Overview

Introducing Parallel

Introduction

Parallel is a decentralized, modular stablecoins protocol with different entities and individuals contributing to its development and adoption. As a result, the documentation refers to different areas of “Parallel” which are worth distinguishing.

• Parallel Protocol: A decentralized, non-custodial stablecoins protocol implemented for the Ethereum Virtual Machine.

• Parallel Interfaces: Multiple web interfaces allowing easy interaction with the Parallel Protocol. Those interfaces are ways to interact with the Parallel protocol.

• Parallel Governance: A governance system for governing the Parallel Protocol, enabled by the PRL Token.

Parallel

Parallel is a capital-efficient, modular stablecoins protocol that allows the creation of over-collateralized, decentralized stablecoins.

The protocol comes with EVM smart contracts which facilitate interactions and integrations.

Overview

Parallel is a stablecoins protocol allowing the creation of decentralized, capital-efficient and over-collateralized stablecoins built using a modular & upgradable architecture. The protocol consists of several different modules, which can be added or removed over time by the DAO, from which stablecoins can be issued or minted. Any type of stablecoin can be deployed on Parallel, for instance: USD, EUR, CHF, ETH, BTC, etc..

Parallel is licensed under BUSL-1.1 & MIT. Once deployed, Parallel will function in perpetuity, provided by the existence of the blockchain and their dependencies.

Key Concepts

Stablecoins in Parallel involves:

• Collateralization: Stablecoins are backed by an overcollateralized basket of correlated assets.

• Depeg Protection: The protocol automatically adjusts fees and penalties when an asset deviates from its target value.

• Modularity: The protocol operates through independent minting modules that can be activated or modified by the DAO.

• Open Participation: Anyone can mint or burn stablecoins through the protocol.