Parallel has ended ParaSpace V1 business and will gradually shut down the lending platform

The full-chain L2 network Parallel Network announced on X that it has ended the ParaSpace V1 business. Next, the ParaSpace V1 lending platform will be closed according to the following steps: July 2-July 9: All markets on ParaSpace V1 will be frozen. During this period, the loan-to-value ratio (LTV) of all assets will be adjusted to 0. Users can only repay loans, and withdrawals are not allowed. This phase will last for 7 days until July 9; July 10: After the 7-day period, all positions with outstanding loans will be directly liquidated. Once the liquidation process is completed, withdrawals will be reopened.