Parallel Finance
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Parallel Finance

Raising the Bar: Introducing Parallel’s Next-Level Redesign and More…

A Stepping Stone to DeFi

As we continue to gather product analytics, feedback from our very insightful community, and interest from investors, we’ve found that the future for Parallel is even bigger than we imagined. The possibility of digital assets may very well be the future of assets in general. The quality of our development, and the development of our peers, will likely determine how well DeFi tech is adopted by the finance industry at large. Parallel is in a very unique position. It can establish brand equity as the first service to provide new users with a stepping stone into DeFi. So, with the new user interface, we’ve set out to build a user experience that is more intuitive for people who aren’t necessarily exposed to DeFi. The most common response from DeFi non-natives when asked why they don’t use DeFi is that it doesn’t feel secure or trustworthy, and the user experience is too complicated. We’ve set out to address those problems specifically. We think a well-crafted visual expression of Parallel’s primary offerings can help take the guesswork out of the user experience, and cultivate a sense of security.

User Experience

In order for the user experience to create a sense of trust and security, the new interface needed to present the user with the freedom to make easy, dependable, and transparent financial decisions in a controlled environment. The UI also needs to funnel the existing services into a more hierarchical structure that can scale into all of the markets we intend to service, while continuing to build brand equity. This means that the goal for the new user interface from a visual perspective is to make product features appear to be a consequence of their environments. In the context of a blockchain infrastructure, the environment is the blockchain. Every chain in crypto is bound to different structural and economic constants. Conversely, every product feature is chain-dependent. If you take a look at the new header, you’ll see that the product categories are ordered by chain first, because this is where product features begin to differentiate themselves. When you click on ‘Polkadot,’ as below, you’ll see the product features that are specific to the Polkadot chain. Parallel intends to be distributed across a multi-chain environment, launching on Polkadot and Kusama, and Ethereum as well.

Product Features

As a consequence of this hierarchical design, the product features have become much more specialized in their presentation and — we think — more clear. Clarity is one of the most important values for the end user, especially if the product is complicated or unfamiliar at a low level. The user needs to be able to trust the product strictly from a visual standpoint, because the visuals are the only available intermediary. Something like margin staking, for instance, might not be entirely intuitive for a user who has only bought crypto on a centralized exchange. But it can be much more intuitive if they see projected returns expressed through graphics, as we have expressed in the new interface, shown below.

One of the main points we heard from users who tested our initial product is that they want to know the risks of using margin staking, because it seems too good to be true. While our margin staking platform is intended to lower the risk of liquidation by “leveraging monotonically,” it is still possible to be liquidated. Users are protected against liquidation if like-kind pairs experience price swings that cause the user’s collateral to dip below the liquidation threshold, as the price of Parallel’s tokens are protected by Parallel’s insurance. Liquidation is still a possibility when using the Parallel platform, if the user’s interest on their borrowed tokens gets too high. That is why, in an attempt to promote transparency and continue to build the user’s trust, we’ve also included a visualization of how the user can be at risk of liquidation, if and only if the user’s interests on borrowing exceeds their collateral.

Trust-building being a primary goal, we’ve also decided to foreground Parallel’s insurance feature, which had formerly taken a bit of a back seat. Our insurance is actually very innovative and accommodating. In addition to insuring users against liquidation when they leverage monotonically, Parallel also insures users against 100% of slashing events on KSM or DOT staked through Parallel. This means that users can generate the highest possible staking rewards while eliminating their exposure to slashing.

A New, Borderless Product

We have to imagine the shape and space of DeFi in the future if we want to scale effectively. Our best guess is that the differentiations between chains will become less of a value-based difference, and more of a technological difference. Ethereum, Polkadot, Kusama, and other blockchains like Solana are creating their own ecosystems that have features uniquely suited to each one. Some features on one chain may not be possible on other chains. One might go to Ethereum for unbounded composability, Polkadot for interoperability, and Solana for speed — each chain serving its own unique purpose. Parallel’s new borderless product is built to scale the expanse of many different blockchains, without being anchored to any chain in particular.

We will continue to take user feedback on our new strategy and features as we develop, iterate, and improve. If you have feedback for us, please reach out to us on Discord. We’d love to hear from you!

A special thanks to our partners for their continued support.

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Disclaimer:

This article contains forecasts, projections, goals, plans, and other forward-looking statements regarding Parallel’s financial results and other data. Such forward-looking statements are based on Parallel’s assumptions, estimates, outlook, and other judgments made in light of information available at the time of preparation of such statements and involve both known and unknown risks and uncertainties. Accordingly, plans, goals, and other statements may not be realized as described, and actual financial results, success/failure or progress of development, and other projections may differ materially from those presented herein. Even when subsequent changes in conditions or other circumstances make it preferable to update or revise forecasts, plans, or other forward-looking statements, Parallel disclaims any obligation to update or revise this article. Information concerning risk or returns (including features under development) contained herein is not intended as advertising or as financial advice.

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Parallel Finance

Parallel Finance

2.5K Followers

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