Parallel PARA Crowdloan

This section will provide information to our community on the Parallel Crowdloan for the Polkadot parachain auction.

Overview

Parallel Finance is a decentralized money market protocol that offers lending, staking, and borrowing in the Polkadot ecosystem. We are building for a decentralized future that empowers the community to increase capital efficiency, security, and accessibility through our leverage staking, money market, and auction lending platform.

On October 13, 2021, Polkadot officially announced the launch of the first parachain auctions. The first batch starts on November 11, 2021 and there will be a total of five slots. Polkadot ecosystem projects can source DOT for the parachain bids through a crowdloan and the community can support by contributing DOT. If the crowdloan campaign is successful, the DOT will be locked until the end of the slot lease period (up to 2 years). Afterwards, the DOT will be fully returned to the contributors. In the process, projects will reward contributors with their native tokens.

Parallel is excited to announce that we will be participating in the first batch and will host a crowdloan. Stay tuned!

In the meantime, if you have staked DOT, follow our guide to unstake so that you can support us when the crowdloan starts. The process takes 28 days and we are about 4 weeks out. If you have any questions, reach out to us on Telegram or Discord. Follow us on Twitter to get the latest updates.