Parallel Network in a nutshell:
- It’s a Layer 2 scaling solution built on top of Ethereum. This means it tackles the issue of slow transaction speeds and high fees on the Ethereum mainnet by processing transactions off-chain and then committing them back to the mainnet.
- Specifically, it utilizes an optimistic rollup approach. Imagine transactions are assumed valid by default, but there’s a mechanism (fraud proofs) to challenge any invalid ones.
- Parallel Network is EVM (Ethereum Virtual Machine) compatible. That translates to — you can deploy smart contracts, use familiar Web3 applications, and interact with wallets just like you would on the Ethereum mainnet. Essentially, it provides a familiar environment with much faster and cheaper transactions.
Key things to know about Parallel Network:
- It leverages Arbitrum’s Nitro stack for its efficiency. Think of Nitro as a performance booster for rollups.
- It positions itself as an “omni-chain” restaking solution. This means you can potentially stake assets from various blockchains and earn rewards on Parallel Network.
Remember that Parallel Network airdrop I mentioned a few days back? No worries, this guide will get you set up to participate in the testnet and potentially earn some rewards. Here’s a step-by-step breakdown:
What you’ll need:
- A Metamask wallet (or other compatible wallet)
- Some Sepolia ETH (we’ll get that later)
Step 1: Adding the Parallel Testnet to Metamask
- Open your Metamask wallet and click “Add Network.”
- In the new window, scroll down and select “Add network manually.”
- Enter the following details:
- Network Name: Parallel Testnet
- Chain ID: 9659
- Currency Symbol: ETH
- RPC URL: https://rpc-accused-coffee-koala-b9fn1dik76.t.conduit.xyz
- Explorer: https://explorerl2new-accused-coffee-koala-b9fn1dik76.t.conduit.xyz
Step 2: Getting Sepolia ETH and Bridging to Parallel Network
- Request faucet: Head over to http://sepolia.faucet.com and paste your wallet address to request some Sepolia ETH (testnet funds).
- Bridge to Parallel Network: Visit http://testnet.parallel.fi/bridge and connect your wallet. Bridge some of your Sepolia ETH to the Parallel Network.
Step 3: Creating a Parallel Account and Getting Test Tokens
- Go to http://testnet.parallel.fi and connect your wallet.
- Click on “Create Account” and confirm the creation.
- On the main page, click “Apps” then “Wallet.”
- Click on “Get Testnet Tokens” to receive Parallel’s testnet tokens.
Step 4: Joining the Airdrop
- Still on http://testnet.parallel.fi, click “Apps” and then “Airdrop.”
- Enter the code “EB5AC” to join a group (limited to 100 people). Joining a full group earns you 15% of the group’s points!
- Connect your Twitter account and complete all the airdrop tasks listed.
- You’ll now see your points, leaderboard position, and airdrop details.
Step 5: Testnet Interaction (Earn Points!)
- Navigate to http://testnet.parallel.fi and click “Apps” then select “Lending.”
- Choose an asset (USDC or others) and click “Supply” to lend it. Enter an amount and confirm the transaction. Repeat for supplying ETH as well.
- You can also explore borrowing assets and repaying loans within the Lending app.
Bonus Tip: Claim your daily Sepolia ETH faucet rewards and bridge some back to Parallel Network to keep interacting. Daily interaction earns you points! (Refer to the last screenshot in the official guide for point calculation details).
Remember: This is a testnet, so treat it as a learning experience. There’s no real financial risk involved.
Stay tuned: Parallel Network’s official documentation (https://docs.parallel.fi/) might have additional resources or updates.
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