Parallel Finance, a Polkadot-based decentralized finance (DeFi) protocol, has completed a Series A funding round in which it has raised a total of $22 million.
Following the funding round, the valuation of the project has hit $150 million.
The round, in which Lightspeed, Slow Ventures, Blockchain Capital and Alameda Research have taken part, was led by Polychain Capital.
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The project, which was launched 5 months ago and is being tested on the Polkadot and Kusama networks, raised a total of $2 million last June.
Parallel, which currently has 3,000 users, offers two key services: leverage placement and liquidity extraction.
The project intends to grow its user base as well as its staff.