Complete set of Origin Protocol project and OGN cryptocurrency
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Overview of the ParaSpace project – a remarkable Lending Protocol platform
About the ParaSpace project
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.
Highlights of ParaSpace
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.
Development team
ParaSpace is a product developed by parent company Parrallel Finance, with some key members including:
- Yubo Ruan is the Founder of ParaSpace, graduated with a bachelor's degree in computer science from Stanford University. Prior to that, he founded Alisimba Technologies Inc in 2014 and invested in many projects in the Crypto market, including Solana and Polkadot. He founded Parrallel Finance in 2021 and ParaSpace in 2022 to develop NFT products.
- Jonathan C took up the role of Product Manager at ParaSpace, graduated with a bachelor's degree in aerospace from the University of Sydney. Before joining ParaSpace, he worked for Uber and Crypto.com as Product Manager.
- Walid Al Habboul: Principal Blockchain Engineer at ParaSpace, majoring in computer science at Simon Fraser University. Prior to joining ParaSpace, he worked for Amazon as a Software Engineer and moved on to lead development engineer for Parrallel Finance and ParaSpace in 2022.
Tokenomics
The project has not provided official information about Tokenomics, we will update this information to you when there is an update from the project.
Investors
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.
Epilogue
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.
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