SAN FRANCISCO, CA / ACCESSWIRE / September 2, 2023 / With the continuous development of blockchain infrastructure and applications, Web3 is emerging as the promised land of the next generation internet. However, Web3 still faces numerous challenges in practical application, such as user experience, scalability, and regulatory environments. Among the core issues mentioned above, the latter two are steadily progressing.
Scalability is being driven by technological advancements, as various Layer 2s are gradually forming, and new Layer 1s are competing for the deployment of flagship applications. This means that issues like network latency and high gas fees no longer restrict user entry and retention as they did in the past. Additionally, regulations in major countries are evolving towards greater clarity and alignment.
Web3 applications still have a learning curve and technical barriers for Web2 users. The lack of intuitive, user-friendly interfaces and simplified workflows limits broader adoption. In other words, Web3 lacks a killer app platform that would allow "non-experts" to enjoy the same experience as Web2 without needing to understand the underlying technical intricacies of Web3.
Currently, the closest to this ideal is the Web3 wallet. Wallets integrate multiple applications across different chains, making on-chain activities more efficient. Account abstraction wallets have also become quite popular this year. However, despite improvements in user experience, interacting with other DeFi applications still involves complex processes and barriers.
Is it possible to extend wallets from being mere account attributes to unified entry platforms for multi-chain applications? The ParaX team may have the answer.
Who is ParaX
ParaX is the result of the merger and rebrand between ParaSpace and Parallel Finance. With this, ParaX will create a broader, omni-chain platform that encompasses both products. Together, both companies have accumulated over $250 million in Total Value Locked with over 300,000 users.
ParaX is a Web3 super app aiming to empower users with their ecosystem, built on top of existing ParaSpace and Parallel products and encompassing account abstraction, meta user interface, zkVM, and more.
Multi-chain Account Abstraction
Multi-chain Account Abstraction (MAA) reduces the individual account attributes on each chain and consolidates them into a unified account representation, similar to accounts on centralized exchanges.
This model enables users to conveniently manage and control their multi-chain assets and identities when using Web3 applications. Users can have a single identity, which can be authenticated and authorized across multiple applications and platforms, increasing control over their own data. ParaX's multi-chain account abstraction collects users' on-chain transaction and asset data on different target chains by establishing smart contracts. This data is then presented in the account interface of ParaX.Meta-User Interface (MUI)
A single interface that lets users interact with all of their favorite apps from a single dashboard. Users won't need to know what chain they're on, or which app they should use, which makes it easy for anyone to utilize Web3.
ParaX offers two types of user interfaces:
- Simplified: Essential features required by users, omitting intermediate processes to reduce the barrier to entry.
- Professional: Users can choose specific dApps according to their usual preferences and needs.
Infrastructure: ParaVM
Powering this will be a state-of-the-art zkVM infrastructure called ParaVM. ParaVM is being developed entirely to serve the requirements of more complex ParaX applications. The team will work to build on top of existing zkVM projects such as Risc Zero, Axiom, and Hyper Oracle. In the long term, ParaVM will attract developers to build more "mini apps," further enriching the ParaX ecosystem.
Currently, ParaVM is still in development, and it's important to stay updated on its progress.
Three Major "Aggregation" Mechanisms
ParaX can unlock a new realm of possibilities. The team is already exploring three new ideas for mini applications to build within the ParaX ecosystem, including:
- Omni-chain Yield Optimizer: Move assets automatically and trustlessly from one yield protocol to another, on any chain, according to a user's predefined criteria.
- Omni-chain Lending: Collateral on any chain can contribute to a common credit account.
- Multi-underwriting Model: Lenders can choose appropriate loan ranges based on different assets and their rating standards. Borrowers can borrow against any onchain collateral on the risk curve and enjoy customized interest rate markets.
Why ParaX?
ParaX aims to become a Web3 traffic gateway, which not only requires innovation within the project itself, but also relies on the team's experience and capabilities for sustainable operation. ParaX is an application platform resulting from the merger of Parallel Finance and its subsidiary ParaSpace. The ParaX team possesses extensive industry experience and resources.
Summary
When comparing the evolution of Web2, ParaX's project development trajectory resembles that of WeChat. WeChat started with IM instant messaging as an initial traffic point and later opened up development standards, forming an application platform through mini-programs.
However, Web2 faced limitations with data sharing and API, making it difficult to have a unified entry point. In contrast, Web3 has inherent openness advantages, not restricted by traffic island limitations from company-centric models. Instead, it can form an application platform through integrating multi-chain DApps
ParaX's history of successful projects, combined with the expertise of its team and their accurate predictions of industry trends, positions them to establish the foundational conditions necessary for the extensive adoption of Web3.
About the Team
Parallel Finance, founded in 2021 by tech entrepreneur Yubo Ruan, has the goal of bringing DeFi to 1 billion people. Since Parallel launched, the protocol has become one of the largest Super Apps within the Polkadot ecosystem, with more than $180m TVL and 300,000 users.
In December 2022, Parallel Finance incubated ParaSpace, marking another innovative step by Ruan in the newly formed NFT finance ecosystem. ParaSpace has made great strides since launching, becoming a leading NFT lending platform with more than $80m TVL and 7,500 users.
The success of these two companies has positioned Parallel to raise more than $30 million from leading VCs, including Polychain, Coinbase, Starkware, Sequoia, and more. With this investment and their world-class partnerships, the new ParaX platform will pave the way for the future of Web3.
Media Details
City: San Francisco
Company name: Parallel Technology Holdings
Website: https://para.space/
Contact: yubo@parallel.fi
Email Address: yubo@parallel.fi
SOURCE: Parallel Technology Holdings
