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Parallel Finance, a renowned non -fascinated tokens loan protocol, would have closed after four years of service. Unfortunately, hundreds of thousands of dollars in high-level jet shots were stuck inside the parallel financing contracts after the NFT platform has quietly closed its loan product earlier this month. In this article, we will discuss this in -depth newsletter.
Parallel finance leaves space NFT
Earlier this week, speculation emerged that parallel finance had closed after four years. Sleuth in 0xquit chain drew attention to the problem this weekend, displaying on x that collections like Bored Ape Yacht Club, mutant Ape Yacht Club and Doodles were always seated inside the parallel vaults. Based on the current floors of the floor, stranded non -loot tokens are valued at more than $ 800,000, although some rare features can push the number even higher.
The chests of parallel finance now disappeared have 11 bay, 39 Mayc and 2 griffinnages. The front is obsolete, leaving non -technical users stuck, and the founder charges costs of $ 500 to help you.
If your assets are stuck, here is a step by step to extract them:
1 / 🧵 pic.twitter.com/jfjsdqefpk– Qul (@ 0xquit) August 21, 2025
Parallel Finance is a cryptographic liquidity loan platform offering a series of financial products, in particular liquid puncture services, monetary market services for loan and borrowing services, the transversal chain and the crowd for the auctions of Parachain. It aims to increase the effectiveness of capital and accessibility in DEFI, allowing users to obtain passive income from their marked assets while maintaining the liquidity of cryptography via derivative tokens. It also previously offered loans of cryptographic liquidity using NFTS as guarantee.
Earlier this year, Parallel Finance announced that NFT loans, as well as other services, would be interrupted on August 1. At the time, he gave users half year to remove their NFTS. But with the NFT activity well below its 2022 peak, many ignored the deadline. Now that the site’s withdrawal calendar is by far, the platform requires user costs to manually recover digital assets thanks to blockchain interactions on etherscan.
User to pay $ 500 for late withdrawal NFT
In a screenshot of August 22, shared by 0xquit, Yubo Ruan, chief executive officer of Paralell Finance, confirmed that late withdrawals would cost users $ 500 per digital assets, a policy that has triggered frustration among NFT holders. In Message to Protos, Ruan defended the position, urging people to follow community guides like the 0xquit tutorial instead. He also warned that any not recovered NFT would ultimately be liquidated to return funds to lenders.
Parallel Finance joins an increasing list of NFT market platforms that have left the NFT space. Some of the platforms that recently left the NFT market include the BYBIT NFT Market platform, the Kraken NFT platform, the NFT NFT market for Animoca brands, the VK NFT Marketplace, the X2Y2 and the Solanart and Hyperspace NFT markets. These closures reflect a broader trend in decline and restructuring on the NFT market following the speculative bubble of 2022 and 2023.
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