been on our platform, but with the added benefit of Ledger’s secure asset storage. Keep your PARA and DOT in cold storage while still being able to interact with Parallel. You can even stake with the same assets stored within the Ledger.

Parallel Features Enabled on Ledger:

• Users can download Parallel app on Ledger Live, then connect their Ledger hardware wallet on Parallel dApp
• Transfer PARA, both between and cross chain
• Liquid Staking
• Crowdloan
• Money Market
• AMM (Swap feature)
• Stream Protocol

While a new feature is always exciting, be sure to take extra care in following the steps below if you are unsure about how to connect your Ledger.

The application is currently in DevMode and testing, so users should exercise caution in trying out the feature. If you would prefer to wait for the final, production launch of the Ledger Wallet integration — you always have the option to wait, as it will release imminently.

How to Install Parallel App on Ledger Wallet

Before beginning, make sure you have the required items below in order to secure assets on your hardware wallet.

Pre-requisites

• Ledger Wallet — Nano S or Nano X
• Ledger Live application for MacOS or Windows
• polkadot.js browser extension & existing PARA tokens

Steps

1. Open the Ledger Live application.
2. Connect your Ledger device, then unlock the device as per on-screen instructions.
3. At the bottom of the left-hand side Menu, select Manager.

4. Enable “Developer Mode” according to instructions from Ledger:

To do this, go to the Settings page, then the About tab. Where it says the Ledger Live Version, click on the Ledger Live version number ten times in a row.

This will activate the Developer tab, and make it appear as an option under Settings.

5. Once the Developer tab appears, select the Experimental features tab.

6. Within the Experimental features menu, go to Developer mode and toggle it on.

7. Select the Developer tab to open the Developer menu.

8. Select Allow experimental apps.

Note once again that our Parallel hardware support is under active development, and we likewise cannot speak on other experimental apps available within Ledger Live.

9. Select the Manager tab on the left-hand menu and you will see an App catalog search bar.

10. Type in “Parallel” to search for the app and click Install

11. Once installed you will now see the option to click on and open the Parallel app from your device:

12. Once you open the Parallel app, you will need to acknowledge the app has yet to be reviewed by Ledger itself. Once acknowledged, you will see the “Parallel Ready” status on your physical device.

Excellent! You’ve installed Parallel on your Ledger Wallet device! Now it’s time to create an account on Parallel.

Please note existing Parallel users who would like to utilize a Ledger device will need to create a new account on Parallel Parachain. Don’t worry — it’s a straightforward process — one that will look very familiar to crypto veterans.

How to Create a New Parallel Account with Ledger Wallet (Transfer from Polkadot.js Wallet)

1. Select the polkadot.js wallet extension on your browser.
2. Click on the ‘+’ symbol and select Connect Ledger device.
3. If prompted on which type of connection, select Attach Ledger via WebHID.

4. Click on the ‘+’ symbol once more to Attach ledger account

5. This will prompt a screen that reads Import Ledger Account. On the drop down window for Select network, find and select Parallel.

Note: Our app does not yet support the Polkadot Relay Chain, meaning that this new account you create will be limited to the Parallel parachain.

6. Import the new account from your Ledger with a descriptive name.

Congrats! You have now successfully created a new Account on the Parallel Parachain with your Ledger Hardware wallet! Please keep in mind this support remains in active development, however. You test this functionality at your own risk.

Now that you’ve installed the Parallel app on your Ledger Wallet and have created a new Parallel account, it’s now time to use your new wallet account!

How to Use Ledger Wallet on Parallel

1. First, navigate to the Parallel dApp at https://app.parallel.fi and connect your wallet.
2. Since you almost certainly have an existing Parallel Account (thanks for using Parallel!), you will need to ensure you can switch to your new account.

3. With your existing account, go to app.parallel.fi and go to your Parallel Balance at the page footer and click Send.

4. From here, select your newly-created account as the To address and select an amount of PARA to transfer.

5. You can now switch back to your newly-created account in order to make transactions on the Parallel dApp!

About Ledger

Ledger is the world’s most popular wallet . In addition, it is safe and secured. It can manage over 5,500 digital assets. Ledger is the smartest way to secure, buy, exchange and grow your crypto assets.

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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.

Website | Twitter |

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