This venture includes the integration of ParaSpace’s NFT loan agreement and Parallel Finance’s loan agreement, driving the development of a comprehensive ecosystem.
At the heart of ParaX’s evolution is its transformation into a Web3 super application, powered by account abstraction and zkVM technology. This ecosystem is rooted in the foundations of both ParaSpace and Parallel products and includes account abstraction, the meta UI, and zkVM components.
In addition, the teams are actively exploring the creation of mini-apps within the ParaX ecosystem, including full-chain return optimization, comprehensive credit solutions and various underwriting models. To facilitate these efforts, the infrastructure of a zkVM called “ParaVM” is under construction.
ParaSpace’s roadmap includes phasing out all Ethereum mainnet features by September 30, 2023, following the implementation of ParaX.
Meanwhile, the functionalities of Polygon, zkSync, Arbitrum, and Moonbeam will continue to exist and steadily expand across these networks over the coming months, necessitating migrations that will incur transaction costs.
Estimated at about $50-200 for the average user with less than 20 Gwei, these fees will be accompanied by a notable ParaX initiative, the “ParaX Medal” NFT. Exclusively for the first 2,000 migrants to ParaX, the NFT serves as a temporary memorial.
Parallel Finance emphasizes streamlined parallelism within the ParaX ecosystem, avoiding the need for immediate asset migrations on Polkadot. The Parallel wallet and extension will be renamed ParaX wallet.
As the transition unfolds, PARA and HKO token holders can anticipate future airdrops, with precise amounts tied to token holdings and on-chain activity.
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