Parallel Finance

 

Parallel Finance is a decentralised finance super app and a multi-chain Layer 2 network created by Yubo Ruan to enable seamless management of cryptocurrency across multiple blockchains through a unified interface. This way, unlike the need to use multiple applications and wallets to interact with various blockchains, Parallel enables users to conduct transactions such as lending, staking, trading, and liquidity provision all from a single account. The multi-chain ecosystem leverages Arbitrum Orbit to interlink several blockchain networks, including Ethereum, Polkadot, and Arbitrum.

 

In November 2023, ParaX transitioned to the Parallel Finance brand, with the project positioning itself as a DeFi Super App. Later that year, Parallel Network was introduced as an omni-chain Layer 2 focused on unified liquidity and cross-chain execution.

 

Parallel Finance Details

 

Attribute	Details
Category	Layer 2, Omni-chain Infrastructure, DeFi
Earlier Product Positioning	DeFi Super App covering lending, staking, trading, and other Web3 applications
Parallel Network Positioning	Omni-chain Layer 2 designed to unify liquidity across blockchain networks
Underlying Technology	Arbitrum Orbit / Arbitrum Nitro technology
Mainnet Chain ID	1024
Native Gas Currency	ETH
Smart Contract Compatibility	EVM-compatible
Core Technology	Omni-chain liquidity, Broker Accounts, Liquidity Vaults, Account Abstraction, and cross-chain execution
Key Infrastructure Partners	Arbitrum, Conduit, and Socket

 

Key Features of Parallel Finance

 

• • Combines lending, staking, trading, farming, and swapping on one platform.
  • Facilitates staking of assets without restricting their usage within DeFi.
  • Allows users to manage assets across multiple chains from a single account.
  • Supports gas fee sponsorship and automated cross-chain actions for a smoother Web3 experience.
  • Uses audited infrastructure supported by Ethereum and Polkadot security frameworks.

 

Parallel Finance Milestones

 

Year	Achievements
2021	Yubo Ruan founded Parallel Finance after a Stanford University hackathon. It raised seed funding in June 2021 and a $22M Series A led by Polychain Capital in August.
	Secured its victory in the fourth Polkadot Parachain Auction by raising millions of DOT tokens.
2023	Shifted focus to Ethereum with the launch of ParaSpace, an NFTFi lending protocol that lets users use NFTs as collateral.
2024	Introduced its 2024 white paper, marking its shift to an L2 Omni Chain protocol focused on unifying liquidity across multiple blockchain networks.
2025	Parallel Finance announced its transition to Nirvana in March 2025, along with a revamped user experience and product structure.