Parallel Finance: Introducing Major Product Updates, and More to Come…
Overview
Parallel finance is happy to announce that we are making a major UI upgrade. The new web-app is live, which you can find at testnet.parallel.fi.
What’s the new UI update all about?
Parallel updated the new color theme from a dark version to a cleaner, lighter version.
We decided to use blue and green as our main colors in order to create a sense of trust and security. Blue is often seen as a sign of stability and reliability. We also added a new Overview page, which is essentially a cross-chain dashboard for all of your assets on Parallel, and outside Parallel. This dashboard will be very useful, because when we launch on the mainnet, Parallel will support cross-chain transfer functionality, specifically allowing users to transfer assets from relay chain to parachain and parachain to parachain.
We also improved the UX design on the Lend and Borrow page. We were able to add Total Earned, Total Liquidity and Borrow Limited on the top of the page, which helps users easily identify the current state of their account and the market.
What can I do with the new UI?
Through the updated user experience of the Lend and Borrow page, you can now borrow or lend your tokens much more easily. Let’s use Alice’s account as an example. You can first supply 100 KSM to Parallel in the Lend and Borrow table (see below).
Immediately thereafter, you can start to earn interest (see below). Thanks to the scalability of the Substrate framework, the interests are paid per block to each user.
As you can see above, you can also easily switch KSM (or any other asset on Parallel) to supply it as collateral, meaning you can borrow against it. Once you have switched the asset to collateral, you can click Borrow to borrow the desired asset/s. It is important to notice that, after you have borrowed, your borrow limit left will decrease, and you will eventually need to return the borrowed assets to avoid a disagreeable interest payment.
Lastly, the Staking page is now live on testnet. On this page, users are able to stake, unstake, and leverage their stake by as many as three times. The user can also see their staked b
How can I test out your web-app?
To test our app, you will need to join our Discord channel, and apply for some test tokens. Currently, our faucet bot sends 100 KSM and 1000 USDT per request, as well as some native tokens for the transaction fees. To receive the test tokens, you will need to type !drip [your address] in the #faucet-testnet channel, as it’s done below.
Is there any math that I will need to know?
While you technically don’t need to know the math to use the protocol, there are three equations you might want to know. These equations will help you calculate the maximum amount you can borrow, and how close your loan is to being liquidated:
- Borrow limit = collateral asset value * collateralization ratio
- Borrow limit left = Borrow limit — Total borrow balance
- Health factor = Max LTV / loans value
What else are you planning to add?
We are still working on the staking solution for the Kusama blockchain. The xKSM token will be the core of this upcoming feature. Holding xKSM entitles users to a pro rata share of the staking pool that is operated by Parallel Finance. The benefits of staking derivatives are that users can use xKSM as a reliable form of collateral to borrow any asset/s, and thus provide liquidity on previously illiquid KSM. Users can also sell in our AMM market (hold tight for this new feature) to get KSM immediately without having to wait out the 7-day unstaking period. We plan to fix smaller, technical issues such as the Heiko color switch, add a native token display, etc.
How can I get involved?
Over the next month, we will enter the community testing phase. We would be happy to hear your feedback on our web-app. What do you think of it, and how was your experience? Overall, do you like the new style, or no? If not, how can we do better? Please join our discord #feedback channel and tell us your thoughts.
What’s next?
We are ready and poised for the new Kusama parachain auction. Please support us by joining our discord channel, and hold tight for the upcoming parachain auction campaign.
