Parallel Finance
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Parallel Finance

PARA Reward Distribution and Vesting Update

As discussed in our last update on PARA reward details, this is an overview of the $PARA token distribution.

Para Reward Amount

The final PARA token base distribution for crowdloan participants is based on total DOT contributions. For the base reward, users will get 1 DOT = 33 PARA, and an additional 76.771 PARA** allocated for the first crowdloan. There are also other reward types, such as referral rewards, early-bird rewards, etc. all according to the contribution time of different users and dependent on their contribution method.

*The remaining $PARA was calculated from what was remaining in the 1.25B $PARA allocated to the first crowdloan. Any remaining after the base and bonus rewards will be distributed back to our supporters.

5.625% of PARA Crowdloan Rewards Available Jan 31st

Parallel will begin the distribution of rewards at Block #295650. It is estimated that the initial distribution will occur on January 31st. The distribution will account for about 5.625% of the user’s Crowdloan reward, and this part of the reward will be distributed directly to the user’s address. Subsequent rewards will require users to claim them. We will soon publish a related tutorial on how to claim $PARA.

The successful launch of Parallel on Polkadot is a very important moment for our team. We have received contributions of over 10 million DOT from our global backers. Over 27 million DOT have been contributed to Polkadot Crowdloan through Parallel’s Auction Loan!

PARA Reward Distribution Details

  • $PARA total unlock period: Block #0 — Block #5256000
  • The first release time of $PARA is: Block #295650 (expected on January 31)
  • The first release ratio of $PARA is: approx. 5.625%
  • 94.375% of $PARA rewards released: Block #295650 — Block #5256000
  • At the start of Block #295650, the entire Vesting process will take approx. 3–4 hours.

How to view rewards

The receipt of $PARA can be confirmed at https://parallel.subscan.io/.

PARA Next Steps

Details on PARA use cases and other upcoming updates have been added to our Roadmap, the first of which will be cDOT/PARA transactions through our AMM.

Parallel’s AMM will be released in the next few weeks. With the launch of our EVM Bridge and the launch of Parity’s XCM, users will be able to use $DOT and other parachain assets on Parallel parachain, and other applications of PARA will be rolled out gradually this quarter.

Read about the Parallel Roadmap

More details about our launch of cDOTs, NFTs and PARAs will be updated in the future. Follow our official media platform to stay up to date with Parallel’s latest news!

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Parallel Finance

Parallel Finance

2.5K Followers

Decentralized lending, staking, and borrowing built on the Polkadot Ecosystem.