ChainCatcher news, according to the Snapshot governance page, the NFT lending protocol ParaSpace has passed the proposal "Allowing ApeCoin staked in the ParaSpace protocol to retain voting rights" initiated by the ApeCoin DAO community with a 89.01% approval rate.

ChainCatcher news, according to official sources, the NFT lending protocol ParaSpace has released the ParaX white paper. The ParaX ecosystem is based on the existing ParaSpace and Parallel products, covering account abstraction, meta user interfaces, zkVM, AI-Intent Interpreter, and more.ParaX aims to simplify user interactions with Web3 applications by introducing an automated smart execution layer.

ChaniCatcher news, the NFT lending protocol ParaSpace announced on social media that the first batch of 200 ParaX medals will be airdropped to the first 200 accounts that migrated to ParaX at 10:00 AM Beijing time on September 9.The total number of NFTs for users who migrated to ParaX is 2000, including the first batch of 200 NFTs. 1000 NFTs will be airdropped to the top 1000 migrating accounts ranked by TVL and BNPL; 800 NFTs will be airdropped to those who did not make it to the top 1000 but still completed the migration (first come, first served).

ChainCatcher news, ParaSpace tweeted that the ParaX migration will begin today at 18:00. ParaSpace stated that the rates may fluctuate at the start of the migration, and it is recommended that users repay all high-interest loans to avoid being affected. Users are also advised to migrate when Gas is below 20 Gwei.In previous news, ParaX enhances the Web3 experience through account abstraction, meta-user interfaces, and batch transactions. ParaSpace will migrate to ParaX and will assist top TVL accounts in migrating to the new ParaX platform starting today. Additionally, the official ParaX Medal NFT will be launched, and these NFTs will be airdropped to eligible migrating users during the first week of the migration process.

ChainCatcher news, the NFT lending protocol ParaSpace tweeted that ParaX has enhanced the Web3 experience through account abstraction, meta-user interfaces, and batch transactions. ParaSpace will migrate to ParaX and will assist top TVL accounts in migrating to the new ParaX platform.In addition, the official will launch the ParaX Medal NFT, which will be airdropped to eligible migrating users during the first week of the migration process. The specific distribution is as follows: 200 NFTs will be airdropped to top accounts that help stabilize the exchange rate; 1000 NFTs will be airdropped to the top 1000 migrating accounts ranked by TVL and BNPL; 800 NFTs will be airdropped to those who did not make it into the top 1000 but still completed the migration (first come, first served).ChainCatcher previously reported that the NFT lending protocol ParaSpace is merging with the Polkadot ecosystem DeFi protocol Parallel Finance and will rebrand as ParaX, becoming a Web3 super application powered by account abstraction and zkVM, aiming to provide users with the ParaX ecosystem covering account abstraction, meta-user interfaces, zkVM, etc., allowing users to manage their multi-chain assets and identities more conveniently.

ChainCatcher news, the NFT lending protocol ParaSpace is merging with the Polkadot ecosystem DeFi protocol Parallel Finance and will rebrand as ParaX, becoming a Web3 super application powered by account abstraction and zkVM. The goal is to provide users with the ParaX ecosystem covering account abstraction, meta user interfaces, zkVM, etc., allowing users to manage their multi-chain assets and identities more conveniently.

ChainCatcher news, ParaSpace announced on social media that it will soon launch on the ZkSync network, supporting ETH, USDC, and WBTC.

ChainCatcher news, the NFT lending protocol ParaSpace tweeted that between July 3 and July 4, a small number of users' assets were liquidated at prices below the floor price, and affected users have been contacted and compensated for the difference.This occurred because the Dutch auction was running on the backend without displaying the assets being auctioned on the frontend. When the liquidation was triggered, successfully purchasing the NFT would terminate the auction.

ChainCatcher news, according to the official Twitter, ParaSpace has announced the upcoming release of version 2.0, which is the largest upgrade for ParaSpace to date, aimed at enhancing decentralized liquidity.The main features of the new version include: enabling universal liquidity for assets accessible to anyone, and creating a new generation of lending forms together with the community. (Source link)

ChainCatcher news, the NFT lending protocol ParaSpace tweeted that Azuki holders can now claim the Elementals airdrop through the ParaSpace Flash Claim feature without needing to redeem Azuki. If users are eligible to claim, they will see a related banner at the top of the lending page.Previous report, due to the significant price fluctuations of Azuki, ParaSpace has decided to suspend the deposit, withdrawal, and liquidation functions of the Azuki mining pool. (Source link)

ChainCatcher news, the NFT lending protocol ParaSpace officially stated that due to the severe fluctuations in the price of Azuki, the team has decided to suspend the Azuki mining pool, including functions such as deposits, withdrawals, and liquidations. This measure aims to give users more time to replenish liquidity, repay loans, and improve health status. As for the liquidation of Azuki, any shortfall at the end of the suspension will be covered by ParaSpace's reserve funds, and related functions will be restored once the market stabilizes.Previous report, last night ParaSpace has currently suspended the liquidation of 12 Azuki-related collateral loans. At present, the number of suspended liquidations for Azuki has reached 20. (Source link)

ChainCatcher news, according to data from the Paraspace official website, the NFT lending protocol ParaSpace has currently suspended the liquidation of 12 Azuki-related collateral loans. The team stated that this measure aims to give users more time to replenish liquidity, repay loans, and improve health. Liquidation will be resumed later. (Source link)

ChainCatcher news, according to the NFT lending protocol ParaSpace website, currently 12 liquidation cases related to Azuki collateralized loans have been suspended, with a total debt amount close to 460,000 USD.

ChainCatcher news, ParaSpace official announcement states that the transparency of financial and accounting operations has always been a priority for the team.To ensure the ongoing integrity and resilience of the platform, two upgrades will be implemented: the management of the ParaSpace insurance wallet will transition to the protocol itself to specifically address the issue of insufficient liquidation; three security experts and auditors will join the community observer committee. They will monitor and verify wallet transactions to protect the community from potential security threats. (Source link)

ChainCatcher news, ParaSpace founder Yubo tweeted that, in order to alleviate unnecessary Gas fees for the community from previous events, "I am willing to personally provide $100,000 to help cover the Gas fees lost by the community due to withdrawals from May 10 to May 14, and I will also be responsible for providing Gas for returning supporters." (source link)

ChainCatcher news, blockchain security company Secure3 tweeted that after tracking transactions related to the ParaSpace address, it was found that: all funds have been repaid; there is a clear repayment schedule, starting from March 2023 and ending in May; no evidence of fund misappropriation was found.Earlier, ChainCatcher reported that ParaSpace co-founder Jay and others apologized to the community and resigned. Previously, ParaSpace founder Yubo tweeted that they have been closely working with institutional partners to increase platform liquidity and reduce interest rates. In the future, an international team will be formed to bring more transparency to the community. (source link)

ChainCatcher news, Twitter bio of NFT lending protocol ParaSpace co-founder and advisor Jay tweeted: "Earlier today, I resigned from my position at ParaSpace along with other team members. While we are still working hard to complete our solutions, I want to take a moment to apologize to the community because our internal affairs have affected our users—this was never meant to be a public issue and should have been resolved internally. I am sorry that it was not. I sincerely hope Yubo and ParaSpace move forward."Earlier, ParaSpace founder Yubo tweeted that they have been closely working with institutional partners to increase platform liquidity and reduce interest rates. In the future, they will form an international team and bring more transparency to the community.It is reported that ParaSpace has successfully deployed the protocol on the Arbitrum network and will engage in more collaboration with the Arbitrum team. (source link)

ChainCatcher news, ParaSpace founder Yubo tweeted that he has been closely collaborating with institutional partners to increase platform liquidity and reduce interest rates. In the future, an international team will be formed to bring more transparency to the community.ParaSpace advisors Thomas Schmidt and Jay Yao agreed to return the multi-signature and official Twitter permissions and leave the team, but requested ParaSpace to acknowledge their contributions to the project and retain the title of co-founder. Negotiations are still ongoing.Yubo stated that he will work with institutions to improve protocol liquidity and will form a multinational team in the future to enhance transparency for the community. Additionally, ParaSpace has successfully deployed to Arbitrum. (Source link)

ChainCatcher news, the old official Twitter of ParaSpace stated that it will directly promote the preparation for community voting to transfer the multi-signature slots currently held by the ParaSpace team. The voting mechanism for the multi-signature transfer will be prepared through http://snapshot.org, and an update with more details will be provided soon.In addition, the old official Twitter mentioned that it will attempt to establish a public dialogue with Yubo in the next 12 hours to reach a solution through joint execution. If Yubo is willing to make contact, he will be directly hired to address critical upgrade issues to alleviate short-term user burdens, such as interest rates and Gas fees. A call for Yubo to inform his candidate name as soon as possible is made so that it can be included in the community voting regarding the multi-signature slots.Previous report, the new official Twitter "Paraspace_Official" of ParaSpace, founded by Yubo and the core development team, stated earlier today that the core developers are applying to regain multi-signature qualifications to promote protocol upgrades. (Source link)

ChainCatcher news, the NFT lending protocol ParaSpace's new official Twitter "Paraspace_Official" (founded by Yubo and the core development team) stated: In light of the recent chaotic events that have negatively impacted users, the core team plans to publicly share internal plans in the near future. Currently, three major protocol upgrades are being deployed, which will optimize protocol interest rates, gas fee optimization, time lock upgrades, and multi-chain deployment. Due to multi-signature control, these deployments are paused. The team is currently applying for the core developers to regain multi-signature qualifications to continue advancing this work. (Source link)