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Parallel Finance is a decentralized market protocol founded in March 2021, which offers lending, betting and borrowing in the Polkadot ecosystem. The project has already been supported by many major partners and funds, for example: Polychain Capital, Hypersphere and Pantera. This project will also receive a grant from the Web3 Foundation of the Polkadot ecosystem.

History
The company was founded in March 2021. The CEO and founder is Yubo Ruan, a 24-year-old inventor, entrepreneur and investor originally from Beijing, China. Previously invested in such projects as: Solana, Polkadot, Chia. He is also the founder of the venture fund 8 Decimal Capital. On September 1, 2021, the company is going to raise $ 60 million with an estimate of ~$30 million.

Company activities
Parallel Finance offers depositors to simultaneously give loans and make "staking" in order to get double the return on their coins, and borrowers can provide collateral for a loan.

This feature is called "stacking with leverage", because users can increase their collateral rate to increase their profitability in general.

Plans
In the near future (~autumn 2021), the Parallel/Heiko project (a subsidiary project of Parallel Finance for the Kusama ecosystem) is going to participate in the Polkadot or Kusama parachain, for which users need to block their DOT or KSM. At the moment, the testnet stage is underway.

Competition
Parallel Finance claims that the project, thanks to auction loans, will be very tempting for those who have plans to launch their own blockchain. Parallel may also be the first company to be able to provide comprehensive rates for DOT and KSM holders. Parallel is going to solve an urgent problem using a lending protocol that allows holders to borrow money in addition to their derivatives for betting. Users can earn "parallel interest" without sacrificing the network security of Polkadot.

The launch of the main network of the project is expected closer to the end of 2021.