Parallel Network is a layer 2 scaling solution built on top of Ethereum, powered by Arbitrum’s Nitro stack. Parallel Chain is EVM-compatible which means you can do anything on Parallel Network that you would be able to do on Ethereum mainnet - deploy contracts, use Web3 apps, interact with wallets, etc.
Parallel Network has raised $34M in funding from investors like Polychain Capital and Coinase Ventures. They’ve confirmed to launch their token “PARA” and do an airdrop to testnet participants. They have introduced a point system where users can earn points based on their activities on the testnet. Points will be converted to PARA tokens after the token goes live.
Step-by-Step Guide:
- Visit the Parallel network testnet page.
- Go to “Airdrop”, enter code “CCE87” and complete the Twitter tasks to sign up for the airdrop.
- Sign the message shown on the wallet.Connect your X account,Follow @ParallelFi on X,Retweet the twitter post
- You will now need some Sepolia ETH. You can get it from here.
- Now bridge ETH from Seploia to Parallel testnet from here.
- Return to the Parallel testnet page and click “Create Parallel account”.
- Go back to the “Apps” section, click on “Wallet” and claim testnet tokens.
- Click on “Apps” and go to “Lending”.
- Supply testnet NFTs and tokens. You will also be able to borrow assets after that.
- You will earn airdrop points for interacting with the testnet. Also, connect to the different available test networks like Goerli to earn more points.
- Invite your friends to the Parallel testnet to earn even more points.
- They’ve confirmed to airdrop PARA tokens to testnet participants based on their points.
- For more information regarding the testnet airdrop, see this tweet.