Paralink Network, a multi-chain oracle platform for DeFi and other blockchain applications, today announced that it has raised $2.8 million from notable 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 OS on Polkadot — as an advisor.
The Paralink on-chain consensus layer is being built on Polkadot’s Substrate, and its unique differentiators include a query language called PQL that allows users to query SQL databases, access web APIs, scrape websites, as well as access states from other blockchains.
Paralink Network is expected to launch its testnet and deploy its oracle solution to multiple networks, followed by a TGE in Q1 this year.
PARA, the Paralink token, will be an incentive and governance token on the Paralink blockchain. PARA holders will be able to stake their tokens to earn governance rights. Among other things, their primary responsibility will be the management of the relayer quorum through continuous voting. In exchange for staking tokens and performing regular governance functions, they will earn APY on their staked amount.