PARALLEL FINANCE CONTINUES RAPID PRODUCT EXPANSION WITH LAUNCH OF OMNI: NFT MONEY MARKET
Announcement comes on the heels of seven recent product launches, advancing Parallel Finance's mission to mainstream decentralized finance
PALO ALTO, Calif., June 23, 2022 /PRNewswire/ -- Parallel Finance, the leading decentralized lending and staking protocol that aims to bring decentralized finance to the mainstream, today announced the launch of Omni NFT Money Market built on Ethereum.
Omni is a decentralized protocol with the foundation of providing lending and borrowing services for various assets on the Ethereum blockchain. Users can lend their NFTs and ERC-20 tokens to earn income in the form of interest. Additionally, users can use their loaned assets as collateral for borrowing more assets. With the recent rise of NFT prominence, Parallel Finance aims to implement the first protocol upgrades by adding value to the NFT ecosystem through enhancing price discovery and liquidity.
"I believe in a future where tokenized assets proliferate with different kinds of utility, applications, and connection to real-life assets," said Yubo Ruan, Founder and CEO of Parallel Finance. "Our mission is to empower DeFi users by offering seamless and innovative products. Asthe DeFI sector continues to exponentially expand, we're incredibly excited to continue to build off this momentum."
The Omni protocol aims to provide users access to cash and profits without selling their assets. Omni uses a pool-based money market model whereby users supply their assets to a pool to earn interest and instantly borrow from the pool when collateralizing their asset.
Parallel Finance is focused on building infrastructures to address industry growth, the launch of the NFT Money Market comes on the heels of seven additional product launches. Most recently, Parallel Finance announced Automated Market Maker (AMM), which enables users to swap assets through decentralized liquidity pools, letting users earn additional yield on HKO and KSM pairs. Additionally, the team launched the new Money Market, allowing users to maintain liquidity without having to sell their assets. Parallel Finance's growing product suite increases the accessibility and liquidity of cryptocurrencies to traders, investors, and market participants around the world.
For additional information on Parallel Finance, please visit www.parallel.fi
About Parallel Finance
Parallel Finance is an institutional-grade lending protocol backed by the likes of Sequoia, Founders Fund, Polychain, Lightspeed Venture Partners, Slow Ventures, Blockchain Capital and Alameda Research. Parallel Finance specializes in decentralized finance-related services and products, which include lending, trading, staking, and derivatives on multi-chains while assuring user safety and security. Since its inception in April 2021, Parallel Finance seeks to add more pragmatic tools like interest rate swaps for long-term growth to DeFi. Parallel offers leverage staking and auction lending as its primary services, offering higher yield and more opportunities to users to become the go-to lending solution for Polkadot (DOT) and Kusama (KSM) stakers.
Parallel Finance seeks to bring further transparency in terms of the quality of borrowers and their debts. Parallel Finance's credit reporting system provides lenders with an additional line of defense and brings a check against rogue institutional borrowers. For more information, visit https://parallel.fi/.
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SOURCE Parallel Finance