TechFlow reported on July 4 that the fully on-chain Layer 2 network, Parallel Network, has announced the successful deployment of ERC-20 token withdrawal functionality on its Parallel L2. Users can now withdraw assets from Parallel L2 to public blockchains such as Ethereum, Manta, Merlin Chain, and Arbitrum One.
For ERC-20 assets (excluding ETH), users need to connect their wallets, select the token and target chain for withdrawal, then confirm the transaction; withdrawals will complete within 10 minutes. ETH withdrawals, however, require a 7-day redemption period, and all withdrawal operations require ETH as gas fees.
Previous report: Parallel Network had already enabled ETH withdrawal functionality on Parallel L2, while withdrawal support for other ERC-20 tokens was in the final deployment phase and expected to be fully launched later this week.
