We believe that DeFi has presented the world with a path toward sustainable economic sovereignty for every income class. With it, we can program financial tools more effectively than we can in traditional finance, and with a more egalitarian distribution. For example, by combining lending and staking, our protocol enables users to earn dual interests—something that TradFi simply cannot do. Still, we are in the early years, and there is a great deal of innovation to be had. In the future, individuals will be able to tokenize and lend their assets to a variety of on-chain markets, and bank systematic yield. Decentralized apps like Parallel will act as gateways to a less labor-intensive investment experience. Investment strategies that were once used exclusively by the well-connected elite will be available to every user with intuitive one-click operations. The truth is, there is no currency more valuable than time. We believe financial tools should be time-saving and simple. The more intuitive and effective the instruments, the more traffic a decentralized app will have. While there are many lending projects on Ethereum, and other EVM-compatible chains, existing lending solutions are not user friendly. The number of actions the user has to take to get from point A to point B is usually greater than one. As well, the cachet of things a user needs to remember while using a DeFi app are usually greater than one. If DeFi is going to be accepted into the mainstream, it is going to need many, many more single-operation opportunities, with far, far fewer mnemonic-load requirements. Apple’s interaction design is a source of inspiration for the Parallel team. You might note that Apple’s patented one-click design only arrived subsequently after a significant amount of development had streamlined the hardware. Likewise, Facebook only came along after Myspace tested the social media waters. Parallel’s positioning in the second wave of DeFi actually makes it a strong contender to be the first user-friendly platform in which DeFi’s growth begins to merit a more consolidated interaction. Indeed, Parallel hopes to bridge many aspects of traditional user interaction design to DeFi.
Parallel has chosen to begin on the Polkadot blockchain as Ethereum is becoming increasingly crowded, causing high transaction fees, and thereby adding additional barriers of entry to retail audiences, who, as history has show, can move markets. Additionally, slow transaction speeds and the lack of interoperability are limiting the potential for DeFi in certain use cases, and we believe that the future of the space will be an interoperable and multi-chain world. All that being said, Parallel will not be reliant on Polkadot in order to sustain multi-chain operability. We have already begun our expansion onto the Ethereum blockchain, and we intend to expand to every chain that offers our users a unique value proposition.
Our long-term vision is to provide the future banking ecosystem with an interaction design that will enable anyone and everyone to engage, and grow their wealth. In the short term, Parallel aims to be the first lending and staking protocol in the Polkadot ecosystem, and the first money market to target the staking economy in general. On Polkadot, we will offer a parachain optimized for financial applications, allowing anyone from the community to contribute and build decentralized applications in our ecosystem, and even launch their own parachain through our network. Beyond Polkadot, we will offer an intuitive set of financial tools across blockchains, and a gateway into DeFi.
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