ParaSpace recently introduced an incentive program in which users’ actions and activities earn points that can be redeemed for ParaSpace governance tokens through an airdrop when the token launches. Moreover, users have the opportunity to receive a 300% boost in points accumulation until June 30, 2023. In this article, we will explain what ParaSpace is and what you can do position yourself for the airdrop.
ParaSpace Airdrop Step-by-Step Guide
- Connect Wallet to ParaSpace App
- Supply ERC-20 or ERC-721 Tokens to ParaSpace
- Liquidate NFTs
- Borrow ERC-20 Tokens
- Stake ApeCoins ($APE) in Auto Compound Pool
- Stake NFTs in Auto Compound Pool
- Use Share Staking Pool
- Buy NFT with Credit
More in-depth details can be found below!
What is ParaSpace?
ParaSpace is a cross-margin NFT lending protocol that enables users to borrow ETH, stablecoins, and supported ERC-20 tokens against various crypto assets such as blue-chip NFTs, ERC-20 tokens, and Uniswap V3 LPs. The platform allows NFT owners to lend and borrow ERC-20 tokens against a diverse array of non-fungible investments, while ERC-20 holders can earn yields through lending against NFTs.
According to DefiLlama, ParaSpace is the second largest NFT lending protocol in total value locked ($100.5 million) at the time of writing. It is also the sister company of Parallel Finance ($PARA), and both platforms have been audited by some of the top smart contract security firms such as Certik, Trail of Bits, and Veridise.
Does ParaSpace have a Token?
ParaSpace does not have a token yet, but has confirmed that it will launch a governance token in the future. Token holders will be a part of the platform’s decentralized autonomous organization (DAO).
How to Get ParaSpace Token Airdrop?
ParaSpace recently announced an incentive program where users’ actions and activities are rewarded with points that will be redeemed for ParaSpace governance token via airdrop when the token launches. Additionally, users can enjoy a 300% boost for earning points until 30th June, 2023. Here’s a step-by-step guide:
- Connect Wallet to ParaSpace App
Connect your MetaMask or other supported wallets to app.para.space. The network is Ethereum Mainnet. You will need ERC-20 tokens or ERC-721 (NFTs) to interact with the protocol. Make sure you have enough ETH to cover gas fees.
- Supply ERC-20 or ERC-721 Tokens to ParaSpace
If you own any blue-chip NFTs such as Bored Apes or CryptoPunks, you can supply them to the protocol to earn yields. Click the “supply” button on the main page.
Similarly, you can also lend out ERC-20 tokens to earn yields. - Liquidate NFTs
You can perform liquidations for both the user account and tokens held within the account in the Liquidation section.
- Borrow ERC-20 Tokens
You can borrow ERC-20 tokens from the protocol, but you will first need to supply NFTs or ERC-20 tokens as collateral.
- Stake ApeCoins ($APE) in Auto Compound Pool
You can stake your $APE in the ParaSpace ApeCoin Pool to earn high APY rewards. You can also borrow $APE to stake if you don’t have any.
- Stake NFTs in Auto Compound Pool
For NFT owners with or without ApeCoins, you can stake your NFTs in the NFT Staking Pools to earn $APE.
- Use Share Staking Pool
You can create $APE listings or NFT listings for the Share Staking Pool. This allows you to find other users to match with your assets for staking purposes and share the APY rewards.
- Buy NFT with Credit
You can also buy listed NFT collections with ETH in the ParaSpace marketplace.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: ParaSpace has confirmed users’ actions and activities will be rewarded with points that will be redeemed for ParaSpace tokens via airdrop when the token launches. Additionally, users can enjoy a 300% boost for earning points until 30th June, 2023.
Airdropped Token Allocation: ParaSpace is still designing its tokenomics for long-term sustainability.
Airdrop Difficulty: It is recommended to engage in this activity only if you have experience borrowing and lending Ethereum NFTs. You will need ERC-20 tokens or ERC-721 (NFTs) to interact with the protocol. You will also need some ETH to cover gas fees.
Token Utility: The ParaSpace token will be used for governance of the lending protocol.
Token Lockup: Details of token lockup period is not yet available.
