Popular NFT lending protocol, ParaSpace has announced its plan to launch governance token and DAO in the first quarter of 2023. The percolate announced the development in its Monday Twitter post. In the announcement, ParaSpace also revealed plans to move to time-locked contracts.
Notably, the NFT lending protocol also aims to launch a forum by December 16. As revealed, the forum will enable team and community discussion of proposals. More so, it believes the forum will help to aiding transparency in the process of decision-making of the project. According to ParaSpace, it has continued to look into solutions capable of aiding the platform.
Further, ParaSpace said it will continue to fine-tune the initial parameters until staking rewards become stabilized. It aims to ensuring that users participate in discussions and decisions related to any adjustment made as a decentralized protocol.
Worthy of note that ParaSpace runs as a universal lending protocol. It is designed to enable its users unlock liquidity from a variety of crypto assets, including Blue-chip NFTs, ERC-20 tokens and others. Just a few days ago, the protocol announced its plan to launch its beta test on December 15. As revealed, the beta test phase only covers for iOS devices. However, the NFT lending platform intends to run its Android build early next year.
According to findings, ParaSpace offers products and features geared towards adding value and enhancing liquidity and capital efficiency in a large and fast-growing market segment. It prioritizes true customizability on what assets users can borrow and the terms incurred. More so, it supports peer to pool lending to solve issues relating to lack of attention to different users’ risk preferences.
ParaSpace seeking to act as a permissionless and customizable infrastructure
Its team revealed that the project believes in a future which allows tokenized assets to proliferate with different kinds of utility, and applications. According to the team, the next 10-20 years will bring about tremendous changes in how people account for and transact valuable digital assets. Meanwhile, ParaSpace seeks to act as the permissionless and highly customizable infrastructure. Through this, it helps to meet the needs occasioned by the efficient uses of on-chain capital.
Further, the NFT lending platform also aims to bring web3 and decentralized finance to at least 1 billion people worldwide. In a bid to foster security of its smart contracts, ParaSpace usually carry out regular audits. Just a few days ago, it published its audit reports carried out by Certik and Trail of Bits.