Flash Claim

Since airdrops are a common method leveraged by NFT collections, we’ve added support for Flash Claims. This allows borrowers to utilize their collateralized NFTs in their Parallel portfolio to claim third-party airdrops without needing to repay their loans to the platform.

We build upon a key contribution in this regard from BendDAO and have forked open-source code which BendDAO likewise uses.

For airdrops of collections that Parallel supports, Parallel will make official adaptions. This enables users to claim the airdrop directly from the ParaSpace platform.

Similar to other NFT lending platforms, Parallel supports two types of airdrops:

Snapshot Balance
Real-time Balance

The snapshot balance is an airdrop method that requires a user to hold the required NFT when a snapshot is taken in order to claim the airdrop. To enable users to claim the airdrop directly from Parallel’s platform, Parallel will claim the airdrop tokens first and then distribute them to users through Parallel’s front-end via ParaSpace’s AirdropDistribution Contract.

For snapshot balance airdrops, if the airdrop project leverages an algorithm that randomizes wallets on-chain to distribute tokens such as Chainlink VRF, Parallel will also leverage the same algorithm to maintain fairness and integrity of block data.

If the airdrop party uses a unique distribution algorithm to distribute tokens that Parallel does not support, Parallel has the flexibility to upgrade the AirdropDistribution contract to accommodate the airdrop ensuring that users will be able to claim through the Parallel platform.

Real-time balance is an airdrop method that allows users to claim the airdrop as long as they hold the required NFT when claiming. For real-time balance airdrops, Parallel will utilize Flash Claim to enable users to claim airdrop tokens directly from the Parallel platform. The official AirdropFlashClaimReceiver code implementation is publicly available on Github.

Last updated 8 months ago