In this ongoing bullish cryptocurrency market, the upcoming Parallel Network airdrop is giving you a chance to earn free cryptocurrency. However, anyone can earn free cryptocurrency through airdrop by following a few simple steps. Additionally, Parallel Network disclosed this airdrop just after a $35 million fundraising from Polychain Capital and Coinbase Venture.
In this article, you will get to know more about Parallel Network airdrop details, Parallel Network airdrop eligibility, how to claim Parallel Network airdrop, and many more things. So, read till the end.
Parallel Network Airdrop Detail
Parallel Network recently raised a massive $34 million of funds at a $495 million valuation from Polychain Capital, Coinbase Venture, Blockchain Capital, Pantera, SHIMA Capital, and others. Following its recent funding, it discloses its future roadmap of token launch “PARA token” and distribution of free tokens to the testnet participants.
Total PARA token distribution – 2.5 billion for the early support of testnet.
Parallel Network airdrop eligibility
In this upcoming Parallel Network airdrop the crypto enthusiasts who had supported Parallel testnet are eligible for this airdrop.
- Besides the support of Parallel testnet crypto enthusiasts who have earned parallel points through lending all Parallel Diamonds earned through Early Access will go towards the future airdrop for Parallel governance tokens.
- You can also earn Parallel Points and additional Stader incentives through staking ETHx to Parallel
- Earn Parallel Points by supplying rsETH to Parallel, crypto enthusiasts can earn a 1.5x bonus on Kelp (a restaking platform with over $600 million of Total Value Locked), 1.5x parallel points, and extra rewards.
By supplying rsETH to Parallel, users can benefit from earning Parallel's native yield, 1.5x Parallel Points, 1.5x Kelp benefits, and extra rewards.
Don't miss your chance to supply rsETH during Parallel's Early Access, more details coming soon!
— Parallel Network (@ParallelFi) February 29, 2024
These are the following things by following this crypto enthusiasts can earn Parallel points which will convert into PARA tokens.
How to claim Parallel Network Airdrop?
To claim the Parallel Network airdrop all you need to do is follow these simple steps,
Step 1: Visit the URL: https://app-staging.parallel.fi/
Step 2: Once you open the URL you need to select Parallel Testnet and connect with your MetaMask or Trust Wallet.
Step 3: Now you click on Apps, once you open it go to the top right corner where you will find “Airdrop”.
Step 4: After you click on the Airdrop section, you need to enter some code like “BB78M” or something like this and complete the X’s (Previously Twitter) tasks to successfully sign up for the Airdrop.
Step 5: Visit the URL: https://www.alchemy.com/faucets/ethereum-sepolia
Step 6: Once you visit the mentioned link, from there you will have to get some Sepolia ETH.
Step 7: Once you get Sepolia ETH bridge it with Parallel Testnet.
Step 8: To Bridge Sepolia ETH to Parallel Testnet, Visit: https://surprised-harlequin-bonobo-fvcy2k9oqh.testnets.superbridge.app/
Step 9: Once you Bridge your Sepolia ETH to Parallel Testnet, Visit the step1 link (Parallel Testnet) and click to create Parallel Account.
Step 10: Now, from there go back to the “Apps section” and “click on Wallet”
Step 11: Once you click on Wallet, claim your testnet tokens.
Step 12: Once you claim your testnet tokens, come back to your “App section.”
Step 13: Once you come to the App section, now go to the Lending section.
Step 14: After you select Lending Section, all you need to do is supply testnet NFT and tokens. Once you supply, now you will be eligible to borrow assets.
Step 15: Once you do all these things, you will earn testnet points for your interaction with Parallel testnet apps.
Step 16: To earn more testnet points, you should link with the different testnet networks available such as Goerli and others.
Step 17: You can earn more testnet points by inviting your friends.
However, if you follow all the above steps and collect testnet points based on your interaction with the testnet you will receive a PARA token for free as a Parallel Network airdrop.
What is a Parallel Network?
Parallel Network is a first layer 2 scaling solution for Gas fees it is built on Ethereum, and is powered by Arbitrum’s Nitro Stack and it is backed by Coinbase and Sequoia. It is designed and developed in such a way that the users, who are experiencing massive gas fees for their every transaction will now be free from those gas fees. As the gas fees are absorbed by the Network. Parallel is the first Layer 2 solution that absorbs your gas fees with an experience unparalleled experience.
Besides, this innovative solution for investors as well as traders, Parallel chain is EVM compatible. Here, EVM-compatible means the developers or users can do anything on a Parallel network like deploy contracts, interact with wallet, use web3 applications, and many more features.
Besides all these features, Parallel Network also comes up with an impressive security solution. Parallel Network offers high-quality security by utilizing advanced intrusion detection systems and firewalls and also deploying Virtual LANs (VLANs) for effective security so that they can safeguard against local threats.
Use Cases of Parallel Network
Here, on a Parallel network crypto enthusiasts can use various features like:
- Cryptocurrency lending or NFT & ERC-20 Lending
- Staking Cryptocurrency
- Crypto users can use [Buy Now Pay Later app] to Buy NFTs with credit
- Parallel Networks can be also used for Payment
- Also, crypto enthusiasts use this platform for Trading
These are all the things that crypto enthusiasts can do on one single platform i.e., Parallel Network.
Conclusion
In this ongoing airdrop season, after getting funding of $34 million from Polychain Capital and Coinbase Venture Parallel Network coming up with a PARA token airdrop. However, Users can easily claim free token airdrop by following a few tasks and steps. Additionally, Parallel Network also offers a wide variety of features to users from staking, lending, trading, and many other facilities. These features in Parallel, are the reason behind investors are bullish on this crypto project.
Frequently Asked Questions (FAQs)
Parallel Network Funding Details
Recently, Parallel Network has raised a massive fund of $34 million from different venture capitalists including Polychain Capital, Coinbase Venture, Blockchain Capital, Pantera, SHIMA Capital, and others.
Is Parallel Network Airdrop confirmed?
Yes, indeed, Parallel Network has confirmed that is going to distribute free PARA tokens to the eligible participants who had supported Parallel testnet earlier.
How many PARA tokens will be distributed in Airdrop?
A total of 2.5 billion PARA tokens will distributed for the early support of testnet.
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