Parallel Network to Shut Down ParaSpace v1 Operations

IconCryptoNewsTerminal Staff03 Jul, 2024

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Parallel Network to Shut Down ParaSpace v1 Operations

Parallel Network, an omnichain layer-2 scaling solution, has announced via Medium that it is "closing down its native NFT lending protocol, ParaSpace v1." The decision was made after careful consideration and is part of the company's ongoing efforts to streamline its operations and focus on its core competencies. All markets on ParaSpace v1 will be frozen from July 2-9, with only loan repayments being allowed. On July 10, all outstanding loan positions will be liquidated. Parallel Network has advised users to repay their loans as soon as possible to avoid liquidation. The company has also stated that it is committed to supporting its users during this transition and will be providing regular updates on the process. ```

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