Parallel Finance provides institutional-grade decentralized finance services including lending, trading, staking and derivatives across multiple chains, with primary products of leverage staking and auction lending. The protocol has accumulated over $700M in TVL and captured 22% of the DOT crowdloan market to date. Since its inception in April 2021, Parallel has pursued pragmatic tools such as interest rate swaps to support long-term growth. The company plans to build products beyond the Polkadot ecosystem and enter ETH- and NFT-related DeFi spaces. Parallel emphasizes borrower quality and transparency via a credit reporting system to protect lenders. It is backed by investors including Sequoia, Founders Fund, Polychain, Lightspeed Venture Partners, Slow Ventures, Blockchain Capital and Alameda Research. Parallel is a Polkadot-based DeFi lending project building lending infrastructure for the Polkadot ecosystem. The Polkadot network has not launched yet, and Parallel is described as one of its marquee projects. Founder Yubo Ruan said the company’s user count jumped 400% since an August fundraising round. Parallel was valued at $150 million in August and the recent token round places the protocol at $250 million. The company completed a strategic token fundraising of more than $1 million. Investors in the round include Sequoia, Founders Fund and Shima Capital, and Sequoia said Parallel could help legacy firms participate in blockchain.

Total raised

$6M

Funding rounds

2

Latest round

Equity

Latest activity

Apr 2022