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ParaX Introduction
A Web3 super app powered by account abstraction and zkVM.
Together, Parallel Finance and ParaSpace have made great strides in innovating and scaling Web3, with more than $250m in combined TVL.
These accomplishments inspire us to further push the boundaries of innovation, and as such, we are excited to usher in a new era with ParaX.
With this merger and rebrand, both Parallel Finance and ParaSpace products will be streamlined within the ParaX platform, creating a broader, omni-chain platform that encompasses both products.
We aim to empower users with the ParaX super app, built on top of existing ParaSpace and Parallel products and encompassing account abstraction, meta user interface, zkVM, and more.
The current Web3 landscape is filled with challenges that disrupt the user experience:
- Complexity of cross-chain operations and accounts
- Lack of intent-centric design
- Lack of automation
Now, these challenges can all be abstracted away in our new, intuitive platform.
ParaX ushers in a new era of Web3 — brought by the merger of ParaSpace and Parallel Finance. At the core, ParaX aims to become the one-stop shop for Web3. Powered by account abstraction and zkVM, ParaX brings the needed infrastructure to enhance the existing Web3 experience and pave the way for mass adoption. We're targeting the 99.99% of users who have not utilized Web3 yet.
ParaX will start with three core features:
- 1.Multi-chain Account Abstraction (MAA): Users can manage their multi-chain assets and identities more conveniently. Users can have a single identity, which can be authenticated and authorized across multiple applications and platforms, increasing control over their own data.
- 2.Meta User Interface (MUI): A single interface that lets users interact with all of their favorite apps from a single dashboard. Users won’t need to know what chain they’re on, or which app they should use, which makes it easy for anyone to utilize Web3.
- 3.Batch Transactions: By bundling transactions into a singular entity, ParaX makes signing easier for users.
ParaX is currently in beta, with ongoing development of select features. Concurrently, we're actively harvesting user feedback. Engage with us through Twitter, Discord, and WeChat communities to voice your invaluable insights and earn points along the way!
ParaX enables us to unlock a new realm of possibilities. We're currently exploring three new ideas for mini applications to build within the ParaX ecosystem:
- 1.Omni-chain Yield Optimizer: Move assets automatically and trustlessly from one yield protocol to another, on any chain, according to a user’s predefined criteria.
- 2.Omni-chain Lending: Collateral on any chain can contribute to a common credit account.
- 3.Multi-underwriting Model: Lenders can choose appropriate loan ranges based on different assets and their rating standards. Borrowers can borrow against any onchain collateral on the risk curve and enjoy customized interest rate markets.
Powering this will be a state-of-the-art zkVM infrastructure called ParaVM. ParaVM is being developed entirely to serve the requirements of more complex ParaX applications. We will work to build on top of existing zkVM projects such as Risc Zero, Axiom, and Hyper Oracle. In the long term, ParaVM will attract developers to build more “mini apps," further enriching the ParaX ecosystem.
Parallel Finance and ParaSpace are merging to create an entirely new brand upgrade with ParaX. This transition will be completed in 1 to 2 months. After the transition, ParaSpace and Parallel products will be streamlined within ParaX.
After the deployment of ParaX, ParaSpace’s lending products will be streamlined within ParaX, and will make the following adjustments:
- 1.On August 31, 2023 UTC time, the calculation of points for ParaSpace V1 will be closed. Points can only be obtained by interacting with ParaX.
- 2.User migration will start on September 6, 2023 UTC time. After the migration begins, ParaSpace V1 will be closed including: Supply, Borrow, ApeStaking (Stake ApeCoin, Stake NFT, P2P) and other functions. Don’t worry, you can still use these functions in ParaX.
- 3.On September 29, 2023 UTC time, support for all functions of ParaSpace V1's Ethereum mainnet will officially close, and you will only be able to experience the functions of the ParaSpace Ethereum mainnet in ParaX.
- 4.Other networks of ParaSpace will not be affected immediately, including: zkSync, Arbitrum, Polygon and other networks. You can still use them until ParaX is gradually deployed on these chains. Please pay attention to our latest developments so that your positions can be migrated in time.
- 5.It should be noted that even if ParaSpace is completely closed, all ParaSpace Withdraw and Claim related functions will not be affected and you will still be able to Withdraw and Claim your assets and rewards. You just cannot continue to Supply and Borrow.
Last modified 14d ago