Parallel Network, a full-chain L2 network, announced on social media that it will shut down the ParaSpace V1 lending platform by following these steps: July 2nd - July 9th: All markets on ParaSpace V1 will be frozen. During this period, the loan-to-value ratio (LTV) for all assets will be adjusted to 0. Users can only repay loans, no withdrawals are allowed. This phase will last for 7 days until July 9th. July 10: After the 7-day period expires, all outstanding loan positions will be liquidated directly. Once the liquidation process is completed, withdrawals will be reopened.