Parallel Finance, ParaSpace Merging for Web3 Super App

Parallel Finance and ParaSpace are merging to form ParaX, an omni-chain platform aimed to simplify and enhance the web3 experience.

The Deets

Omni-chain Platform: ParaX is set to integrate products from both Parallel Finance and ParaSpace, offering a unified, omni-chain platform.
Core Features: Initial functionalities include Multi-chain Account Abstraction (MAA), Meta User Interface (MUI), and Batch Transactions.
Future Prospects: Three new mini-app ideas, including Omni-chain Yield Optimizer and Omni-chain Lending, are in the exploration phase.

The Bulk

Parallel Finance and ParaSpace are merging to form a new entity known as ParaX. This platform will combine the best of both worlds: account abstraction and zkVM from Parallel Finance, along with ParaSpace's renowned interface and user-centric design.

One of the standout features of this merger is the introduction of the ParaX super app. Built atop the robust architecture of existing Parallel and ParaSpace products, this app aims to abstract away the complexities of cross-chain operations and accounts, thus offering a streamlined user experience.

For example, with the super app users can login to a single interface and interact with their "accounts" on Blur, OpenSea, and Uniswap from a single dashboard, removing the need to engage with multiple apps or browsers.

This core feature is described as Multi-chain Account Abstraction (MAA). This allows users to manage their multi-chain assets and identities seamlessly, under a single identity. Users can take advantage of the multi-chain account abstraction from the Meta User Interface (MUI), an all-in-one dashboard that eradicates the need to juggle between different apps and platforms. Lastly, ParaX will allow for Batch Transactions, which simplify the user experience further by bundling multiple transactions into a single entity for easier and less frequent signing.

ParaX is not stopping at these initial functionalities. It is actively exploring the possibility of integrating more advanced features like Omni-chain Yield Optimizer, Omni-chain Lending, and a Multi-underwriting Model.

📊 By the Numbers

ParaSpace and Parallel Finance combine for more than $250 million in TVL today.

🎤 Founder Feedback

A genuine super app is really only feasible in Web3. In Web2, the restricted nature of data and APIs makes it challenging to interweave and integrate apps. But in Web3, with smart contracts being open and data being transparent, it becomes a real possibility.ParaSpace

🎬 Take Action

ParaSpace or Parallel Finance users can prepare to migrate assets to ParaX's account abstraction wallet in the coming weeks. Dedicated tutorials will be released shortly. The first 2,000 users to migrate will earn a ParaX Medal NFT. It is expected to cost around $50-200 to migrate assets.

🔜 What's Next

Once ParaX is deployed, ParaSpace's Ethereum mainnet product will be phased out, likely by Sept. 30. ParaSpace's Polygon, zkSync, Arbitrum and Moonbeam products will run normally with ParaX support being deployed over the next few months.

For more web3 and NFT news, visit the Lucky Trader newsfeed.

Author Bio

Logan Hitchcock

NFT Analyst

Logan is a content lead at Lucky Trader and is best known for selling every good NFT far too early. He also maintains an irrational exuberance for clay-based NFTs.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.