UK, 8th February: The concepts of DeFi (decentralized finance) and Yearn Farming are becoming wildly popular. This gained more traction when Paralink Network managed to raise $2.8 million in funds a few days back. What is it? It is a network consisting of multiple chains, and it acts as an oracle network. It uses PQL (a different type of programming language) that allows people to perform several things, including:
Traverse databases and look for appropriate data from them
Access and use API’s of websites, or scrape them whenever needed
Get access to other blockchains
According to sources, Paralink was able to get funds from notable investors like:
Genesis Block Ventures
But not only that. The network has some additional good news too. What is it? It has got Denko Mancheski (Reef Finance’s CEO) on board as an advisor. Reef Finance is the world’s first DeFi-based OS (Operating System), available on Polkadot.
What are these funds for? Well for starters, the network is set to launch two services this year (probably during the first quarter, testnet and oracle solution). Also, the network will have its dedicated token, Para ( that will work as a governance token, like YFI). The working principle of this token will be the same as the previously-mentioned token.
Apart from that, the network will also create some smart contracts, such as:
It is clear that the network has several things in mind, and is working to create a spectacular solution for cryptocurrency investors. According to the sources, the company has high hopes for its services.
How it will transform the community is a matter of concern for another day. The cryptocurrency experts are positive about it though. If anyone wants to learn more about it, you can refer to online articles and webinars about that.
AtoZCrypto.org is one spectacular website, and it is termed as the Best cryptocurrency news provider online. It has detailed news and articles on Yearn.finance, and other DeFi terms.
If anyone is interested, he can read these topics, and decide if he wants to invest in them. These are written in easy-to-understand language, and they are succinct in their entirety, which is a big advantage. And this is what makes it distinct from others. However, it is up to the readers if they want to take some action or not.