Paralink Network, a multi-chain oracle platform for DeFi and other blockchain applications, announced its $2.8-million fundraise on Thursday. Paralink’s 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 announced that it had raised $2.8 million from notable investors, such as 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.
Paralink Network is expected to launch its testnet and deploy its oracle solution to multiple networks, followed by TGE in Q1 this year.
The Paralink token, Para, 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 their tokens and performing regular governance functions, they will earn APY on their staked amount.
Jan Knezevic, CEO of Paralink, said:
“Our goal is to build the best oracle solution for the Polkadot ecosystem.”
Paralink is already working on integrations with key smart contract platforms, such as Plasm, Moonbeam, Edgeware, Darwinia and more.