A parachute for 2d side-scroller platformer

I got a pretty good idea of how to implement this but I'm not so sure about the fine details. I would love they are anybody's ideals about this ideal.
Especially how I can get combined with others I have for my game. LIke grappling hook that lets the Player swing around Bionic commando/worms style, Short-range dash//teleportation, etc.
And also How to code in.

Has anybody got any good suggestions?
 
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