Parallel Finance

About

Parallel Finance is a decentralised finance super app and a multi-chain Layer 2 network created by Yubo Ruan to enable seamless management of cryptocurrency across multiple blockchains through a unified interface. This way, unlike the need to use multiple applications and wallets to interact with various blockchains, Parallel enables users to conduct transactions such as lending, staking, trading, and liquidity provision all from a single account. The multi-chain ecosystem leverages Arbitrum Orbit to interlink several blockchain networks, including Ethereum, Polkadot, and Arbitrum. In November 2023, ParaX transitioned to the Parallel Finance brand, with the project positioning itself as a DeFi Super App. Later that year, Parallel Network was introduced as an omni-chain Layer 2 focused on unified liquidity and cross-chain execution. Parallel Finance Details Attribute Details Category Layer 2, Omni-chain Infrastructure, DeFi Earlier Product Positioning DeFi Super App covering lending, staking, trading, and other Web3 applications Parallel Network Positioning Omni-chain Layer 2 designed to unify liquidity across blockchain networks Underlying Technology Arbitrum Orbit / Arbitrum Nitro technology Mainnet Chain ID 1024 Native Gas Currency ETH Smart Contract Compatibility EVM-compatible Core Technology Omni-chain liquidity, Broker Accounts, Liquidity Vaults, Account Abstraction, and cross-chain execution Key Infrastructure Partners Arbitrum, Conduit, and Socket Key Features of Parallel Finance • • Combines lending, staking, trading, farming, and swapping on one platform. • Facilitates staking of assets without restricting their usage within DeFi. • Allows users to manage assets across multiple chains from a single account. • Supports gas fee sponsorship and automated cross-chain actions for a smoother Web3 experience. • Uses audited infrastructure supported by Ethereum and Polkadot security frameworks. Parallel Finance Milestones Year Achievements 2021 Yubo Ruan founded Parallel Finance after a Stanford University hackathon. It raised seed funding in June 2021 and a $22M Series A led by Polychain Capital in August. Secured its victory in the fourth Polkadot Parachain Auction by raising millions of DOT tokens. 2023 Shifted focus to Ethereum with the launch of ParaSpace, an NFTFi lending protocol that lets users use NFTs as collateral. 2024 Introduced its 2024 white paper, marking its shift to an L2 Omni Chain protocol focused on unifying liquidity across multiple blockchain networks. 2025 Parallel Finance announced its transition to Nirvana in March 2025, along with a revamped user experience and product structure.

Funding

• Corporate RoundSection 32 (S32)50,00,00005 Apr 2022
• Corporate RoundCoinbase Ventures50,00,00005 Apr 2022
• Corporate RoundStarkWare50,00,00005 Apr 2022
• Series Apolychain capital2,20,00,00030 Aug 2021
• Series ALightspeed Venture Partners (India)2,20,00,00030 Aug 2021
• Series ABlockchainCapital2,20,00,00030 Aug 2021
• Series ASlow Ventures2,20,00,00030 Aug 2021
• Series AAlameda Reserach2,20,00,00030 Aug 2021

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