Official Rollout of Heiko Products Today!
We are excited to announce our HKO product launch! Today users will be able to use our multiple Heiko / KSM pallets on app-heiko.parallel.fi
This suite of releases includes Cross-Chain Bridge, Wallet, Liquid Staking, Farming, v2 Decentralized Crowdloan, and AMM. We will be rolling out our Money Market shortly as we commence final testing.
With our Cross-Chain Bridge, users can transfer DOT & KSM from the relay chain to Parallel. Users can expect even more features in our Cross-Chain Bridge in the coming weeks! The purpose is to increase utility for our community members on Parallel and other chains. Allowing them to utilize and store on Parallel for higher yields.
The Liquid Staking pallet is one of the most exciting of our launches! When the user deposits KSM to the staking pool, they will receive sKSM based on the exchange rate. The staking pool compounds the reward automatically, which incentivizes the user to stake early and longer.
After a user receives sKSM, they could use sKSM in the following scenarios
- Supply sKSM to the money market to earn double interest
- Use sKSM as collateral to borrow other assets
- Trade sKSM in open markets
- use sKSM as payment
As you can see, the possibilities are bountiful with our liquid staking feature.
Another limitless opportunity for Crowdloan participants is our Farming protocol.
With farming on parallel, you can deposit your idle coins into our farms and earn a yield. Farming provides more opportunities for returns on user assets — no more dormant capital while staking.
Through Parallel’s AMM, users can trade assets permissionless and automatically through liquidity pools. Initially, users can swap HKO & KSM and add liquidity to KSM/HKO pool to earn yield.
Crowdloans v2 — Decentralized Edition has also been introduced, the decentralized version of our crowdloan product forgoes the use of our multi-sig wallet.
Users can contribute through a crowdloan pallet and receive liquidity token cDOT. Users can redeem cDOT to DOT at the end of the lease period. Users can receive project rewards from respected chains.
Parallel’s Wallet allows users to view their assets and soon be able to transfer to another Parallel address.
Our Money Market is in its final rounds of testing and will be rolled out for public use very soon. Stay tuned, and we will be dropping guides on getting started with all of these new products.
