Parallel Network ($PAR) airdrop guide

Parallel Network is one of the largest lending protocols on Polkadot and Ethereum, and now they have expanded to build their own restaking L2. They recently launched an airdrop campaign for both Testnet and Mainnet users. Parallel Network recently secured massive funding from huge investors such as Coinbase Ventures and Sequoia Capital, which means it’s very likely their token’s FDV could be very high! Here’s what you need to know.

What is Parallel Network?

Parallel Network started as a lending protocol on Polkadot, boasting nearly a billion dollars in TVL during the DeFi boom last year. Since then, it has expanded to Ethereum, establishing ParaSpace and offering services like ERC-721 and ERC-20 collateral lending. Now, with substantial funding and a vision for greater ambition, Parallel Network is building its own Layer 2 chain, specializing in restaking. Their goal is to unify liquidity from all chains into one place, making it a one-stop shop for restaking.

Step-by-Step Guide to Getting the Airdrop:

1. Add Parallel Testnet to MetaMask:

Start by adding the Parallel testnet to your MetaMask wallet using the provided network details. (please refer to Parallel Testnet blogsite)

2. Join the Airdrop:

Visit the Parallel Network Testnet page. Select Parallel Testnet and connect your wallet. Sign the message shown on the wallet.

Click on “Apps” from the top right, then select “Airdrop.”

You’re going to need an invite code to join a team, you can use this Invite Code (for both): 3D72F, or you can visit their Discord server. This is beneficial because when a team reaches 100 members, everyone on the team receives a 15% bonus, while you receive a 30% bonus. Users can also share their code to help fill the team to 100 people, ensuring they also receive the 15% bonus.

Follow the prompts to connect your wallet and Twitter, and start farming points.

3. Acquire Sepolia ETH:

You’ll need Sepolia ETH to participate. Obtain it from various sources like Alchemy, Infura, PoW, or QuickNode.

4. Bridge Sepolia ETH to Parallel Testnet:

Go to “Bridge” then bridge your Sepolia to Parallel. You’re going to need some Eth on your Parallel wallet.

5. Create a Parallel Account:

Set up a Parallel account using account abstraction, return to the Parallel Testnet page and click “Create Parallel Account“. Ensure you have enough Sepolia ETH to cover gas fees.

6. Get Testnet Tokens:

To proceed in getting the Testnet tokens, you still need to bridge Sepolia Eth. Use Owlto Finance or Rinke Orbiter Finance to bridge Sepolia ETH to the Parallel testnet.

Return to the “Apps” section, click “Wallet” and claim Testnet tokens. However, they’re still deploying on the Mainnet, so it’s not available yet. As of now we’re waiting for an update on when you’ll be able to claim the tokens.

7. Supply, Borrow, and Bridge:

Now that you have Sepolia ETH on the Parallel Testnet, utilize the lending platform to supply, borrow, and bridge assets to farm points.

At the top of the page, you’ll find the borrower’s and lender’s positions, along with a column named “Timelock Queue“, indicating that the borrowed tokens need to be claimed.

8. Repeat and Stay Active:

Repay borrowed assets, borrow again, and bridge assets regularly to maximize your points accumulation. Remember, the more active you are, the more points you’ll earn.