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Introducing Parallel’s 2022 Roadmap!

Published date: January 13 2022
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After securing the fourth Polkadot parachain auction slot, Parallel is excited to share our current plan for the future with our community and the Polkadot ecosystem.

Before we discuss some of the larger pieces of our roadmap, we want to acknowledge a few major milestones in Parallel’s relatively short 10-month history. Parallel began less than a year ago in April of 2021 and secured funding for a valuation of $250 million in November 2021 from investors including Sequoia Capital, Polychain Capital, Peter Thiel’s Founders Fund, and LightSpeed Venture. We have reached over 101,632 community members across all global channels, and grown to 62 team members in 8 countries making Parallel a truly decentralized team.

We captured more than 10.75M DOT for our respective crowdloan, which made us the 4th ever parachain slot on Polkadot. Users have added $692M TVL and 25.34M DOT from 85K+ contributions, as of this writing. Parallel became the largest 3rd party Polkadot contribution platform, surpassing Binance, with a total 21.11% of contribution market share for an amazing start to our DeFi offerings. Users can check our analytics page for a live look at crowdloan contribution data through the Parallel platform to learn more.

With such an amazing Q4, thanks in part to our epic supporters, community, partners, and team; Parallel is now focused on the future with our roadmap ready to share. Our roadmap explains our plans and prioritization for product rollout and offerings. This plan is the first step towards realizing our goal of bringing DeFi to a billion users and we are excited to get to work.

Parallel’s Roadmap

We have created a public Notion page that highlights our priorities for Q1, Q2, Q3, and Q4 of 2022 for Parallel’s product line. While this roadmap will be optimized as we work through it, we believe that this is the best path forward at this time. It is likely that our priorities will be revised as the world and the needs of our users will likely change throughout the year as well; we are committed to delivering Parallel’s products and services as quickly and efficiently as possible.

Understanding Timelines

One aspect of our roadmap that may be confusing or hard to tell from its viewable state is that some components are beyond Parallel’s control. The largest being the parachain auction winner reward release schedules and dates. Parallel’s Auction Loan platform facilitates crowdloans for users, but the release of both the total amount of rewards and the actual delivery of such rewards is dependent on each respective project’s teams to reveal and release rewards. We are working closely with these teams and speak to them daily to help complete each reward release in a timely manner for our users.

With all of the above stated we have a few key pieces of our roadmap that we believe are important to highlight:

v1 Multisig Crowdloan Product

V1 Multisig Crowdloan for Polkadot crowdloans launched in Q4 2021. As a follow-up feature, we will be releasing the winning project rewards data on the My Rewards page and start the reward claim for users that contributed through Parallel.

v2 Decentralized Crowdloan

V2 Decentralized Crowdloan’s release will be targeted in Q1. Once live, users are able to contribute through crowdloan pallet, receive cDOT. Users are able to redeem cDOT to DOT at the end of the lease period.

v1: Multi-Chain Wallet

v1: Multi-Chain Wallet product is targeted to launch in Q1. When released, users are able to transfer DOT & KSM from relaychain to Parallel. Users are able to transfer USDT, USDC from Ethereum. Users can also send assets between different accounts on Parallel — these assets include: DOT, KSM, PARA, HKO, cDOT, pDOT, USDT, USDC.

v1: Regular AMM

v1: Regular AMM release is targeted to launch in Q1. When finished, users can perform trades through AMM. Users can also add or remove liquidity from the AMM pool.

​​v1: pMaker

v1: pMaker release is targeted to launch in Q1. Users can increase the yield on cDOT, users can cash out their cDOT to DOT, users can earn higher yield by LPing pDOT-DOT. Users are able to use cDOT to mint pDOT, pDOT is 1:1 stabilized against DOT. Users can use cDOT to open a collateralized vote that enables them to borrow pDOT which is the equivalent of DOT. A whitepaper on PMaker will be released in the future.

PARA distribution

PARA distribution is slated to begin mid to late January, as we first finalize other winning projects’ reward claims. This will include the distribution of the PARA bonus for users who contributed to other crowdloans via Parallel.

PARA and HKO Exchange Listing Update

PARA and HKO information has been distributed to exchanges and we hope to see listings very soon. This will be an ongoing process and involves operational and legal tasks at this stage. For us to be listed on top exchanges, we have to build an ERC-20 bridge and development time for testing.

check out the full roadmap here

Closing

As we continue to build towards these exciting milestones in our roadmap, please note that prioritization and optimization may require changes at any time. We ask for our community’s understanding and patience as we continue to build towards every step of Parallel’s DeFi platform and beyond.

We would like to thank our supporters, community, partners, and team again for this incredible journey. Without all of you, Parallel would not have been able to accomplish such an incredible past few months. As we look forward to this year, we are excited to continue to build and improve our products and services to create the best DeFi user experience the blockchain industry has to offer. We appreciate your support and are ready to get to work!