Auction loan product: https://crowdloan.parallel.fi/#/auction/polkadot
Clover is rewarding up to 12% extra early bird bonus
Clover, one of Parallel's best partners, is providing up to 12% extra early bird bonus and other extra rewards to users who contribute from Parallel’s platform Auction loan product.
Clover’s early bird bonus for users who contribute from Parallel’s Auction Loan:
12% early bird bonus| Before Nov.18
4% early bird bonus| Nov.18 — Nov.25
2% early bird bonus| Nov.25 — Dec.16
Clover enables users to securely send, receive, and transact tokens and NFT assets on multiple chains all in one wallet.
Why you should participate in crowdloans by using Parallel’s auction loan
Parallel Finance launched the auction loan product, to incentivize crowdloan participants with increased utilization of funds and the ability to attain higher returns. Through Parallel’s auction loan, users can get multi-layer rewards and contribute to any crowdloan on the platform.
In summary, the Auction Loan product features are:
- Users can participate in any crowdloan projects through Parallel’s platform.
By contributing to crowdloans through Parallel’s platform, users can gain higher returns through additional bonus rewards.
If users participate in the crowdloan through Parallel’s auction loan, they will get: 1 DOT = Project A’s basic reward + X% project A’s extra bonus + Y% Project A’s extra bonus + $PARA bonus
In comparison, participating in project A’s crowdloan through Polkadot.js, they will only earn: 1 DOT = Project A’ basic bonus
2. Users can gain access to early liquidity through the auction loan and are not held up by the 2-year DOT locked up period.
By participating in project A’s crowdloan through the auction loan product, users will get cDOT-A derivatives. These are liquid assets that can be traded on the AMM market or collateralized in the lending market, when our parachain launches.
Recently, we announced new partnerships with projects who will be giving bonus rewards for Parallel’s auction loan product users.
For Parallel’s crowdloan, you can earn up to 40% extra early bird bonus
For Parallel’s crowdloan, you can earn up to 40% extra bonus when you use the auction loan platform to participate.
In addition to the 1 DOT = 33 PARA basic reward, you can also get up to 40% early bird bonus and other kinds of bonuses.
Parallel’s auction loan product maximizes the rewards you can earn on bonuses when you participate in parachain crowdloans. You can also stay liquid, by getting cDOT when you lock your DOTs. The cDOT has utility in Parallel’s money market and AMM.
Things you should know about cDOT
How does cDOT work?
When users contribute to the auction loan platform, we issue cDOT and it has utility.
cDOT is a native token on Parallel’s platform and it is redeemable for DOT at the end of the winning project’s parachain leasing period. The cDOT tokens will be issued after Parallel’s network launches and they will be named accordingly to the parachain platform (see a hypothetical example here):
Users are able to receive cDOT after Parallel’s parachain launches. The cDOT is immediately transferrable and can be used for different types of DeFi applications on Parallel’s platform.
The first use case of cDOT: adding to the money market.
By supplying cDOT to our money market, users are able to use it as collateral to borrow assets. Currently, we only support borrowing DOT assets.
The second use case is: trading cDOT in our AMM market.
For users that need early access to liquidity, they are able to sell for DOT and are not subject to the lock up period.
With additional bonuses and cDOT as liquidity, Parallel wants to provide you a great two years journey with much higher capital efficiency and liquidity.
How Auction loan works
Check out this video made by our founder, Yubo Ruan, and how you can earn up to 40% bonus:
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Earn up to 12% extra on Clover crowdloan bonus by using Parallel’s auction loan was originally published in Parallel Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.