TechFlow News — NFT lending protocol ParaSpace and Polkadot-based DeFi platform Parallel Finance have announced a merger to launch a new brand, ParaX. ParaX will become a Web3 super app built on account abstraction and zkVM, with a combined total value locked (TVL) exceeding $250 million. The goal of ParaX is to create a Web3 super-app ecosystem based on the existing products from ParaSpace and Parallel, incorporating technologies such as account abstraction, meta user interface (MUI), and zkVM.
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Multi-chain Account Abstraction (MAA) enables users to manage multi-chain assets and identities more easily. Users can have a single identity for authentication and authorization across multiple applications and platforms, enhancing control over personal data.
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A Meta User Interface (MUI) has been developed, allowing users to interact with all their favorite applications through a single dashboard. Users no longer need to know which chain they are on or which application to use. It also simplifies Web3 operations via one-click batch transactions, bundling multiple transactions into one, streamlining the signing process.
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ParaVM, a zkVM infrastructure, is under development to support cross-chain high-yield optimizers, cross-chain lending, and multi-collateral models.
To thank and reward migrating users, ParaX has released the ParaX Badge NFTs, which grant additional benefits and points allocations within the ParaX ecosystem. ParaX Badges are limited to the first 2,000 users who migrate to ParaX within a specified time window. (Migration requires transactions and gas fees; estimates suggest typical costs range between $50–$200 at gas prices below 20 Gwei.)
ParaX will implement a dual-points system, including both ParaSpace and ParaX points. ParaX will also launch a new dashboard to track users’ historical activities across ParaSpace and ParaX.
