A look into the Comprehensive Web3 Financial services that Parallel Finance offers

Overview of the available DEFI services in Parallel Finance

Parallel Finance's services that add more value to the Polkadot ecosystem

As Parallel Finance is designed to be a one stop DEFI hub, it has many useful functionalities further adding value to the Polkadot ecosystem where -:

• DOT holders can easily contribute their DOT using Parallel Finance's Cowdloan Module to participate in Polkadot's parachain crowdloans
• Liquid Stake their DOT, earn staking rewards etc

Parallel Finance's Generic AMM DEFI functionality

Besides adding value to the Polkadot Network with these useful services for DOT holders, Parallel Finance is also a Super DEFI app, offering valuable DEFI services for Parallel Finance's users.

• AMM DEX functions with a Liquidity Module for users to provide liquidity to assets. Liquidity providers are incentivized with LP rewards and Para token incentives.
• AMM DEX also has a Swap Module for swapping assets.

Addons that have enhanced Parallel Finance from other generic DEFI dapps

Note, that Parallel Finance is more than a general DEFI Dex as it has innovative features.

• Crowdloaned DOT, that's the DOT that contributors contributed to parachain crowd loans using the Parallel Finance's Crowdloan Pallet, get credited to account as cDOT tokens that can be used in Parallel FInance's DEFI.

• Staked DOT in Parallel Finance, get credited in account as sDOT, liquid staked DOT that can be used in Parallel Finance's DEFI.

Developing functionalities that enhance the capital efficiency and utility of user's assets

These derivative cDOT and sDOT assets can be used in Parallel Finance DEFI, where they can be lent in Money Market to earn further yields. cDOT holders can provide liquidity to cDOT-DOT pairs in the liquidity module and earn LP rewards which can be lent to earn more yields in the Money Market.

One of the core principles of Parallel Finance is to have capital efficient DEFI, this means making optimal use of available assets for best possible yields.

Now, Parallel Finance has created a way for users to avail liquidation free loans using their cDOT based assets to borrow DOT assets. You can read about it here.

Liquidation risk free DOT loans using your cDOT assets as collateral in Parallel Finance

Parallel Finance's Stream provides a valuable Web3 payment solution

Besides all this, Parallel Finance offers a web3 automatic payments solution with Stream. Using Stream, it's possible to schedule automatic periodic payments in various crypto assets (DOT and Para) to any account.

Stream activates Parallel Finance's Dao Fi capabilities making it possible to conduct automatic payroll payments and token distributions.

All of these functions of Parallel FInance I had recapped in my earlier article -:

Value added Web 3 financial services of Parallel Finance make it a DEFI Super App

Parallel Finance offers NFT Money Market services for NFT holders now!!

These functions by itself make Parallel Finance a very comprehensive DeFi app for users but Parallel finance has developed even more services for web3 users.

Now Parallel Finance's team has ventured beyond catering to just crypto DEFI users, as the team has built an exclusive DEFI platform for NFT holders offering NFT Money Market services.

Tweet from OMNI Protocol

Lend and Borrow NFTs in NFT Money Market in Omni Protocol

On Omni Protocol, NFT holders of Bluechip NFTs can lend their NFTs and earn OMNI token rewards.

Bluechip NFTs are recognized, popular NFTs that are expected to be relatively stable and have continued future price growth prospects due to their relevance.

Omni Protocol's Tweet

The Bluechip NFTs that are currently added on the OMNI protocol to be used in the protocol's NFT Money Market are - Bored APE Yatch Club(BAYC), Crypto Punks, Mutant Ape Yatch CLub(MAYC) and Doodles.

• NFTs can be lend, with lenders earning yields and OMNI tokens.
• NFTs can be used as collateral to borrow crypto like ETH, DAI etc, borrowers also get OMNI tokens for being part of the OMNI Protocol ecosystem.

OMNI Protocol's Tweet

On Omni Protocol, ETH assets can also be lend and borrowed. Right now, 7 ERC-20 tokens are listed in Money Market for lending and borrowing - ETH, USDC, USDT, DAI APE, WBTC, stEtH.

OMNI Protocol's Tweet

There are more features set to get activated in OMNI protocol with NFT Marketplace space set to get activated soon. Omni Protocol's NFT Market place will make it easy for interested buyers to buy NFTs, with a 'pay now, buy later' feature talked about to come up.

OMNI Protocol's Tweet

We will know more about these and other developments in the platform as they come up.

Parallel Finance's DEFI Super App

Enter the Parallel Finance App here -  https://app.parallel.fi/

Know about Parallel Finance -

Website -  https://parallel.fi/index.html
Twitter - https://twitter.com/ParallelFi
Discort - https://discord.gg/DeyEntFT
White paper -  https://parallelfi.gitbook.io/parallel-finance/polkadot-network/white-paper

Parallel Finance's NFT Money Market App

Enter the OMNI Protocol App here -https://omniprotocol.xyz/#/leverage-buy

Docs -  https://docs.omniprotocol.xyz/omni-protocol/omni-protocol/functionality-overview
Twitter -  https://twitter.com/OMNI_xyz
Discort - https://discord.com/invite/UBnnr7pt5a

This article was first published by this author on her medium channel here - https://medium.com/@kikctikcy

Thankyou for reading!!