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ParaSpace, now rebranded as Parallel Finance, is poised to continue offering NFT lending services while expanding its offerings to include liquid staking and layer-2 solutions. Despite the rebranding and a heightened focus on the decentralized finance (DeFi) space, ParaSpace remains committed to its core NFT lending product despite challenges in the sector.Yubo Ruan, the founder and CEO of ParaSpace (now operating as Parallel Finance), shared insights in a conversation with Cointelegraph. He explained that their protocol utilizes a combination of diverse liquidity pools, dynamic loan-to-value ratios, and strategic price-discovery partnerships to mitigate risks tied to high volatility. This approach helps address the issue of limited interest in bidding on the underlying NFT assets.Ruan expressed confidence in the continued viability of NFT margin lending, particularly for collectors and investors seeking leverage in their holdings, despite a significant 99% drop in NFT trading volume since its peak in May 2022. While acknowledging market fluctuations, Ruan believes that NFTs are evolving into digital passports, granting access to virtual and real-world utilities. He also pointed to the development of soulbound tokens that serve as immutable proofs of experience, skills, and reputation.As the protocol shifts its focus to offer a broader range of DeFi services, Ruan outlined two primary areas of concentration: liquid staking and Parallel L2. These efforts aim to provide fast transactions with low gas fees, incorporating zero-knowledge proofs and Arbitrum Orbi for enhanced security and scalability. Furthermore, the protocol is exploring the integration of liquid staking with NFT lending, enabling NFT holders to generate yields from their staked assets. Users would receive tradable derivative tokens representing their staked investments, mitigating typical liquidity challenges associated with staking.Founded in 2022, ParaSpace has experienced remarkable growth, achieving a valuation of $500 million with over 340,000 users. It reached a peak total value locked of $900 million in May and subsequently merged with Parallel Finance in August. That concludes today’s WedNewsDay, we hope you all had fun reading it! Keep an eye out for WedNewsDay the following week and don’t forget to follow us on social media. Thank you!Follow us on:Website | <a href="https://werentnft.io/" rel="noopener noreferrer nofollow">https://werentnft.io/</a>Instagram | <a href="https://www.instagram.com/werent_nft/" rel="noopener noreferrer nofollow">https://www.instagram.com/werent_nft/</a>Twitter |<a href="https://twitter.com/WebuyOfficial" rel="noopener noreferrer nofollow"> </a><a href="https://twitter.com/WerentOfficial" rel="noopener noreferrer nofollow">https://twitter.com/WerentOfficial</a>Medium |<a href="https://medium.com/&#64;webuynft" rel="noopener noreferrer nofollow"> </a><a href="https://medium.com/&#64;werentnft" rel="noopener noreferrer nofollow">https://medium.com/&#64;werentnft</a>Facebook | <a href="https://www.facebook.com/werentnft" rel="noopener noreferrer nofollow">https://www.facebook.com/werentnft</a>Youtube | <a href="https://www.youtube.com/&#64;WeRentNFT" rel="noopener noreferrer nofollow">https://www.youtube.com/&#64;WeRentNFT</a>

WEDNEWSDAY! ParaSpace to continue NFT lending as it rebrands to Parallel Finance!

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