PRESS RELEASE
Published October 3, 2023
On October 3rd, DeFi derivatives decentralized lending startup ParaFinance successfully completed a $5 million seed funding round, with participation from OKX Ventures, Kosmos Ventures, Uniswap Labs, and Gate Labs.
ParaFinance is a fully decentralized lending platform built on the Arbitrum chain, dedicated to providing exceptional financial services to all users. ParaFinance’s lending and collateral products aim to deliver an unparalleled product experience, and here are some of ParaFinance’s key advantages:
1. ParaFinance Lending Products:
ParaFinance offers a diverse range of collateral assets for users to choose from. With a wide selection of digital assets, including WBTC, ETH, UNI, and ARB, users can use these as collateral. ParaFinance provides one of the most competitive digital asset collateral ratios in the market, offering users a broad range of choices to meet various financial needs.
2. Easy Access to Stablecoins:
Through the ParaFinance lending platform, users can easily access stablecoins like USDT, DAI, and USDC without the hassle of complex processes or lengthy approvals. This allows users to manage their funds’ liquidity with ease.
3. Complete Decentralization:
ParaFinance adheres to the decentralized principles of blockchain, ensuring the safety of users’ assets. Pledged assets are securely locked in smart contracts, immune to third-party interference, ensuring the safety and privacy of user funds.
4. PARA Token Rewards from BTC, ETH, and ARB Collateral:
araFinance offers various collateral options to meet different user needs, including two collateral mining methods. Users can opt for flexible collateral withdrawal through the current account or choose different collateral lock-up periods to maximize their collateral returns.
5. PARA Token Revenue Sources:
– PARA’s lending pool is governed by a smart contract. Users pledge assets or deposit funds to lend to other users instantly through PARA’s lending protocol, where assets pledged in the pool are borrowed.
– The PARA lending protocol only allows overcollateralized loans, minimizing the risk of defaults. Loans are executed based on previously deposited collateral, and users can choose to repay at any time
– User scenarios for lending: Users can pledge their existing crypto assets, borrow a portion in stablecoins, and invest in tokens they believe in. For instance, if a user has a strong belief in BTC, they can deposit their existing BTC in the PARA protocol, hypothetically worth $20,000. They can then borrow $14,000 from PARA and purchase more BTC on a specific exchange. This way, the user will own $34,000 worth of BTC while initially having only $20,000. In case of a bearish market, the process can be reversed by pledging stablecoins.
– Collateral providers receive income from lending borrower interest, platform tokens, redemption, trading, and earnings generated during the operation of the leveraged pool. Borrowers quickly obtain loans, and in cases of high market demand, this can contribute to an increase in the value of the PARA token.
ParaFinance is a fully decentralized lending platform built on Arbitrum, dedicated to offering efficient and cost-effective lending solutions for users. ParaFinance will create more financial opportunities while ensuring the safety of users’ assets. Whether you are a beginner or an experienced digital asset holder, ParaFinance can meet your financial needs. Join ParaFinance and explore the future of decentralized finance!
Media Contact
Company Name: ParaFinance
Contact Person: PARA Support
Email: Send Email
Country: China
Website: https://www.parafinance.network/
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