ParaSpace is a Lending Protocol platform that allows users to borrow and lend NFTs and tokens. The NFT Price Oracle is used to provide value to the NFT, based on the floor price of NFT collections from OpenSea and LarvaLabs (for CryptoPunks).
On the ParaSpace platform, Borrower is the main object that works by putting NFT as collateral to borrow the corresponding amount and receive nToken (standard ERC-721) NFT representing that collateral NFT. Besides, Borrower can also use other collaterals such as tokens and LP tokens on Uniswap V3, vToken (mint on NFTX), Aave's aTokens and Compound's cTokens. In contrast, a Lender is a person who sends an asset (token) to the platform to receive a return.
ParaSpace has partnered with TokenProof and worked with the NFT collections available on the platform to ensure that nToken can use other utilities such as native NFT usage.
In addition, ParaSpace applies an asset liquidation system based on an indicator called the account health factor. This index is calculated based on the ratio of total borrowed assets to total collateral. If this factor is less than 1, the user's assets will be liquidated and put up for auction in the form of a Dutch auction. In it, the auctioneer will announce the highest asking price from the beginning and the asking price will decrease gradually until a buyer accepts, the proceeds will be sent back to the user who has just been liquidated. The auction ends when all users have an account health factor greater than 1.5.
ParaSpace opens an opportunity for users to use the credit generated by it to buy NFTs that are listed on marketplaces like OpenSea, LooksRare. In addition to depositing assets to ParaSpace to increase their credits and purchasing power, users can also participate in the ApeCoin Staking program on the ParaSpace platform with the Bored Ape Yacht Club collection .
Currently, ParaSpace only supports Ethereum, but the project is planning to implement multi-chain on other networks such as AVAX, Polygon, Arbitrum, and Moonbeam to meet the needs of users.
ParaSpace is a product developed by parent company Parrallel Finance, with some key members including:
The project has not provided official information about Tokenomics, we will update this information to you when there is an update from the project.
ParaSpace has received investment from many investment funds, including Coinbase Venture, Pantera, Polychain Capital… ParaSpace's partners in multi-chain deployment on various networks are also major players in the blockchain industry.
ParaSpace is a platform that allows users to leverage a variety of collateral, including NFTs, tokens, and lp tokens, through a lending protocol. While adopting multiple collateral types exposes the platform to more risk, it also helps the platform attract more users. These characteristics make ParaSpace a promising lending platform, providing users with many opportunities to invest and enhance returns. Hopefully this information will help you better understand ParaSpace and its potential.
Ngoài PancakeSwap, hệ sinh thái BNB Chain còn có một AMM khác có TVL đạt 150 triệu USD chỉ sau hai tháng ra mắt, dự án này được gọi là Thena.
UNQ Club is a project that provides a blockchain platform that allows investors to collect and manage existing NFT assets.
Blockade Games provides a platform that allows developers to create blockchain games. In addition, Blockade Games also creates many interesting free games.
In addition to a cryptocurrency storage wallet, SafePal is also known to many investors for its SFP tokens and airdrop events with attractive rewards.
BENQI is one of the important pieces of the Avalanche ecosystem. Join TraderH4 to find out what BENQI (QI) is as well as detailed information about the QI token.
What is IoTeX? This is a blockchain built and developed in conjunction with the Internet of Things (IoT). Join TraderH4 to learn this article.
What is OKB? OKB is an exchange coin of OKX and the OKX Chain blockchain. Let's learn about OKX and OKB exchanges with TraderH4 in this article.
The fever from Akita Inu in the Crypto market in the past time has created a great buzz along with the rapid development of the "dog house token".
DROPP GG brings an innovative and novel idea to provide an NFT mint platform based on geographies outside of the real world.
CronaSwap is a DEX built on Cronos Chain, which has a similar model to Uniswap.
