Wallet Extension FAQ

Parallel Wallet extension is the non-custodial multi-asset native wallet solution of Parallel Finance that is developed to give users a one-stop DeFi experience.

Forgot Password?

Since we don't store your password due to security reasons, it is not possible to retrieve or change your password. If you forget your password, you can create a new password by resetting your wallet extension. However please proceed with caution as by resetting the wallet extension, you will remove all wallet access via the extension. The only way to enable access via the extension is to import the wallet with its secret phrase. So before proceeding with “reset”, please make sure you have secret phrases for all your wallets.

To reset your wallet extension, you will have to uninstall the extension and then reinstall it. You will then be prompted to create a new password step. Once the new password is set up, you can import all your existing wallets back to the extension by providing the secret phrases of each existing wallet.

How do I use Parallel Wallet to interact with dApps?

There are 2 types of dApp interactions you can do with your Parallel Wallet:

  1. Authorize dApps to gain access to your Parallel Wallet: when you interact with the dApp for the first time, you would be asked by the dApp if you authorize it to access your public key and see your wallet balances and activity. By clicking “accept” or “reject”, you would give or refuse access to your wallet balances and activity.

  2. Sign transaction request with your Parallel Wallet: If you connect your Parallel Wallet with the dApp, each time you trigger a transaction from the dApp, it would send a transaction request to your Parallel Wallet. By clicking “confirm” or “reject” the transaction request, you would be able to either sign the transaction so it can be broadcasted onto the blockchain or reject the transaction request.

At all times, you can manage your granted authorization to the dApps from “connected Apps” within the “wallet settings” page. It is important to mention that having multiple wallets connected to a dApp using the same Connect Wallet Flow may lead to the poor performance of the dApp (it may become slow or even crash). As such, when interacting with dApps, it is also recommended to use only one wallet (e.g.Parallel Wallet Extension) for the best consistent communication performance between the wallet and the dApps.

What happens if I use the wrong wallet address to send or receive crypto?

While Parallel Wallet is a non-custodial wallet, giving you complete control over your digital assets, this also means that we're not able to recover any funds sent or received to an incorrect address. We strongly suggest that you double-check addresses before sending or receiving crypto through Wallet.

Can I lose access to my funds?

Parallel Wallet generates a 12-word Secret Phrase, also referred to as a "seed or recovery phrase," that you and only you have access to. This means that if you lose your secret phrase, you will lose access to your Parallel Wallet. Please keep in mind that Parallel will never have access to this recovery phrase, so we cannot move funds on your behalf or help you access your digital assets. As the security best practice, we strongly encourage you to back up your recovery phrase and store it in a secure location.

The balance is different between the “Overview” page of Parallel dApps and Parallel Wallet balance?

If you are a user of Parallel dApps, you may sometimes see small discrepancies between the “Overview” page of Parallel dApps and the wallet balance of your Parallel Wallet. This is normal as the sources of the two balances are different:

  • “Overview” page of Parallel dApps: it gets the real-time price directly from Parallel / Heiko networks.

  • Parallel Wallet balance: it gets the historical price from the internal pricing service. You may therefore experience a delay of 30 sec. - 1 min. of pricing delay.

Does Parallel Wallet hold my funds?

No, Parallel Wallet doesn’t hold your funds. Your funds are not within the Parallel Wallet extension. They are on the blockchain network itself. The wallet extension just enables you to access an address and make transactions out of it by using your Recovery Phrase.

When you create a wallet, you will be given a Secret Phrase. And this is where your Private Keys are encrypted. An industry-standard allows the use of simple words to be used rather than a set of alphanumeric characters. It’s much easier to back up. You can therefore also access your funds on any other decentralized wallet by using your Recovery Phrase.

Last updated