Paralink Network, a multi-chain Oracle platform for DeFi and other blockchain applications, announced today that it has raised $ 2.8 million from well-known investors including LD Capital, Kenetic, 3Commas, Genesis Block Ventures, and NGC Ventures . Paralink has also announced Denko Mancheski, CEO of Reef Finance – the first cross-chain DeFi operating system on Polkadot – as an advisor.
Paralink’s on-chain consensus layer is based on Polkadot’s substrate. Unique differentiators include a query language called PQL, which allows users to query SQL databases, access web APIs, search websites, and access statuses of other blockchains.
Paralink Network is expected to launch its test network and deploy its Oracle solution across multiple networks, followed by a TGE in the first quarter of this year.
PARA, the Paralink token, will be an incentive and governance token on the Paralink blockchain. PARA holders can use their tokens to gain governance rights. Your primary responsibility will include managing the relayer quorum through ongoing voting. In return for staking tokens and performing regular governance functions, they receive APY on their stake amount.