Tag: Paribus

Paribus Announces Mainnet v1 Launch

The creators of a brand new cross-chain decentralized borrowing and lending protocol announce the release of their Mainnet v1. The launch marks the first step in their journey to be the go-to borrowing and lending platform for NFTs. Initially, the protocol will offer wBTC, ETH, and USDT, however, engineers are currently working on integrating NFTs into the next iteration of the protocol.

The unique approach Paribus takes toward these more exotic assets is to leverage artificial intelligence (AI) and machine learning (ML) systems to assess an accurate value for every supported NFT collection.

Paribus key facts:
– Initially launching on Arbitrum and building for Cardano.
– The Paribus token (PBX) has now become a Cardano Native Token trading on WingRiders.
– Supported by Charles Hoskinson’s cFund.
– Focused on developing a method to use exotic assets as collateral (NFTs, LPs, Synthetics, etc).
– AI/ML pricing model will allow instant loans rather than old-fashioned P2P models
– User funds are always user-controlled, locked in smart contracts, and never held by the protocol.
– Mainnet has passed two separate Hacken security audits pre-launch
– The most recent audit was completed on March 16th.
– Bug bounty program through Immunefi to ensure ongoing security updates

Paribus CEO Deniz Dalkilic said, “Liquidity is the “straw in the camel’s back” for NFTs. It is a point of pain and also a gap in the market. We believe liquidity with time, and with more use cases for NFTs, will drastically improve. 2023 seems like it will be a good year for NFTs and tokenized assets, i.e. physical goods/assets as NFTs. With such a growth in adoption, I believe systems like Paribus will become much more fluid and collateral friendly.”

Paribus COO Wilson Davis said, “Being a cross-chain borrowing and lending protocol, our goal with Paribus is to help bring liquidity and TVL from other ecosystems into the Cardano network. As soon as we have the functionality to integrate with Milkomeda we’ll be able to start bringing some of that liquidity across.”

About Paribus

As DeFi moves forward, innovators are uncovering transformational ways to store and represent value on-chain. Paribus’ mission is to unlock the true potential of these assets, evolving them into interoperable financial instruments, capable of being used within DeFi protocols, on any chain. If it can be sold, there is a market value. If it has value, it can be modeled. Paribus is the protocol that brings all of these forces together, offering DeFi holders and investors a platform to extend the reach of their digital assets and positions, doubling down on their earning power.

Join Paribus:
Website – https://paribus.io
Twitter – https://twitter.com/paribus_io
Telegram – https://t.me/paribus_io
Medium – https://blog.paribus.io/@paribus_io?gi=450196753ce5
Discord – https://discord.io/paribus
YouTube – https://www.youtube.com/@Paribus_Crypto

Paribus (PBX) Announces Multichain Integration and Partnership

As our regular readers know we’ve been using the extra time our testnet deployment afforded us to equip Paribus with the optimal conditions for our mainnet launch. As part of that process, we’re absolutely thrilled to share with the community that we’ve partnered with Multichain so that our PBX token can now be bridged to Arbitrum, Milkomeda, and Polygon.

Cross-chain interoperability has always been at the heart of everything we hope to achieve and it’s incredible that we’ve already reached this milestone. Development teams from both Paribus and Multichain have worked tirelessly to ensure the success of this move, going above and beyond our wildest expectations.

Multichain is a leader in terms of security, cross-chain speed, and costs. Since its foundation, it has evolved from a 1:1 cross-chain bridge to an innovative cross-chain router system that interconnects multiple chains. It offers an advanced and real-time Cross-Chain Router Protocol (CRP) system that supports the interoperability of tokens, NFTs, and general data across multiple chains.

For PBX holders the minimum volume required for a cross-chain transaction through the router is between 2,847 PBX and 9,412 PBX depending on which chain the bridge is between. Likewise, the maximum amount per transaction is 180,000,000 PBX to 2,747,026,344 PBX, again depending on the chain that’s being bridged to.

The transaction speeds are incredible too, with most transactions arriving within 10-30 minutes. Larger transactions may however take up to 12 hours to arrive. The definition of a large transaction varies from 1,000,000 PBX to 549,405,268 PBX depending upon the chain that it’s bridging to.

For those unfamiliar with Multichain, they may remember its previous name, Anyswap, which was founded in July 2020. Anyswap started life as a cross-chain decentralized exchange, however, seeing the strength of its development in cross-chain solutions it pivoted to specialize in bridging infrastructure.

They now provide a cross-chain router service that has a strong track record in terms of both speed and security, having quadrupled their speed of transactions over time. Significantly for Paribus, they also operate a non-custodial approach using Multi-Party Computation (MPC) technology. In practical terms this enables users to keep their full private key secret during interactions with the bridge. Because Multichain is non-custodial it means that it can’t take control of users’ assets, which is something we’ve seen happen with other platforms.

As our CTO Simon recently explained in relation to DAOs controlling users’ assets, “Deciding to control another person’s wallet without their permission isn’t something that I feel should be acceptable.” As such it was hugely important to us that the bridge provider we partner with operates on a non-custodial basis and we’re delighted things have worked out so well with Multichain.

Another crucial factor for us is the approach that Multichain takes towards its security. As we all know nothing in the blockchain space is ever 100% secure. Exploits and vulnerabilities are regularly exposed and as such, we take a very cautious approach to security.

In addition to being audited by TrailOfBits, SlowMist, PeckShield, DEDAUB, and BlockSec, Multichain also operates a bug bounty program and a security fund. The bug bounty program incentivizes the reporting of bugs from the community and the security fund is intended, “to provide protection for system operation and financial security in the event of unforeseen risks”. Their security audits are available for anyone to review:
GitHub: https://github.com/anyswap/Anyswap-Audit

We’re sure you’ll be as delighted as we are to welcome our new strategic partnership with Multichain. Together we can help drive forward the future of interoperable DeFi.

Click the link below for the Multichain app. Liquidity will be provided by the Paribus team in the coming days: https://app.multichain.org/#/router

About Paribus

Paribus is a cross-chain borrowing and lending protocol for NFTs, liquidity positions, and synthetic assets, powered by the Cardano blockchain and is traded on Kucoin, Gate and Uniswap. https://Paribus.io

Paribus Announces New Development Updates

Paribus, a cross-chain borrowing and lending protocol for NFTs, announced today multiple development updates regarding their protocol and ecosystem.

The protocol built for Cardano, delivers alternative liquidity options for NFTs, synthetics and other digital Assets. The NFT module screens have been completed for CryptoPunks and the Bored Ape Yacht Club with more integrations scheduled to be released in the coming weeks.

Frontend

As well as a search bar integration, a user now has the ability to pull NFT metadata on demand. Aside from the NFT module work the company’s devs have also completed the language switch, displaying the daily interest along with other live metadata including dynamic liquidation points for NFTs.

Backend

Backend development has continued to drive NFT module integration such as completing the data collection for the rarity status of the NFT collections the protocol supports including API integration with the frontend as well as data points related to valuation aspects such as the age of the selected NFT.

As well as completing the control panel documentation for the backend, a glitch was resolved related to timing issues that caused an error when the DApp was fetching metadata for CryptoPunks. Contracts were completed for CryptoPunks and the Bored Ape Yacht Club collections and they’re now working on Doodles.

In addition, valuation micros services for the NFT module such as integrating with CryptoSlam is driving rapid deployment of the protocol’s API3 integration which is quickly progressing through Q&A. The team has also confirmed the final approach to NFT liquidations and that’s now being applied to the protocol’s smart contracts.

Design

Updates includes additional built-in functionality into the UI / UX such as the search bar and NFT modules. Updates for the dark mode has been completed and the team is working towards a demo version of the DApp which should be ready to test in the coming weeks. Please register for early access: https://paribus.io/#

Paribus (PBX) is publicly traded on Kucoin, Gate and Uniswap.

About Paribus

Paribus, a cross-chain borrowing and lending protocol for NFTs, synthetics and exotic digital assets.

Medium: https://medium.com/@paribus_io
Source: Plato Data Intelligence https://platodata.io

Paribus: DeFi Protocol for Exotic Digital Assets

DeFi protocol Paribus announces the launch of their testnet MVP, the beginning of a new approach to DeFi. Secure, trustless, and truly decentralized, Paribus users will be able to borrow against previously illiquid digital assets such as NFTs.

Put simply, Paribus is a cross-chain, DeFi borrowing and lending protocol. With the unique selling point of allowing exotic assets like NFTs, LP tokens, virtual lands and synthetics to be used as collateral for loans. The platform will also utilize standard crypto assets. Being cross-chain, Paribus will be on multiple chains but is building for the Cardano ecosystem, and will access their blockchain via side-chains.

Paribus focuses on evolving with new digital asset classes, and has recently launched the testnet MVP of their platform. Their testnet MVP will feature traditional borrowing and lending with standard crypto assets for members who participate in Paribus’ staking program.

Paribus currently offers staking in their gold staking pool. The gold pool, Aurum, allows users to stake from 1,000,000 to 6,000,000 PBX for 365 days (less than 5 months remaining) for a minimum of 30% APY reward level. Since the APY is dynamic, rewards can increase, and is currently at 31%.

There is a growing need for both interoperability and the ability to borrow against exotic assets like NFTs in DeFi. The NFT space is growing, institutional investors are becoming more interested in the potential of cryptocurrency, and the industry grows leaps and bounds every day. Paribus plans to be the platform for DeFi lending, leveraging their tech and security to bring users a well-rounded experience. Their full MVP launch will include APY boosts, and attractive rates and returns for users.

This is just the beginning of the Paribus roadmap. With a team that believes in steady growth, strong fundamentals, and providing a new level of security for users, Paribus will bring much-needed legitimacy to DeFi borrowing and lending.

Paribus’ token (PBX) is currently trading on KuCoin, Gateio, Uniswap, Orion Protocol and ZT Exchange.

Learn more about Paribus: https://paribus.io

Source: Plato Data Intelligence: https://platodata.io