ParaSpace recently announced the integration of auto compounding for APE tokens staking on the platform. Now, ParaSpace users can access compounded APY rates for three pools.
These pools are APE tokens (282%), MAYC pool (466%), and BAYC pool (435%.) The platform will also cover the gas fees for every auto compounding through MAYC pools and BAYC pools. However, this coverage will only last through the coming two weeks for users testing the platform.
The string of tweets by ParaSpace also embeds a video explaining how ParaSpace built the auto-compounded features. The technical breakdown is done by Rodriguez, their Senior Protocol Researcher.
Secure3 and 0xQuit have audited the feature, finding no critical issues. Given the stature of both auto-compound auditors, the development has boosted ParaSpace’s already-growing reputation.
ParaSpace has also established weekly office hours on Twitter Spaces to assist users in learning more about the platform. During these hours, users can also gain information about APE token staking products, such as auto compounding.
It has only been a couple of weeks since ParaSpace launched its cross-margin lending protocol for fungible and non-fungible tokens. The Yubo Ruan-founded space has been supported by Founders Fund, CoinBase Ventures, Sequoia Capital, and many others.
Their assistance allowed ParaSpace to release a one-of-its-kind lending platform with cross-margin functionalities. As NFT borrowing and lending have popularized, enthusiasts have witnessed a growth in the liquidation downtrend spiral. ParaSpace’s lending platform has been designed to tackle this issue at the core.
The platform has announced multiple exciting projects scheduled for the 2023 Q1. Seeing how the platform has been maintaining a spotlight on its releases, the upcoming several months are expected to be crucial for ParaSpace’s market standing.