ChainCatcher news, the full-chain L2 network Parallel Network announced on social media that it will officially close cKSM-related features on July 11. At that time, users will need to exchange cKSM for KSM.Parallel will focus on its core areas and enter a new development phase. Starting from August 5, 2024, Parallel L2 will enter a maintenance phase, during which only withdrawal-related functions will be available. The following pages will enter maintenance mode: Parallel L2 Wallet, Parallel L2 Bridge, Parallel L2 Airdrop Page, Parallel L2 Lending, and Parallel L2 Swap.It is reported that Crowdloan is an on-chain voting and staking product previously developed by Parallel on the Kusama chain. Users can participate in Kusama crowdloans by voting KSM through Crowdloan and receiving cKSM LP tokens issued by Parallel.

ChainCatcher news, Parallel Network announced on social media that the borrowing liquidation threshold of its NFT lending platform will be reduced by 1% daily until it reaches the target value. For example, the BAYC threshold will be lowered from 80% to 65%, and the MAYC will be reduced from 70% to 65%. Parallel stated that the threshold reduction will affect the lending health coefficient, and users should be aware of liquidation risks.Previously, Parallel Network indicated that due to recent fluctuations in the NFT market and declining prices, it will adjust the parameters of the NFT lending protocol to reduce systemic risk.

ChainCatcher message, the L2 network Parallel Network has indicated on X that the snapshot for testnet users has been completed, and Parallel will retroactively distribute tokens to each participating user during the token airdrop.

ChainCatcher message, Parallel Network posted on platform X stating that they have recently received feedback regarding difficulties in tracking DOT withdrawal progress using Subscan. In response, the official statement said that Subscan has stopped supporting Parallel, and it is no longer available for querying DOT withdrawal transaction records.In addition, the official stated that extracting DOT through Parallel's cross-chain service will not result in any loss of DOT for users, and it is recommended that users monitor the balance status in their wallets during the exchange process. Generally, redemptions are processed successfully within a few minutes.

ChainCatcher news, Parallel Network has launched the mainnet Alpha cross-chain bridge, which currently supports over 24 different assets across Ethereum, Arbitrum, and Manta networks. The single cross-chain transaction speed is less than 30 seconds, with over 70,000 users participating in beta testing, and plans to release the Beta cross-chain bridge next month.It is reported that Parallel Network is a Layer 2 scaling solution built on Ethereum, supported by Arbitrum's Nitro stack, integrating features such as native yield, lending, staking, and trading.

ChainCatcher news, according to official sources, Parallel Network has announced a partnership with Arbitrum.At the same time, the Parallel testnet is now live, allowing users to participate in testing, building, and innovating the next generation of blockchain experiences while earning Parallel points in the process.