Parallel Finance Launches DeFi ‘Super App’ for Polkadot Crypto Ecosystem

Parallel Finance Launches DeFi

Polkadot-based lending protocol Parallel Finance is trying to become a one-stop shop for all corners of decentralized finance (DeFi). That effort accelerated Friday with the initial launch of six products spanning the DeFi spectrum: from wallets to staking, from crowdloans to cross-chain bridges, an automated market maker and yield farming to boot. “Overall, we’re building a ’super app,’ an end-to-end DeFi platform for Polkadot to start,” founder Yubo Ruan told CoinDesk in an interview. He said an Ethereum offering is also in the cards. The “super app” strategy is an uncommon one in crypto, he said. Most DeFi teams opt to specialize on one flagship product, be it a bridge or a wallet. Ruan said Parallel’s uncommonly large team (60-70 people) means it can cover more ground.

Polkadot DeFi

According to its website, Parallel is one of the major DeFi projects in the Polkadot world, with over $500 million in total value locked (TVL) and a 21% market share. It’s also one of the better-funded enterprises, with Sequoia Capital and Founders Fund among its backers. Building and hosting several DeFi solutions, according to Ruan, is a competitive advantage. For starters, they’re complementary: the farming function generates yield in the same way that Parallel’s crowdloans product does. The assets created on one computer can easily be transferred to another. Ruan also said the DeFi super app makes the road to mass adoption a little smoother. It’s easier for newcomers to play around with market making and staking when their wallet lives right down the street. For now, the tools are limited to the “Heiko” parachain on Kusama, the Polkadot ecosystem’s real-money staging ground. The six products could migrate to Parallel’s hard-won mainchain slot in one to three months, he said.