News Report Technology
July 02, 2024

Parallel Network Unveils ETH Withdrawal Function, Enabling Funds Transfer To Ethereum Mainnet

In Brief

Parallel Network activated its withdrawal function, allowing users to transfer ETH tokens from the Parallel Network to the Ethereum mainnet.

Parallel Network Unveils ETH Withdrawal Function, Enabling Funds Transfer To Ethereum Mainnet

Omni-chain Layer 2 scaling solution Parallel Network announced the activation of its withdrawal function, allowing users to transfer ETH tokens from the Parallel Network to the Ethereum mainnet.

To initiate the withdrawal process, users are advised to visit the Parallel Bridge website and click on the “Withdraw” button to access the withdrawal page, where they can enter the desired amount of ETH and proceed to sign the transaction. Parallel Network has specified a 7-day redemption transfer period, after which the user’s assets will be successfully withdrawn.

Additionally, Parallel Layer 2 imposes a 7-day redemption period for ETH token withdrawals from its platform to the Ethereum mainnet. Once users initiate a withdrawal request, they must wait for 7 days for the assets to be completely redeemed. Furthermore, withdrawals of any assets from Parallel Layer 2 necessitate ETH tokens for covering gas fees. Users are advised to ensure they have sufficient ETH to cover these fees.

At present, withdrawals for other ERC-20 tokens from Parallel Layer 2 to public blockchains such as Manta, Merlin Chain, and Arbitrum One are nearing completion of deployment. Further updates on the availability of these withdrawals will be provided at a later date, the project noted.

Parallel Network: What Is It?

It positions itself as the first omni-chain restaking Layer 2 solution, consolidating liquidity from diverse blockchains into a unified platform. It utilizes EigenLayer AVS to uphold stringent standards of security and decentralization.

Built on Ethereum and leveraging Arbitrum’s Nitro stack, Parallel Chain is designed to be EVM-compatible. This allows users to perform identical actions on Parallel Network as they would on the Ethereum mainnet, including deploying contracts, using Web3 applications, and interacting with wallets. Additionally, being an optimistic rollup, it inherits numerous security features from Ethereum.

Recently, Parallel achieved a milestone by surpassing 87,500 registered users on its network. Furthermore, its testnet event, launched in May, logged over 142,000 accounts, processed 23 million on-chain transactions, and saw the deployment of 129,000 contracts.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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