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December 28, 2023

Parallel Labs to Launch Parallel Network, a Layer 2 Built on Arbitrum Orbit

In Brief

Parallel Labs today announced the launch of Parallel Network, an inaugural Layer 2 platform built on Arbitrum Orbit chain.

Parallel Labs to Launch Parallel Network, the First Arbitrum Orbit Layer 2 on Mainnet

Parallel Labs today announced it is set to launch Parallel Network as the inaugural Arbitrum Orbit chain on the mainnet.

The strategic integration with Arbitrum Orbit aims to highlight Parallel Labs’ commitment to establishing an all-encompassing Parallel ecosystem that can integrate diverse DeFi and NFT protocols, consolidating liquidity from various chains into a unified platform. Parallel Network will focus on ease of use and responsiveness, with a intuitive design.

Powered by Arbitrum Orbit, the platform will offer a solution for building Layer 2s and Layer 3s, easing user experience through scalability and efficiency — while upholding the robust security standards of Ethereum.

“Parallel Network supports cross-chain interoperability. Currently, Layer 2 blockchains introduce many inefficiencies, including needing to bridge, liquidity fragmentation, and multi-wallet overhead. This doesn’t take into account that there will be hundreds of L2s in the future,” Yubo Ruan, CEO and founder of Parallel Finance told Metaverse Post. “Parallel addresses these issues through unified multi-chain margin accounts: creating one wallet for all chains.”

Meeting the Demand for Scalability and Efficiency

Amid the evolving digital terrain, the demand for scalable, efficient and user-friendly solutions has reached unprecedented levels.

Fueled by the surging interest in decentralized applications (dApps), the sustained expansion of the Ethereum ecosystem, and the existing fragmented liquidity across different chains, Parallel Labs said it recognized the imperative for a new Layer 2 solution. Parallel Network aims to provide a frictionless user experience by amalgamating liquidity from diverse chains into a single, accessible space.

“While L2s help scale Ethereum and are more cost-effective, liquidity becomes increasingly dispersed. Users first need to transfer their liquidity across different chains through bridges, then manage their multi-chain/multi-account liquidity. This is incredibly inefficient in terms of capital usage and the user experience,” said Parallel Finance’s Yubo Ruan.

“Parallel addresses this issue through its innovative broker accounts, which enables automated user operations and helps users establish a unified multi-chain account. This in turn creates a design for the everyday user: one account, instant liquidity, and across all chains,” he added.

At the core of Parallel Network lies Parallel’s DeFi and NFT super app, encompassing trading, staking, lending, and more. This amalgamation of UI/UX aids easy access for liquidity across any chain. The offerings from Parallel include gas-now-pay-later, omni-chain liquidity outposts, intent-centric execution, native yield for all assets, and heightened privacy and security features.

“On top of sponsoring native Parallel Network transactions, users can opt in to pay for the gas after the intended transaction through the yield they earn. Omni-chain liquidity outposts will facilitate Parallel’s multi-chain liquidity, enabling users to freely transfer liquidity throughout each chain as well as conveniently allow users to purchase tokens on any chain without having exposure,” Parallel Finance’s Yubo Ruan told Metaverse Post.

To experience Parallel Network firsthand, Parallel Labs announced that interested users can participate in Parallel’s Early Access program set to launch in January. The initiative will provide an exclusive glimpse into the new blockchain experience, allowing users to deposit both ERC-20 tokens and NFTs into Parallel Network, earning native yield and Parallel Points.

“Parallel envisions a multi-chain future, with hundreds of Layer 2 networks serving various markets and application scenarios. Unfortunately, it is unrealistic to assume the average, everyday user should be responsible to use a new network for each use case,” said Parallel Finance’s Yubo Ruan. “Parallel aims to address this issue through innovative technical design, aggregating liquidity across all networks to enhance capital efficiency and user experience.”

Disclaimer

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About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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