Introducing Parallel’s 2022 Roadmap!
After securing the fourth Polkadot parachain auction slot, Parallel is excited to share our current plan for the future with our community and the Polkadot ecosystem.
Before we discuss some of the larger pieces of our roadmap, we want to acknowledge a few major milestones in Parallel’s relatively short 10-month history. Parallel began less than a year ago in April of 2021 and secured funding for a valuation of $250 million in November 2021 from investors including Sequoia Capital, Polychain Capital, Peter Thiel’s Founders Fund, and LightSpeed Venture. We have reached over 101,632 community members across all global channels, and grown to 62 team members in 8 countries making Parallel a truly decentralized team.
We captured more than 10.75M DOT for our respective crowdloan, which made us the 4th ever parachain slot on Polkadot. Users have added $692M TVL and 25.34M DOT from 85K+ contributions, as of this writing. Parallel became the largest 3rd party Polkadot contribution platform, surpassing Binance, with a total 21.11% of contribution market share for an amazing start to our DeFi offerings. Users can check our analytics page for a live look at crowdloan contribution data through the Parallel platform to learn more.
With such an amazing Q4, thanks in part to our epic supporters, community, partners, and team; Parallel is now focused on the future with our roadmap ready to share. Our roadmap explains our plans and prioritization for product rollout and offerings. This plan is the first step towards realizing our goal of bringing DeFi to a billion users and we are excited to get to work.
We have created a public Notion page that highlights our priorities for Q1, Q2, Q3, and Q4 of 2022 for Parallel’s product line. While this roadmap will be optimized as we work through it, we believe that this is the best path forward at this time. It is likely that our priorities will be revised as the world and the needs of our users will likely change throughout the year as well; we are committed to delivering Parallel’s products and services as quickly and efficiently as possible.
One aspect of our roadmap that may be hard to tell from its viewable state is that some components are beyond Parallel’s control. The largest being the parachain auction winner reward release schedules and dates. Parallel’s Auction Loan platform facilitates crowdloans for users, but the release of both the total amount of rewards and the actual delivery of such rewards is dependent on each respective project’s teams to reveal and release rewards. We are working closely with these teams and speak to them daily to help complete each reward release in a timely manner for our users.
With all of the above stated we have a few key pieces of our roadmap that we believe are important to highlight:
v1 Multisig Crowdloan Product
V1 Multisig Crowdloan for Polkadot crowdloans launched in Q4 2021. As a follow-up feature, we will be releasing the winning project rewards data on the My Rewards page and start the reward claim for users that contributed through Parallel.
Update: All batch 1 winning project rewards distribution have started in January 2022. The My Rewards page and our Medium blog provide details on how they’re being distributed and how to check the status.
v2 Decentralized Crowdloan
V2 Decentralized Crowdloan’s release will be targeted in Q1. Once live, users are able to contribute through crowdloan pallet, receive cDOT (Polkadot projects) and cKSM (Kusama projects). Users are able to redeem cDOT to DOT / cKSM to KSM, at the end of the lease period.
v1: Multi-Chain Wallet
v1: Multi-Chain Wallet product is targeted to launch in Q1. When released, users are able to transfer DOT & KSM from the relaychain to Parallel. Users are able to transfer USDT, USDC from Ethereum. Users can also send assets between different accounts on Parallel — these assets may include: DOT, KSM, PARA, HKO, cDOT, pDOT, USDT, USDC.
v1: Regular AMM
v1: Regular AMM release is targeted to launch in Q1. When completed, users can perform trades through theAMM. Users can also add or remove liquidity from the AMM pools.
v2: AMM — Stableswap
After our initial release of the AMM product, the next feature we are developing is to allow users to efficiently trade stable pairs of assets/ swap with low slippage, and earn yield by providing liquidity to the platform.
v2: Money Market
v2: Money Market is currently in progress and targeting to provide borrowers greater borrowing power with their collateral. The high efficiency mode feature would allow users to choose from asset categories (assets pegged to the same underlying assets) that they want to borrow and supply the assets in the same category as collateral; the system configurations adjust LTV and liquidation thresholds to allow users’ higher capital efficiency.
v2: Decentralized Liquid Staking
v2: Decentralized liquid staking is targeted by end of Q1. DOT and KSM holders will be able to stake their tokens to nominate validators and earn an estimated ~16% yield. In addition to staking rewards, our solution offers additional utility for users via xDOT/ xKSM, these are tokens that represent the staked value and can be used on the platform to access liquidity.
PARA distribution is slated to begin mid to late January, as we first finalize other winning projects’ reward claims. This will include the distribution of the PARA bonus for users who contributed to other crowdloans via Parallel.
Update: All batch 1 winning project rewards distribution have started in January 2022. The My Rewards page and our Medium blog provide details on how PARA bonus is being distributed and how to check the status, for users that contributed through Parallel’s platform.
PARA and HKO Exchange Listing Update
PARA and HKO information has been distributed to exchanges and we hope to see listings very soon. This will be an ongoing process and involves operational and legal tasks at this stage. For us to be listed on top exchanges, we have to build an ERC-20 bridge and development time for testing.
As we continue to build towards these exciting milestones in our roadmap, please note that prioritization and optimization may require changes at any time. We ask for our community’s understanding and patience as we continue to build towards every step of Parallel’s DeFi platform and beyond.
We would like to thank our supporters, community, partners, and team again for this incredible journey. Without all of you, Parallel would not have been able to accomplish such an incredible past few months. As we look forward to this year, we are excited to continue to build and improve our products and services to create the best DeFi user experience the blockchain industry has to offer. We appreciate your support and are ready to get to work!