About the Project
Parallel Finance (with its Kusama-based Heiko network) is the Polkadot network-based DeFi super DApp protocol that features a composable and interoperable ecosystem of community-focused decentralized applications. The DApps include liquid staking (first of its kind on Polkadot network), AMM, decentralized money market, liquid crowdloan, stream protocol (DAO tooling), wallet, and yield farming applications.
About the Integration
As a cross-chain connected contract, the integration between Moonbeam and Parallel Finance enables the availability of its native token, PARA, on Moonbeam. Once deposited on Moonbeam as xcPARA, the token can be used across Moonbeam’s active DeFi ecosystem; GLMR can also be used in Parallel’s single-platform DeFi functionalities. This is Moonbeam’s second cross-chain connection with another independent parachain, bringing together two of the largest DeFi ecosystems on Polkadot.