How to Earn Parallel Points
You can earn Parallel Points by engaging in activities on the Parallel Testnet, such as lending and borrowing. Based on information from the project, these Parallel Points will be exchangeable for future tokens at a predetermined ratio, although there is no confirmed airdrop period at time of writing.
Key Takeaways
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Parallel Network is an Ethereum Layer 2 solution powered by Arbitrum’s Nitro stack.
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The protocol offers an omni-chain experience for users to interact with various blockchains from one place through consolidated liquidity.
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It has raised $30 million and is supported by investors and partners including Sequoia, Polychain Capital, and Coinbase Ventures.
Parallel Network is a full stack Layer 2 scaling solution built on Ethereum with Arbitrum’s Nitro Stack, the same technology behind Arbitrum, AAVE, and Socket DL. It offers an omni-chain that consolidates liquidity from various blockchains such as Ethereum, Arbitrum, and Base into one platform by employing native L2 Broker Accounts. The L2 Broker Accounts are essentially proxy smart contracts which act as trustless and noncustodial entities that sit between Automated User Operations and native chains supported by Parallel. With this method of employing Broker Accounts, liquidity is aggregated to enhance capital efficiency and create an omni-chain ecosystem where users can perform actions on other chains.
As a scaling solution built on Ethereum, it inherits many security properties from Ethereum itself while providing faster and cheaper transactions on its various products including native yield, lending, and staking. By being an EVM-compatible chain, contracts written for the Ethereum mainnet can also be deployed onto Parallel Network without any modifications for users to interact with Web3 apps, wallets, and more. Parallel Network also aims to provide a platform with a secure, transparent environment that makes decentralized applications more accessible while reducing the learning curve for new users.
Parallel Network’s team comprises individuals with experience from Stanford Cryptography and Solidity, Ubudu, and Alibaba, all working to integrate academic insight with industry experience. Together, the team has successfully raised $30 million with backing from Coinbase Ventures, Sequoia, Polychain Capital, and more.
Now, Parallel Network’s early access testnet is open for users to explore the platform and try out the various products. Additionally, users can earn Parallel Points which will be exchangeable for Parallel’s governance token in the future.
The Parallel Points are tabulated based on Supply and Borrow categories. Interacting within these two categories as often as possible will directly influence the accumulation of points which are distributed every hour of the day. Now is a good time to interact with the Parallel Network testnet and start earning Parallel Points!
Do take note that there is no confirmed airdrop period.
Step 1: Connect Wallet
Go to https://app-staging.parallel.fi where you will be prompted to connect your wallet and choose the network. Select Parallel Testnet.
Step 2: Get ETH on Sepolia Testnet
Go to https://faucet.quicknode.com/ethereum/sepolia and connect your wallet. Ensure that the selected Chain is Ethereum and the Network is Sepolia.
If you have a QuickNode account, you can log in for a 4x bonus or choose to share a tweet for a 2x bonus. Otherwise you can choose to receive 0.05 ETH.
Do note that the QuickNode faucet only allows you to claim tokens every 12 hours.
You can also check out other Sepolia faucets to collect Sepolia ETH.
Step 3: Bridge ETH to Parallel
Back on Parallel Network, click on Apps and choose Bridge to be redirected to the bridge.
On the bridge, set it to bridge your ETH from Sepolia to Parallel Testnet and proceed to deposit it in your wallet. 
Alternatively, if you are unable to bridge ETH through the Bridge option under Apps, you can do so through the Deposit more button under Airdrop.
Do take note that the Parallel Testnet deposits take approximately five minutes to enter your wallet. Sign the transaction in your wallet and proceed with the next step while you wait for the deposit to arrive in your wallet.
Step 4: Join Airdrop team
In the same Apps menu, select Airdrop to access the page.
You will need to enter an invite code to join a team. Be sure to get the code from trusted sources such as the Parallel Telegram community or you can use our code: 2F2D6 to join.
Each team has a maximum size of members so you might not be able to use older codes once the team has filled up.
After your code is accepted, connect and sign with your wallet.
Next, you will need to connect your X account. Click on Connect and in the pop-up window, authorize the app to access your account.
Once your account is connected, Twitter can follow Parallel’s account and retweet the Twitter post without any additional pop-up windows.
Step 5: Create a Parallel Account
Click Create Parallel Account and Parallel will create the account connected to your wallet address.
Step 6: Get Test Tokens
Before you can get the test tokens, you will need to deposit the Sepolia ETH to pay for gas. You can only proceed once the ETH has arrived in your wallet on the Parallel testnet.
Click on Deposit to input the ETH amount and confirm the deposit in your wallet.
With ETH now in your Parallel account, you can select Get Test Tokens and confirm the transaction in your wallet.
Once the transaction is executed, your wallet will reload with various ERC-20 and ERC-721 tokens.
Step 7: Execute Activities
Back in the Apps menu, head to the Lending application.
You will first need to supply tokens to one of the pools. In this example, we are supplying USDT tokens. Input the amount and confirm the transaction in your wallet.
Once you have supplied, you can borrow against your collateral. Similar to the supply example, we will be borrowing USDT. Input the amount and confirm the transaction in your wallet.
Other than supplying and borrowing tokens, you can also supply (lend) NFTs. There will be one Otherdeed NFT in your wallet to supply.
Click Supply and choose the Otherdeed NFT. Confirm the transaction in your wallet.
Step 8: Galxe Campaign (Optional)
Parallel Network is also running a Galxe campaign, however, it is not apparent if the points earned on Galxe will impact any future airdrops.
Head to https://galxe.com/parallel/campaign/GCwDst4jkH and log in with your wallet.
8A: Follow on Twitter
The first task is to follow Parallel on Twitter which will be done via a pop-up window.
8B: Join Discord
Next is to have a member role in the Parallel Network Discord community. You will be prompted by the GalxeBot to accept an invitation to the server which will open your Discord app. Make sure you are already logged in.
Go to the verify channel to pass verification first by filling in a captcha test.
8C: Join Telegram
Similarly to Discord, the Galxe Bot will prompt you to join the Telegram channel. You need to choose your country and input your mobile number to receive a confirmation message on your Telegram account.
Then accept the access request from Galxe Bot.
8D: Like Tweet
A pop-up window will direct you to the tweet to like.
8E: Repost Tweet
A pop-up window will direct you to the tweet to repost.
8F: Create Testnet Account
If you have followed the steps above, this step will automatically be completed.
Otherwise, it will redirect you to the Parallel testnet page where you can create a new Parallel account following the step above.
8G: Refer Friends
You can choose to refer friends via a link, QR code, or tweet.
Sidenotes
You may encounter some error messages while interacting with the Parallel testnet. This is normal for testnets and you can refresh the page, disconnect and reconnect your wallet, or even try again at a later time.
Crypto testnets let users interact with various products and features without needing to invest any capital. All tokens used are test tokens that act to represent the value of real tokens and can only be used on the testnet.
Conclusion
Parallel Network is an omni-chain platform that offers users the opportunity to interact with various blockchains from one place by employing a consolidated liquidity mechanism. It is currently running its early access testnet phase for users to explore the ecosystem while earning Parallel Points for a future airdrop of the protocol’s governance token.
Stephanie has a keen interest in breaking down complex topics into beginner-friendly pieces. She has been in the crypto space since 2020 and wants to continue contributing to the demystification of the crypto industry to a broader audience.
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