Parallel Network Releases ETH Withdrawal Feature, Allowing Users to Transfer Funds to Ethereum Mainnet

Omni-chain Layer 2 scaling solution Parallel Network The introduction of the withdrawal feature allows users to transfer ETH tokens from Parallel Network to the Ethereum mainnet with ease.

To start the withdrawal process, users are encouraged to visit the Parallel Bridge site and hit the 'Withdraw' button, redirecting them to a page where they can specify their desired ETH amount and confirm the transaction. It's important to note that Parallel Network has a 7-day period for redemption transfers, ensuring that after this time frame, users' assets will be successfully withdrawn.

Moreover, the Parallel Layer 2 platform requires a 7-day wait period for users wishing to withdraw ETH tokens to the Ethereum mainnet. After initiating the withdrawal request, users need to bide their time for a full week to see their assets redeemed completely. Additionally, any withdrawals from Parallel Layer 2 necessitate ETH tokens to cover gas fees, so users should ensure they have enough ETH for this purpose.

Currently, the withdrawal functionality for other ERC-20 tokens transitioning from Parallel Layer 2 to public blockchains like Merlin Chain and Arbitrum One is nearing its deployment phase. The project team has indicated that further details regarding these withdrawals will follow soon. Manta 1/ ETH Withdrawals from Parallel Layer 2 Now Accessible!

Parallel Network: What Is It?

AVS to maintain high levels of security and decentralization. EigenLayer Built upon the Ethereum framework and taking advantage of Arbitrum’s Nitro stack, Parallel Chain is crafted for complete EVM compatibility. This allows users to execute the same operations on

as they would on the Ethereum mainnet, including deploying smart contracts, interacting with Web3 applications, and managing wallets. Moreover, as an optimistic rollup, it inherits several robust security features from Ethereum. Parallel Network Recently, Parallel reached a significant milestone, boasting over 87,500 registered users on its network. Additionally, its testnet event that kicked off in May saw more than 142,000 accounts created, processed 23 million transactions on-chain, and facilitated the deployment of 129,000 contracts.

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