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Parallel Finance, a famend non-fungible token lending protocol, has reportedly shut down after 4 years of service supply. Sadly, a whole bunch of 1000’s of {dollars}’ price of high-profile non-fungible token collections have remained caught inside Parallel Finance contracts after the NFT platform quietly shut down its lending product earlier this month. On this article, we are going to talk about this information bulletin in depth.
Parallel Finance Quits NFT House
Earlier this week, speculations emerged that Parallel Finance had shut its doorways after 4 years. On-chain sleuth 0xQuit drew consideration to the problem over the weekend, posting on X that collections like Bored Ape Yacht Membership, Mutant Ape Yacht Membership, and Doodles have been nonetheless sitting inside Parallel vaults. Based mostly on present flooring costs, the stranded non-fungible tokens are valued at over $800,000, although some uncommon traits may push the quantity even greater.
The vaults of the now defunct Parallel Finance personal 11 BAYC, 39 MAYC, and a pair of Doodles. The frontend is deprecated, leaving nontechnical customers caught, and the founder is charging a $500 charge to assist.
In case your property are caught, here is a step-by-step to extract them:1/🧵 pic.twitter.com/JFJSDqEfPK
— Stop (@0xQuit) August 21, 2025
Parallel Finance is a crypto liquidity lending platform offering a collection of monetary merchandise, together with liquid staking, cash market providers for lending and borrowing, cross-chain, and crowdloan providers for parachain auctions. It goals to extend capital effectivity and accessibility in DeFi, permitting customers to earn passive earnings from their staked property whereas sustaining crypto liquidity by by-product tokens. It additionally beforehand supplied crypto liquidity lending utilizing NFTs as collateral.
Earlier this yr, Parallel Finance introduced that NFT lending, together with different providers, can be discontinued on August 1. On the time, it gave customers half a yr to withdraw their NFTs. However with NFT exercise far beneath its 2022 peak, many ignored the deadline. Now that the location’s withdrawal timeline is way gone, the platform is demanding some charge from customers to recuperate digital property manually by blockchain interactions on Etherscan.
Person To Pay $500 For Late NFT Withdrawal
In an August 22 screenshot, shared by 0xQuit, Yubo Ruan, the chief govt officer of Paralell Finance, confirmed that late withdrawals will price customers $500 per digital asset, a coverage that has sparked frustration amongst NFT holders. In messages to Protos, Ruan defended the stance, urging folks to observe neighborhood guides like 0xQuit’s tutorial as a substitute. He additionally warned that any NFTs not reclaimed would ultimately be liquidated to return funds to lenders.
Parallel Finance joins a quickly rising listing of NFT market platforms which have exited the NFT area. A number of the platforms which have not too long ago exited the NFT market embody Bybit’s NFT Market platform, Kraken’s NFT Platform, Animoca Manufacturers’ Quidd NFT Market, VK’s NFT Market, X2Y2, and the Solanart and Hyperspace NFT marketplaces. These closures mirror a broader pattern of decline and restructuring within the NFT market following the speculative bubble of 2022 and 2023.
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