Money Market
This section will cover all things related to Parallel's Money Market product on mainnet.

Summary

Onboarding
  • How to access the mainnet
  • How to connect your wallet to the Parallel platform
Mainnet Experience
*Note: Currently, we are going through testing with the internal team and the community is only able to test the deposit feature. We will be transferring some HKO to community testers shortly to test out the Lend & Borrow features, more details to be announced!*
  • How to deposit
  • How to Lend
  • How to Borrow
  • Repaying your Loan
  • Withdrawing from the Lend and Borrow page
  • How to withdraw from Parallel's network

Onboarding

How to access the mainnet
  1. 1.
    Go to this link: https://app.parallel.fi/#/
How to connect your wallet to the Parallel platform
  1. 1.
    If you do not already have the polkadot{.js} extension, follow these instructions to download. Skip these steps if you have already installed it previously.
  2. 3.
    Download the extension for Chrome or Firefox.
Download the Polkadot{JS} extension
  1. 1.
    Add the extension.
  2. 2.
    Follow instructions to finish setting up the extension.
  3. 3.
    Allow application access to Parallel Dapp.
Polkadot{JS}: Authorize the Parallel Dapp
  1. 1.
  2. 2.
    After installation, follow these instructions to add an account and connect your wallet.
  3. 3.
    Click the polkadot extension icon:
Polkadot{JS}: Add account
  1. 1.
    Click the add icon to add your first account.
  2. 2.
    Write down your wallet’s mnemonic seed and keep it in a safe place. When you’re ready, tick off the check box and hit next.
  3. 3.
    Write a descriptive name for your account — this can be renamed later if needed.
  4. 4.
    Add a new password for your account and hit next.
  5. 5.
    You may also import an existing account by following the instructions in the menu.
  6. 6.
    Once your account is set up, go back to the testnet and refresh the page. In the upper corner, you should be able to see the connected account and switch between accounts if you have more than one.

Mainnet Experience

How to deposit
  1. 1.
    To begin, you will need to deposit Kusama test tokens into Parallel's network. Go to the Overview page and "Asset in Other Network" table.
  2. 2.
    Click Deposit.
  3. 3.
    Enter an amount to deposit and confirm your transaction.
  4. 4.
    After you see a transaction success message, you will see your Kusama ($KSM) in the "Assets in Parallel" table. You can proceed to lend & borrow page to supply or collateralize assets to borrow.
Parallel Heiko: Deposit from other network into Parallel network
How to Lend
  1. 1.
    To start earning interests on your assets, go to the Lend and Borrow page to supply your KSM assets. Note that if it is your first time and you haven’t deposited yet, all of your balances will be zero at the beginning. Click ‘Supply.’
  2. 2.
    When you click ‘Supply,’ the app will ask you to confirm how much you would like to supply. Supply the desired amount for lending. As you can see below, I have 1.3 KSM available in my wallet, and I am supplying 0.1 KSM. Click ‘Submit.’
  3. 3.
  4. 4.
    The Parallel app will ask you to confirm the amount. Click ‘Confirm’ when you are ready.
  5. 5.
    A window for your polkadot{.js} wallet extension will automatically pop up. Type in your password, and click ‘Sign the transaction’ when you are ready. If you’d like to, you can allow polkadot{.js} to remember your password for 15 minutes.
  6. 6.
    After the transaction is processed, you will see your supply balance has changed. Over time, you will see how much interest you have earned by checking the ‘Total Earned’ amount at the top of the page or by asset in the 'Deposits' table.
How to Borrow
  1. 1.
    After you have supplied your crypto, you can borrow. From the Deposits tab, you will first need to enable collateral in order to borrow against it. Use the ‘Collateral’ toggle to enable ‘Borrowing’ and see your Borrow Limit reflected on the page.
  2. 2.
  3. 3.
    When you click the ‘Collateral’ toggle, your polkadot{.js} wallet extension will automatically prompt you to confirm, as below. Review the information as needed, and click ‘Sign the transaction’ when you are ready.
  4. 4.
    Once you have enabled collateral, switch to the Loans interface, by clicking the ‘Loans’ bar, which is immediately adjacent to the ‘Deposits’ bar.
  5. 5.
  6. 6.
    Now that you have enabled collateral and switched to the Loans interface, you will see your Borrow Limit increase, as below, and you will be able to select an asset to borrow.
  7. 7.
    Choose which asset you would like to borrow, and click ‘Borrow.’ A window will pop up prompting you to decide how much you’d like to borrow, as below. As you can see, you can either type in the amount, or choose a percentage you’d like to borrow. Select the amount you’d like to borrow, and click ‘Submit’ when you are ready.
  8. 8.
    Your polkadot{.js} wallet extension will automatically pop up. Review the information as needed, and click ‘Sign the transaction’ when you are ready.
  9. 9.
    After the transaction is confirmed by the network, you will see that your wallet balance has increased by the amount you borrowed, and the percentage under your Borrow Limit has increased as well.
Repaying your Loan
  1. 1.
    At this point, you will have borrowed assets in your wallet. On the Lend and Borrow page, you should see an active button that says ‘Repay.’ Click that button when you are ready.
  2. 2.
    This will trigger a pop up, as below, showing your total amount repayable, and prompting you to decide how much you’d like to repay. Decide how much you’d like to repay, and click ‘Submit’ when you are ready.
  3. 3.
    The Parallel app will ask you to confirm the amount. Click ‘Confirm’ when you are ready.
  4. 4.
    Your polkadot{.js} wallet extension will pop up, as below. Read the information as needed, and click ‘Sign the transaction’ when you are ready.
  5. 5.
    When the transaction is confirmed by the network, you will see that the borrowed coins are no longer borrowed, and the percentage below your Borrow Limit has increased, as below.
Withdrawing from the Lend and Borrow page
  1. 1.
    On the Lend and Borrow page, you should see an active button labeled ‘Withdraw’ in the 'Deposits' toggle. Click that button.
  2. 2.
    It will prompt you to decide how much you’d like to withdraw. Select the amount you’d like to withdraw, and click ‘Submit.’
  3. 3.
    The Parallel app will ask you to confirm the amount. Click ‘Confirm’ when you are ready.
  4. 4.
    Your polkadot{.js} wallet extension will pop up, prompting you to sign the transaction. Review the information as needed, and click ‘Sign the transaction’ when you are ready
  5. 5.
    After the network confirms the transaction, you will see that your crypto has returned to your wallet, and your Borrow Limit has decreased, if you had previously enabled collateral.
How to withdraw from Parallel's network
  1. 1.
    Go to the Overview page and see your assets in the "Assets in Parallel" table.
  2. 2.
    For the assets that you have a balance in, the 'Withdraw' button will be in active state.
  3. 3.
    Click withdraw for the asset you want to withdraw out of Parallel.
  4. 4.
    Indicate the amount and confirm the transaction.
  5. 5.
    Once the transaction is successful, you will see the amount reflected in the "Assets in Other Network" table.
Last modified 20d ago