Parallel Network

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:
  1. Visit the Parallel network testnet page.
  2. Select Parallel Testnet and connect your wallet.
  3. Sign the message shown on the wallet.
  4. Now click on “Apps” from the top right, go to “Airdrop”, enter code “BA59A” and complete the Twitter tasks to sign up for the airdrop.
  5. You will now need some Sepolia ETH. You can get it from here.
  6. Now bridge ETH from Seploia to Parallel testnet from here.
  7. Return to the Parallel testnet page and click “Create Parallel account”.
  8. Go back to the “Apps” section, click on “Wallet” and claim testnet tokens.
  9. Click on “Apps” and go to “Lending”.
  10. Supply testnet NFTs and tokens. You will also be able to borrow assets after that.
  11. You will earn airdrop points for interacting with the testnet. Also, connect to the different available test networks like Goerli to earn more points.
  12. Invite your friends to the Parallel testnet to earn even more points.
  13. They’ve confirmed to airdrop PARA tokens to testnet participants based on their points.
  14. For more information regarding the testnet airdrop, see this tweet.

You're interested in more projects that do not have any token yet and could potentially airdrop a governance token to early users in the future? Then check out our list of potential retroactive airdrops to not miss out on the next DeFi airdrop!

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