ParaSpace and Parallel Finance to Merge and Rebranded to ParaX

NFT lending protocol ParaSpace and Polkadot ecosystem DeFi protocol Parallel Finance have announced a merger and rebranding as ParaX.

ParaX will become a Web3 super application supported by account abstraction and zkVM, aiming to provide users with a ParaX ecosystem that covers account abstraction, meta user interface, zkVM, and more. This will enable users to more conveniently manage their multi-chain assets and identities.

ParaX will offer two interfaces, with the simplified version including essential functions required by users, streamlining processes and reducing entry barriers. The professional version will allow users to choose specific dApps based on their preferences and needs.

Parallel Finance is a decentralized money market protocol that offers lending, collateralization, and other DeFi services within the Polkadot ecosystem. ParaSpace NFT is a decentralized and permissionless protocol focused on the financialization of NFTs.

Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!

Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!

If you have news reports or announcements that you want to reach a wider audience, feel free to email us at news@tokeninsight.com