Parallel Network Airdrop: Guide on Earning Parallel Points

The way to Earn Parallel Factors 

You may earn Parallel Factors by participating in actions on the Parallel Testnet, reminiscent of lending and borrowing. Primarily based on data from the challenge, these Parallel Factors shall be exchangeable for future tokens at a predetermined ratio, though there isn’t a confirmed airdrop interval at time of writing. 

Key Takeaways

• Parallel Community is an Ethereum Layer 2 resolution powered by Arbitrum’s Nitro stack.

• The protocol presents an omni-chain expertise for customers to work together with varied blockchains from one place via consolidated liquidity. 

• It has raised $30 million and is supported by buyers and companions together with Sequoia, Polychain Capital, and Coinbase Ventures.

Parallel Community is a full stack Layer 2 scaling resolution constructed on Ethereum with Arbitrum’s Nitro Stack, the identical expertise behind Arbitrum, AAVE, and Socket DL. It presents an omni-chain that consolidates liquidity from varied blockchains reminiscent of Ethereum, Arbitrum, and Base into one platform by using native L2 Dealer Accounts. The L2 Dealer Accounts are primarily proxy good contracts which act as trustless and noncustodial entities that sit between Automated Consumer Operations and native chains supported by Parallel. With this methodology of using Dealer Accounts, liquidity is aggregated to boost capital effectivity and create an omni-chain ecosystem the place customers can carry out actions on different chains. 

As a scaling resolution constructed on Ethereum, it inherits many safety properties from Ethereum itself whereas offering sooner and cheaper transactions on its varied merchandise together with native yield, lending, and staking. By being an EVM-compatible chain, contracts written for the Ethereum mainnet can be deployed onto Parallel Community with none modifications for customers to work together with Web3 apps, wallets, and extra. Parallel Community additionally goals to supply a platform with a safe, clear surroundings that makes decentralized functions extra accessible whereas decreasing the educational curve for brand new customers. 

Parallel Community’s crew contains people with expertise from Stanford Cryptography and Solidity, Ubudu, and Alibaba, all working to combine educational perception with business expertise. Collectively, the crew has efficiently raised $30 million with backing from Coinbase Ventures, Sequoia, Polychain Capital, and extra. 

Now, Parallel Community’s early entry testnet is open for customers to discover the platform and check out the assorted merchandise. Moreover, customers can earn Parallel Factors which shall be exchangeable for Parallel’s governance token sooner or later. 

The Parallel Factors are tabulated based mostly on Provide and Borrow classes. Interacting inside these two classes as typically as potential will straight affect the buildup of factors that are distributed each hour of the day. Now is an efficient time to work together with the Parallel Community testnet and begin incomes Parallel Factors!

Do take word that there isn’t a confirmed airdrop interval.

Step 1: Join Pockets 

Go to https://app-staging.parallel.fi the place you’ll be prompted to attach your pockets and select the community. Choose Parallel Testnet.

Step 2: Get ETH on Sepolia Testnet

Go to https://faucet.quicknode.com/ethereum/sepolia and join your pockets. Be certain that the chosen Chain is Ethereum and the Community is Sepolia. 

If in case you have a QuickNode account, you’ll be able to log in for a 4x bonus or select to share a tweet for a 2x bonus. In any other case you’ll be able to select to obtain 0.05 ETH.

Do word that the QuickNode faucet solely means that you can declare tokens each 12 hours.

You too can try different Sepolia taps to gather Sepolia ETH. 

Step 3: Bridge ETH to Parallel

Again on Parallel Community, click on on Apps and select Bridge to be redirected to the bridge.

On the bridge, set it to bridge your ETH from Sepolia to Parallel Testnet and proceed to deposit it in your pockets.

Alternatively, if you’re unable to bridge ETH via the Bridge choice beneath Apps, you are able to do so via the Deposit extra button beneath Airdrop.

Do take word that the Parallel Testnet deposits take roughly 5 minutes to enter your pockets. Signal the transaction in your pockets and proceed with the subsequent step whilst you look forward to the deposit to reach in your pockets.

Step 4: Be a part of Airdrop crew

In the identical Apps menu, choose Airdrop to entry the web page.

You will have to enter an invitation code to affix a crew. You should definitely get the code from trusted sources such because the Parallel Telegram neighborhood or you should utilize our code: 2F2D6 to affix. 

Every crew has a most dimension of members so that you won’t be capable of use older codes as soon as the crew has crammed up.

After your code is accepted, join and signal together with your pockets.

Subsequent, you have to to attach your X account. Click on on Join and within the pop-up window, authorize the app to entry your account. 

As soon as your account is related, Twitter can comply with Parallel’s account and retweet the Twitter put up with none extra pop-up home windows. 

Step 5: Create a Parallel Account

Click on Create Parallel Account and Parallel will create the account related to your pockets tackle.

Step 6: Get Take a look at Tokens

Earlier than you will get the check tokens, you have to to deposit the Sepolia ETH to pay for gasoline. You may solely proceed as soon as the ETH has arrived in your pockets on the Parallel testnet.

Click on on Deposit to enter the ETH quantity and ensure the deposit in your pockets.

With ETH now in your Parallel account, you’ll be able to choose Get Take a look at Tokens and ensure the transaction in your pockets. 

As soon as the transaction is executed, your pockets will reload with varied ERC-20 and ERC-721 tokens. 

Step 7: Execute Actions

Again within the Apps menu, head to the Lending utility.

You’ll first want to provide tokens to one of many swimming pools. On this instance, we’re supplying USDT tokens. Enter the quantity and ensure the transaction in your pockets. 

Upon getting equipped, you’ll be able to borrow towards your collateral. Just like the provision instance, we shall be borrowing USDT. Enter the quantity and ensure the transaction in your pockets.

Aside from supplying and borrowing tokens, you can even provide (lend) NFTs. There shall be one Otherdeed NFT in your pockets to provide. 

Click on Provide and select the Otherdeed NFT. Verify the transaction in your pockets.

Step 8: Galxe Marketing campaign (Non-obligatory)

Parallel Community can be working a Galxe marketing campaign, nevertheless, it isn’t obvious if the factors earned on Galxe will influence any future airdrops. 

Head to https://galxe.com/parallel/marketing campaign/GCwDst4jkH and log in together with your pockets.

8A: Comply with on Twitter

The primary process is to comply with Parallel on Twitter which shall be completed through a pop-up window.

8B: Be a part of Discord

Subsequent is to have a member function within the Parallel Community Discord neighborhood. You’ll be prompted by the GalxeBot to just accept an invite to the server which can open your Discord app. Ensure you are already logged in.

Go to the confirm channel to go verification first by filling in a captcha check.

8C: Be a part of Telegram

Equally to Discord, the Galxe Bot will immediate you to affix the Telegram channel. It’s worthwhile to select your nation and enter your cell quantity to obtain a affirmation message in your Telegram account. 

Then settle for the entry request from Galxe Bot.

8D: Like Tweet

A pop-up window will direct you to the tweet to love.

8E: Repost Tweet

A pop-up window will direct you to the tweet to repost.

8F: Create Testnet Account

If in case you have adopted the steps above, this step will routinely be accomplished. 

In any other case, it’s going to redirect you to the Parallel testnet web page the place you’ll be able to create a brand new Parallel account following the step above. 

8G: Refer Pals

You may select to refer pals through a hyperlink, QR code, or tweet.

Sidenotes

It’s possible you’ll encounter some error messages whereas interacting with the Parallel testnet. That is regular for testnets and you may refresh the web page, disconnect and reconnect your pockets, and even strive once more at a later time.

Crypto testnets let customers work together with varied merchandise and options with no need to take a position any capital. All tokens used are check tokens that act to signify the worth of actual tokens and might solely be used on the testnet. 

Conclusion

Parallel Community is an omni-chain platform that provides customers the chance to work together with varied blockchains from one place by using a consolidated liquidity mechanism. It’s at the moment working its early entry testnet part for customers to discover the ecosystem whereas incomes Parallel Factors for a future airdrop of the protocol’s governance token. 

Stephanie Goh

Stephanie has a eager curiosity in breaking down complicated subjects into beginner-friendly items. She has been within the crypto area since 2020 and needs to proceed contributing to the demystification of the crypto business to a broader viewers.