According to Odaily, Parallel Network, a comprehensive L2 network, has announced the termination of its ParaSpace V1 operations. The closure of the ParaSpace V1 lending platform will follow a specific set of steps.
From July 2nd to July 9th, all markets on ParaSpace V1 will be frozen. During this period, the loan-to-value (LTV) ratio of all assets will be adjusted to zero. Users will only be allowed to repay loans, with withdrawals being prohibited. This phase will last for seven days, ending on July 9th.
On July 10th, after the seven-day period, all positions with outstanding loans will be directly liquidated. Once the liquidation process is completed, withdrawals will be reopened. This move marks a significant shift in the operations of the Parallel Network.