Parallel Network, the First Omni-Chain L2 Blockchain Powered by Arbitrum Orbit, Is Now Live on Testnet

The first omni-chain L2 blockchain, Parallel Network, is now officially live on testnet, and will be the first Arbitrum Orbit chain to launch on mainnet. 

What Is Parallel Network?

According to Parallel, Parallel Network is the first omni-chain L2 blockchain that is said to unify liquidity from any chain into one place, making it possible to have one account have access to instant liquidity across any blockchain. 

This new network aims to address issues present in existing L2s that include complicated blockchain interactions, fragmented liquidity and “multi-chain overhead.” In order to tackle these problems, this omni-chain aggregates liquidity from all Layer-2s, providing a better and more efficient user experience. 

The company behind this technology, Parallel Labs, believes that the future of blockchain is “is omni-chain, with hundreds of Layer 2s serving various markets and applications.” As such ,they find their Arbitrum-powered chain to be the solution to the previously-mentioned problems, as their L2 is said to enable having one account for all chains, thus combining liquidity from all networks and making it possible to “automate executions on any chain.” 

According to the official announcement, the full-stack L2 also supports seamless transactions across the company’s products. In the future, the team plans on adding various other features for an even more user-friendly experience, including integration of Arbitrum’s security, as well as the following: 

• Gas now pay later 
• Omni-chain liquidity outposts 
• Intent-centric execution 
• Native yield for all assets 

Testnet

Anyone interested in trying out this newly-announced chain can already to do so via the Parallel Testnet. By interacting with this testnet version, you will be able to earn Parallel Points. The use of these points does not seem to have been stated at the time of writing, so we can only speculate the potential rewards that await the top users.