Welcome to Parallels Finance: Deposit Dai, Earn ETH
We are bringing to the #DeFi world a unique way to get a sustainable income written in the Parallels smart contract code.
INTRO
Market purchasing isn’t for everybody. Danger disinclined speculators might be bullish on ETH or BTC however are hesitant to hazard their capital in unstable business sectors.
Parallels is a convention that offers inactive no-misfortune interest in any token by following a Dollar-Cost Averaging technique utilizing stablecoin yield. Beginning with ETH.
Clients store Dai and get a vault token in a 1:1 proportion. The vault at that point puts Dai in a yield streamlining agent convention, for example, Yearn. Profit are ceaselessly traded to ETH and circulated to contributors as long as they hold the vault token. Dai is withdrawable at any time.
Fueled By Yearn V1 Vaults
To make this system beneficial, created yield should be sufficiently high to fabricate a sizable ETH position over the long haul. Fortunately, the YFI group was sufficiently benevolent to offer to whitelist our vaults to incorporate with the unreleased Yearn v1 yDai vault, at present producing an expected 25% APY. This additionally implies that Parallels Finance investors are among the main first to utilize Yearn v1 before it is openly delivered on Parallels.Finance.
Guarded Launch
Parallels contract is under audition. Therefore, deposits in the protocol are temporarily capped at 240k Dai globally. This permits the protocol to be fight tried while decreasing the overall danger. As the contract ends up being secure after some time, the cap will be gradually raised and more vaults will be created.
Trust Assumptions
Administrator keys are intensely limited. The objective is to find some kind of harmony between limited trust and recoverability. Keys can be utilized to oversee vault and procedure boundaries yet can’t suddenly update the vault, move user deposits or prevent withdrawals. It would be ideal if you read the code on Github to check.
A rescue function can be called by the admin key to withdraw from the vault but is subject to a 2-day timelock which we ask users to watch on Etherscan. Any unannounced transactions sent by the admin key to the timelock should be considered malicious until proven otherwise and depositors must withdraw within 2 days. The timelock is only a temporary escape hatch and will be removed once the protocol’s safety is proven.
Parallels Platform
We are building a strong platform to every DeFi user that want to interact with the Parallels protocol and the v1 Vault.
Sneak a Peek:
Lottery function:
NFTs mining:
Roadmap
Parallels started as a solo project but is beginning to gather a community around. Its future will be decided by contributors and early community. The immediate next step is the launch of more vaults for passively investing in other tokens. Beyond that is yet to be discovered. If you want to help shape the future of the protocol, come and hang on Telegram, or if you just want to keep up, subscribe to the Telegram announcement channel and follow us on Twitter.
GITHUB
https://github.com/ParallelsFinance-ui/parallels-protocol-main
Social
Twitter: https://twitter.com/ParallelsFin
Telegram: https://t.me/parallelsfinance
Telegram ANN: https://t.me/parallelsfinanceANN
