Liquid Staking on Parallel Finance: How to Earn 19% APY with DOT 

Liquid Staking on Parallel Finance

Before we get started, this is not a recommendation or endorsement to buy any token mentioned. 

Parallel Finance is a DeFi super DApp built on Polkadot, with a focus on DeFi applications. Parallel includes these popular DeFi applications:

  • Liquid staking
  • AMM
  • Decentralized money market (lending/borrowing)
  • Liquid crowdloans
  • Streaming payments
  • Yield farming 

If you imagine Uniswap, Aave, Lido, a browser wallet, a crowdfunding app for loans, a streaming payment app, and a yield aggregator all had a baby, that’s Parallel Finance! It’s a composable DeFi app to act as a one-stop-shop for a newer DeFi ecosystem being built on Polkadot and Kusama. Like the most popular Ethereum DeFi apps, with Parallel Finance on Polkadot, users can earn passive yield on DOT liquid staking and simultaneously lend sDOT or even pair it with another token to create an LP and earn trading fees + farming rewards (PARA). Parallel is governed through a token called PARA, which currently trades at $0.01, and is used to incentivize and reward certain LPs and lenders on Parallel.

Parallel Finance currently hosts over $227M TVL across these different DeFi products.

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Today, I’ll show how I can earn >19% APY with liquid staked DOT!

How to Earn 19% APY with DOT Liquid Staking on Parallel Finance

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Before we get started, please be aware of

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