# Parallel Documentation

> Public documentation of Parallel, a decentralized stablecoin protocol by Cooper Labs. USDp is an overcollateralized USD stablecoin live on 24 chains; sUSDp is its ERC-4626 savings vault; PRL is the governance token. The Parallelizer engine mints and burns USDp against a basket of reserve assets, with fees that adapt to each asset's exposure, and redemption against a proportional share of the backing is available at any time. The protocol also runs an x402 payment facilitator and an MCP server for AI agents.

Last updated: 2026-09-02

## Overview

- [Overview](https://docs.parallel.best): Public documentation of Parallel, a decentralized stablecoin protocol: USDp and sUSDp, the PRL governance token, the modules and the agent tooling.

## Start here

- [Products](https://docs.parallel.best/introduction/products): The Parallel product range: decentralized stablecoins minted against overcollateralized reserves, and the savings vaults that pay yield on them.
- [Use Cases](https://docs.parallel.best/introduction/use-cases): What Parallel stablecoins and savings are used for: payments, trading pairs, DeFi collateral, multi-currency exposure and yield on idle balances.

## Products

- [Parallel V2 — Products](https://docs.parallel.best/products/parallel-v2): Parallel V2 issues two collateral-backed stablecoins: PAR, pegged to the euro, and paUSD, pegged to the dollar. Both are decentralized and fully non-custodial.
- [Parallel V2 — How It Works](https://docs.parallel.best/products/parallel-v2/how-it-works): How the legacy Parallel V2 protocol works: classic vaults minting PAR and paUSD against collateral, the bridging module, and Super Vaults for leverage.
- [Bridging Module — Parallel V2](https://docs.parallel.best/products/parallel-v2/how-it-works/bridging-module): Tunnel, the Parallel V2 bridging module, moves PAR and paUSD between supported chains over LayerZero, with a modular DVN security stack controlled by the DAO.
- [Bridging Module Implementation — Parallel V2](https://docs.parallel.best/products/parallel-v2/how-it-works/bridging-module/implementation): The currently voted implementation of the PAR & paUSD bridging modules can be found here:
- [Bridging Module — PAR](https://docs.parallel.best/products/parallel-v2/how-it-works/bridging-module/implementation/par): The DAO-approved PAR bridging parameters for each chain: required and optional DVNs, daily and global mint and burn limits, the fee rate and isolate mode.
- [Bridging Module — paUSD](https://docs.parallel.best/products/parallel-v2/how-it-works/bridging-module/implementation/pausd): The DAO-approved paUSD bridging parameters for each chain: required and optional DVNs, daily and global mint and burn limits, the fee rate and isolate mode.
- [LayerZero Infrastructure](https://docs.parallel.best/products/parallel-v2/how-it-works/bridging-module/layerzero-infrastructure): LayerZero is the permissionless messaging protocol under the Parallel V2 bridging module, pairing on-chain endpoints with Decentralized Verifier Networks.
- [Bridging Module Specifications — Parallel V2](https://docs.parallel.best/products/parallel-v2/how-it-works/bridging-module/specifications): The Parallel V2 bridging module follows LayerZero's OFT standard, with a DVN quorum, mint and burn limits, and every parameter controlled solely by the DAO.
- [Super Vaults (SV)](https://docs.parallel.best/products/parallel-v2/how-it-works/super-vaults-sv): Super Vaults manage a position as markets move: enter a leveraged long, rebalance into less volatile collateral, withdraw capital, or empty the vault entirely.
- [Automated Rebalance](https://docs.parallel.best/products/parallel-v2/how-it-works/super-vaults-sv/automated-rebalance): Automated Rebalance guards a Super Vault against liquidation like a stop loss, rebalancing collateral within limits on ratio, value change and call frequency.
- [EmptyVault](https://docs.parallel.best/products/parallel-v2/how-it-works/super-vaults-sv/emptyvault): EmptyVault closes a Super Vault in one transaction: flash loan collateral, swap it for PAR, repay the outstanding debt, then withdraw the remaining collateral.
- [Leveraging](https://docs.parallel.best/products/parallel-v2/how-it-works/super-vaults-sv/leveraging): SuperVaults allow for leveraging assets without any additional capital.
- [Managed Rebalance](https://docs.parallel.best/products/parallel-v2/how-it-works/super-vaults-sv/managed-rebalance): Managed Rebalance lets a Super Vault owner hand rebalancing decisions to a whitelisted manager, for strategies the fully automated system cannot express alone.
- [Rebalancing](https://docs.parallel.best/products/parallel-v2/how-it-works/super-vaults-sv/rebalancing): In addition to leveraging, SuperVaults also allow for rebalancing vaults to use another collateral without requiring any additional capital.
- [Classic Vaults — Parallel V2](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults): Classic Vaults are the core of Parallel V2: deposit collateral such as ETH, then mint PAR or paUSD against it while staying above the collateralization ratio.
- [Borrowing](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults/borrowing): Borrowing from a Parallel V2 vault mints new PAR or paUSD against deposited collateral, up to the Minimum Collateralization Ratio, and is repayable at any time.
- [Depositing](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults/depositing): Depositing collateral opens a Parallel V2 vault and sets how much PAR or paUSD can be borrowed against it, according to the Minimum Collateralization Ratio.
- [Fees](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults/fees): The Parallel Protocol is generating revenues by taking fees on minted PAR/paUSD and distribute them to various actors. You can learn more:
- [Fees Generation](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults/fees/fees-generation): The Parallel Protocol is generating revenues by taking fees on minted PAR/paUSD. These fees are called "Origination Fee" and "Borrowing Fee".
- [Liquidating](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults/liquidating): Vaults below the required health factor are liquidated by profit-seeking actors, keeping PAR and paUSD backed. A liquidation fee is added to the vault's debt.
- [Repaying](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults/repaying): Repaying burns PAR or paUSD to cut a Parallel V2 vault's debt. Partial or full repayment is possible at any time and keeps the collateral ratio above the MCR.
- [Withdrawing](https://docs.parallel.best/products/parallel-v2/how-it-works/vaults/withdrawing): Withdrawing redeems PAR or paUSD for the underlying collateral. Only the vault owner may withdraw, and only while the health factor stays above the minimum.
- [Parallel V2 — Licensing](https://docs.parallel.best/products/parallel-v2/licensing): Parallel V2 is released under the MIT license: the source may be used freely as long as the original copyright and licence notice travel with every copy of it.
- [Stablecoins](https://docs.parallel.best/products/parallel-v2/stablecoins): The two stablecoins of the legacy Parallel V2: PAR, indexed on the euro, and paUSD on the dollar. Both are superseded by USDp in Parallel V3.
- [PAR](https://docs.parallel.best/products/parallel-v2/stablecoins/par): PAR is the euro stablecoin of legacy Parallel V2, minted against approved collateral in non-custodial vaults. Addresses on Ethereum, Polygon and Fantom.
- [paUSD](https://docs.parallel.best/products/parallel-v2/stablecoins/par-1): paUSD is a non-custodial USD stablecoin minted against governance-approved collateral such as WETH, WBTC or USDC deposited into a Parallel V2 classic vault.
- [How does paUSD work?](https://docs.parallel.best/products/parallel-v2/stablecoins/par-1/how-does-pausd-work): paUSD is minted by depositing collateral such as wBTC in a vault and borrowing against it. This page explains over-collateralization and how the peg is held.
- [Where can I get paUSD ?](https://docs.parallel.best/products/parallel-v2/stablecoins/par-1/where-can-i-get-pausd): Two ways to obtain paUSD: mint it by opening a Parallel V2 vault against collateral, or swap for it through a DEX aggregator such as Paraswap or 1inch.
- [How does PAR work?](https://docs.parallel.best/products/parallel-v2/stablecoins/par/how-does-par-work): PAR is minted by depositing collateral such as wBTC in a vault and borrowing against it. This page explains over-collateralization and how the euro peg is held.
- [Where can I get PAR ?](https://docs.parallel.best/products/parallel-v2/stablecoins/par/where-can-i-get-par): There are two ways to obtain PAR: mint it by opening a Parallel V2 vault against collateral, or swap for it through a DEX aggregator such as Paraswap or 1inch.
- [Parallel V3 — Products](https://docs.parallel.best/products/parallel-v3): Parallel V3 is a modular, upgradable protocol for issuing decentralized, over-collateralized stablecoins. Any peg can run on it: USD, EUR, CHF, ETH or BTC.
- [Parallel V3 — Governance](https://docs.parallel.best/products/parallel-v3/governance): Parallel V3 runs autonomously, but sPRL holders govern it: deploying stablecoins and chains, adding collateral, and adjusting module, fee and oracle parameters.
- [Parallel V3 — How It Works](https://docs.parallel.best/products/parallel-v3/how-it-works): Parallel V3 is modular: every component is an independent module that can be deployed, upgraded, paused or reconfigured without disrupting the protocol.
- [Bridging Module — Parallel V3](https://docs.parallel.best/products/parallel-v3/how-it-works/bridging-module): The Parallel V3 Bridging Module reuses the V2 module unchanged, moving stablecoins across chains over LayerZero through DVN verification and its Executors.
- [Flashloan Module — Parallel V3](https://docs.parallel.best/products/parallel-v3/how-it-works/flashloan-module): Flash loans mint Parallel stablecoins within a single transaction and burn them at the end, so their size is capped by a governance parameter, not by liquidity.
- [Parallelizer Module — Parallel V3](https://docs.parallel.best/products/parallel-v3/how-it-works/parallelizer-module): The Parallelizer Module mints and burns Parallel stablecoins against a basket of assets held at target prices, with fees keeping each exposure in bounds.
- [Savings Module — Parallel V3](https://docs.parallel.best/products/parallel-v3/how-it-works/savings-module): The Savings Module pays Parallel stablecoin holders a native yield drawn from the return the protocol earns on backing assets, with no extra composability risk.
- [Parallel V3 — Licensing](https://docs.parallel.best/products/parallel-v3/licensing): Parallel V3 is divided into 3 different repositories, each with different licenses:
- [Stablecoins & Savings](https://docs.parallel.best/products/parallel-v3/stablecoins-and-savings): Parallel V3 stablecoins are minted against overcollateralized reserves with self-adjusting fees, and savings vaults pay the yield those reserves earn.
- [USDp & sUSDp](https://docs.parallel.best/products/parallel-v3/stablecoins-and-savings/usdp-and-susdp): USDp is Parallel V3's decentralized, over-collateralized USD stablecoin, live on 24 chains. sUSDp is its yield-bearing ERC-4626 version. Addresses for both.
- [USDp & sUSDp — Fee Distribution](https://docs.parallel.best/products/parallel-v3/stablecoins-and-savings/usdp-and-susdp/fee-distribution): Parallel V3 generated fees by the USDp codebase are distributed as follow:
- [USDp & sUSDp — Implementation](https://docs.parallel.best/products/parallel-v3/stablecoins-and-savings/usdp-and-susdp/implementation): Detailing current USDp production implementation

## Agents and payments

- [Use Parallel from your terminal](https://docs.parallel.best/agents/cli): The Parallel CLI queries live protocol data, builds and signs transactions, and makes x402 payments from the terminal or any script. One npm install, no config, wallet strictly opt-in.
- [CLI command reference](https://docs.parallel.best/agents/cli/commands): Every Parallel CLI command — protocol data, swap, savings, bridge, staking, governance and x402 payments. Exact syntax, flags and error codes.
- [Frequently asked questions](https://docs.parallel.best/agents/faq): Common questions about the Parallel x402 facilitator and SDK — fees, supported stablecoins, accounts, and how it compares to Stripe and Coinbase x402.
- [Connect your AI to Parallel in 2 minutes](https://docs.parallel.best/agents/mcp): The Parallel MCP server gives Claude, Cursor and any MCP client live protocol data and ready-to-sign transactions. Zero config, no API key, never touches your private key.
- [MCP tools reference](https://docs.parallel.best/agents/mcp/tools): The 36 tools of the Parallel MCP server — protocol data, savings, mint and redeem, bridge, staking, governance and x402 payments. Parameters, conventions and chain availability.
- [How MCP transactions work](https://docs.parallel.best/agents/mcp/transactions): Every write tool of the Parallel MCP server returns unsigned calldata — your wallet signs and submits. Approval flow, pre-flight simulation, warnings and error behaviour explained.
- [Build with Parallel](https://docs.parallel.best/agents/overview): Accept stablecoin payments from AI agents in any API. Drop-in middleware for Express, Next.js, Fastify, and Hono. Free, MIT-licensed, zero platform fees.
- [Migrate from Coinbase x402 to Parallel](https://docs.parallel.best/agents/recipes/migrate-from-coinbase-x402): Point your middleware at the Parallel facilitator and start accepting USDp, USDC, and sUSDp. A few lines of code, no agent-side changes.
- [What is x402?](https://docs.parallel.best/agents/x402): x402 is the HTTP-native payment standard for AI agents. Accept stablecoin payments per request with zero platform fees, sponsored gas, and no signup.
- [Build an agent that pays in 5 minutes](https://docs.parallel.best/agents/x402/agent-quickstart): Make your AI agent pay x402 APIs autonomously with @parallel-protocol/x402-fetch — a drop-in fetch replacement. Gasless, with a hard spend cap.
- [x402 SDK & facilitator API reference](https://docs.parallel.best/agents/x402/api-reference): Configuration, framework adapters, and the facilitator client for the Parallel x402 SDK — paymentMiddleware, withPayment, FacilitatorClient, and createPaymentGate.
- [How the Parallel x402 facilitator works](https://docs.parallel.best/agents/x402/concepts): Routing, fees, gas sponsoring, and supported networks for the Parallel x402 facilitator. Accept USDp, USDC, and sUSDp with zero platform fees.
- [x402 error codes](https://docs.parallel.best/agents/x402/error-codes): Reference for the errors thrown by the Parallel x402 SDK and the error codes propagated from the facilitator on a rejected payment.
- [Accept stablecoins in Express in 5 minutes](https://docs.parallel.best/agents/x402/quickstart): Add stablecoin payment support to any Express, Next.js, Fastify, or Hono API with one middleware. Free, sponsored gas, no signup.
- [x402 payment schemas](https://docs.parallel.best/agents/x402/schemas): Wire formats for the Parallel x402 payment headers — PaymentRequired, the signed payment payload, and the settlement confirmation.
- [The verify / settle flow](https://docs.parallel.best/agents/x402/verify-vs-settle): How the Parallel x402 middleware verifies a payment off-chain, runs your handler, then settles on-chain — so agents are never charged for failed requests.
- [Webhooks](https://docs.parallel.best/agents/x402/webhooks): Merchant webhooks for the Parallel x402 facilitator are on the roadmap. Until then, confirm payments by reading the payment-response header or watching your wallet on-chain.

## Developer reference

- [Addresses](https://docs.parallel.best/developers-hub/contract-addresses): Every deployed Parallel contract address, split by protocol version: USDp and PRL for Parallel V3, PAR and the deprecated tokens for Parallel V2.
- [Parallel V2 — Contract Addresses](https://docs.parallel.best/developers-hub/contract-addresses/parallel-v2): In this section you can find deployed contract addresses for PAR & paUSD:
- [MIMO-DEPRECATED Contract Addresses](https://docs.parallel.best/developers-hub/contract-addresses/parallel-v2/mimo-deprecated): Deployed MIMO-DEPRECATED contracts across supported chains.
- [PAR Contract Addresses](https://docs.parallel.best/developers-hub/contract-addresses/parallel-v2/par): Deployed PAR contracts across supported chains.
- [PAUSD-DEPRECATED Contract Addresses](https://docs.parallel.best/developers-hub/contract-addresses/parallel-v2/pausd-deprecated): Deployed PAUSD-DEPRECATED contracts across supported chains.
- [Parallel V3 — Contract Addresses](https://docs.parallel.best/developers-hub/contract-addresses/parallel-v3): In this section you can find deployed Parallel V3 contract addresses:
- [PRL Contract Addresses](https://docs.parallel.best/developers-hub/contract-addresses/parallel-v3/prl): Deployed PRL contracts across supported chains.
- [USDp Contract Addresses](https://docs.parallel.best/developers-hub/contract-addresses/parallel-v3/usdp): Deployed USDp contracts across supported chains.
- [Developers Guide](https://docs.parallel.best/developers-hub/developers-guide): Entry point to the Parallel developer documentation: V3 modules, contract addresses on 24 chains, oracles, subgraphs, the PRL token and the agent tooling.
- [Parallel Governance Token (PRL) — Developers](https://docs.parallel.best/developers-hub/parallel-governance-token-prl): PRL is an ERC-20 with Permit. This page covers its token contract and the principal and peripheral migration contracts that convert the Mimo token to PRL.
- [PRL Tokenomics — Developers](https://docs.parallel.best/developers-hub/parallel-governance-token-prl/tokenomics): The Parallel tokenomics contracts route protocol fees to a main distributor, pay the listed receivers, and let PRL be staked as sPRL1 or as an 80/20 sPRL2 pool.
- [Contracts](https://docs.parallel.best/developers-hub/parallel-governance-token-prl/tokenomics/contracts): The Parallel tokenomics contracts: FeeCollectorCore and the main and sidechain fee distributors, with the AccessManager-restricted functions each one exposes.
- [Key Operations Flows](https://docs.parallel.best/developers-hub/parallel-governance-token-prl/tokenomics/key-operations-flows): Step-by-step Parallel tokenomics flows: sPRL1 and sPRL2 deposits, withdrawal requests, the penalty applied on early exit, and how fees reach the distributors.
- [Parallel V2 — Developers](https://docs.parallel.best/developers-hub/parallel-v2): Developer reference for the legacy Parallel V2 contracts, covering the classic vaults, the LayerZero bridging module and the Super Vault proxy system.
- [Bridging Module — Parallel V2 Developers](https://docs.parallel.best/developers-hub/parallel-v2/bridging-module): BridgeableToken.sol makes an already deployed ERC-20 bridgeable through LayerZero's OFT standard. The Parallel V2 bridging module codebase is MIT licensed.
- [Bridging Module — Architecture](https://docs.parallel.best/developers-hub/parallel-v2/bridging-module/architecture): The Parallel V2 bridge transaction lifecycle: the token is burned on the source chain, sent through LayerZero, verified by the DVNs, then minted on the target.
- [Sample Use Cases](https://docs.parallel.best/developers-hub/parallel-v2/bridging-module/sample-use-cases): Worked examples of the Parallel V2 bridging module: sending principal tokens and sending OFT tokens, and what the contract burns and mints in each scenario.
- [Classic Vaults — Parallel V2 Developers](https://docs.parallel.best/developers-hub/parallel-v2/classic-vaults): The Parallel Protocol's classic vaults smart contracts are open source on Github:
- [Classic Vaults — Architecture](https://docs.parallel.best/developers-hub/parallel-v2/classic-vaults/architecture): The contracts behind Parallel V2 classic vaults: VaultsCore for calculations, VaultsCoreState for cumulative rates, and the PAR and paUSD ERC-20 stablecoins.
- [Borrowing and minting PAR/paUSD](https://docs.parallel.best/developers-hub/parallel-v2/classic-vaults/borrowing-and-minting-par-pausd): To borrow and mint PAR/paUSD equal to `BORROW_AMOUNT`, call the `VaultsCore.borrow()` function.
- [Opening a vault](https://docs.parallel.best/developers-hub/parallel-v2/classic-vaults/opening-a-vault): How to open a Parallel V2 vault and deposit collateral into it, step by step: the contract calls to make and the order to make them in.
- [VaultsCore](https://docs.parallel.best/developers-hub/parallel-v2/classic-vaults/vaultscore): VaultsCore is the main interface to the Parallel V2 debt system, handling deposits, borrowing, repayment and liquidation, with native ETH supported directly.
- [Super Vault (SV)](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv): The Super Vaults smart contracts are open source on Github:
- [Action Contracts](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts): Super Vaults act through action contracts called via MIMOProxy. Five exist, one per feature: EmptyVault, Leverage, Rebalance, Managed and AutoRebalance.
- [MIMOAutoRebalance](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts/mimoautorebalance): MIMOAutoRebalance drives automated Super Vault rebalancing: setAutomation stores a vault's automation parameters and rebalance performs the swap within them.
- [MIMOEmptyVault](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts/mimoemptyvault): MIMOEmptyVault uses a flashloan to repay a Super Vault's entire debt and return its collateral to the owner, callable only through MIMOProxy's execute function.
- [MIMOLeverage](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts/mimoleverage): MIMOLeverage builds a leveraged Super Vault position using a flashloan, called through MIMOProxy. Covers executeAction, executeOperation and their requirements.
- [MIMOManagedRebalance](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts/mimomanagedrebalance): MIMOManagedRebalance lets a whitelisted manager rebalance a Super Vault for its owner, with setManagement storing the vault's management parameters on chain.
- [MIMOProxyActions](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts/mimoproxyactions): The `MIMOProxyActions` contract can be seen as an extension of the `MIMOProxy`. It adds 2 main functionalities :
- [MIMORebalance](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts/mimorebalance): MIMORebalance swaps a Super Vault's collateral for another type using a flash loan, called through MIMOProxy. Covers executeAction, RebalanceData and its rules.
- [MIMOVaultActions](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/action-contracts/mimovaultactions): MIMOVaultActions mirrors the owner-restricted VaultsCore functions so MIMOProxy owners can deposit, withdraw, borrow and repay readably through their own proxy.
- [Leverage Max Amount Derivation](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/leverage-max-amount-derivation): How Super Vault derives the maximum leverage available from a starting collateral balance and the Minimum Collateralization Ratio, including the flashloan fee.
- [Proxy Design](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/proxy-design): The Super Vault proxy contracts: MIMOProxy for batching calls, MIMOProxyGuard holding its permissions, and MIMOProxyFactory that deploys a pair per user.
- [MIMOProxy](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/proxy-design/mimoproxy): MIMOProxy lets Super Vault users reach Parallel V2, DEX aggregators and flash loan providers in a single transaction, following a pattern inspired by PRBProxy.
- [MIMOProxyFactory](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/proxy-design/mimoproxyfactory): The MIMOProxyFactory of the legacy Parallel V2: how user proxies are deployed, tracked and resolved for the Super Vaults contracts.
- [MIMOProxyGuard](https://docs.parallel.best/developers-hub/parallel-v2/super-vault-sv/proxy-design/mimoproxyguard): MIMOProxyGuard holds each MIMOProxy's permissions in a separate cloned contract, cutting storage collision risk and letting a new owner clear them in one call.
- [Parallel V3 — Developers](https://docs.parallel.best/developers-hub/parallel-v3): The AccessManager roles governing Parallel V3, listing each role with the identifier it is assigned and the restricted functions that role is allowed to call.
- [Build on Parallel](https://docs.parallel.best/developers-hub/parallel-v3/build-on-parallel): The goal of these guides is to help developers, such as third-party protocols, arbitrageurs or keepers; understand and build on-top of Parallel.
- [Flashloan Module Integration](https://docs.parallel.best/developers-hub/parallel-v3/build-on-parallel/flashloan-module-integration): The Flashloan module serves as the core minting and burning engine for Parallel stablecoins.
- [Parallelizer Module Integration](https://docs.parallel.best/developers-hub/parallel-v3/build-on-parallel/parallelizer-module-integration): The Parallelizer module serves as the core minting and burning engine for Parallel stablecoins.
- [Savings Module Integration](https://docs.parallel.best/developers-hub/parallel-v3/build-on-parallel/savings-module-integration): The Parallel Savings Module is an ERC-4626 vault that mints yield at a governance-set rate rather than investing deposits, adding no extra trust assumption.
- [Offchain Tools](https://docs.parallel.best/developers-hub/parallel-v3/offchain-tools): Offchain tooling for reading Parallel V3 data: the subgraphs that index the protocol's onchain events, and the Dune dashboards built on that indexed data.
- [Subgraphs](https://docs.parallel.best/developers-hub/parallel-v3/offchain-tools/subgraphs): Detailing the list of available subgraphs.
- [Onchain Tools](https://docs.parallel.best/developers-hub/parallel-v3/onchain-tools): Onchain tooling for Parallel V3: the DIA and RedStone oracle price feeds that the protocol reads to value its stablecoins and the assets that back them.
- [Oracles](https://docs.parallel.best/developers-hub/parallel-v3/onchain-tools/oracles): Explore Parallel price feeds deployed by third party protocols.
- [DIA](https://docs.parallel.best/developers-hub/parallel-v3/onchain-tools/oracles/dia): DIA fundamental and market price feeds for Parallel stablecoins, approved in PGP-34 and deployed as ChainlinkAggregatorV3Interface-compatible adapter contracts.
- [DIA Oracles — Fundamental](https://docs.parallel.best/developers-hub/parallel-v3/onchain-tools/oracles/dia/fundamental): The DIA fundamental oracles used by Parallel V3: the deployed contracts, the sources they read, and the assets whose value they report on-chain.
- [Market](https://docs.parallel.best/developers-hub/parallel-v3/onchain-tools/oracles/dia/market): The DIA market oracles used by Parallel V3: the deployed contracts, the assets they price, and the gas wallets Cooper Labs keeps funded to push updates.
- [RedStone](https://docs.parallel.best/developers-hub/parallel-v3/onchain-tools/oracles/redstone): RedStone fundamental price feeds for Parallel stablecoins, approved in PGP-33 and deployed as ChainlinkAggregatorV3Interface-compatible adapter contracts.
- [RedStone Oracles — Fundamental](https://docs.parallel.best/developers-hub/parallel-v3/onchain-tools/oracles/redstone/fundamental): More details on Fundamental RedStone Oracles
- [Parallelizer Module — Parallel V3 Developers](https://docs.parallel.best/developers-hub/parallel-v3/parallelizer-module): Known issue in the Parallelizer Module: the Swapper facet blocks a zero deadline after the Bailsec audit, while the inherited Angle comment was left unchanged.

## Governance

- [DAO Multisigs](https://docs.parallel.best/governance/dao-multisigs): The Parallel DAO multisigs control the treasury, protocol parameters and the blog. Each has eight members and needs five signatures to execute a transaction.
- [DAO Multisigs Elections](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections): Multisigs DAO signers are elected every 6 months. Find out about previous elections here:
- [Election 1](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-1): Election 1 of the Parallel DAO multisig, held under MIP-1: the forum discussion, the Snapshot vote, and the DAO and Mimo Labs signers elected, with wallets.
- [Election 2](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-2): Election 2 of the Parallel DAO multisig, held under MIP-10: the forum discussion, the Snapshot vote, and the DAO and Mimo Labs signers elected, with wallets.
- [Election 3](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-3): Election 3 of the Parallel DAO multisig, held under MIP-15: the forum discussion, the Snapshot vote, and the DAO and Mimo Labs signers elected, with wallets.
- [Election 4](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-4): Election 4 of the Parallel DAO multisig, held under MIP-18: the forum discussion, the Snapshot vote, and the DAO and Mimo Labs signers elected, with wallets.
- [Election 5](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-5): Election 5 of the Parallel DAO multisig, held under MIP-26: the forum discussion, the Snapshot vote, and the full list of signers elected with their wallets.
- [Election 6](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-6): Election 6 of the Parallel DAO multisig, held under PIP-38: the forum discussion, the Snapshot vote, and the full list of signers elected with their wallets.
- [Election 7](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-7): Election 7 of the Parallel DAO multisig, held under PIP-49: the forum discussion, the Snapshot vote, and the full list of signers elected with their wallets.
- [Election 8](https://docs.parallel.best/governance/dao-multisigs/dao-multisigs-elections/election-8): Election 8 of the Parallel DAO multisig, held under PIP-53: the forum discussion, the Snapshot vote, and the full list of signers elected with their wallets.
- [DAO Treasury](https://docs.parallel.best/governance/dao-treasury): The Parallel DAO treasury is funded by protocol fees, visible live through Octav, and follows a strategy set in MGP-12 and revised by later proposals.
- [DAO Treasury Reports](https://docs.parallel.best/governance/dao-treasury/dao-treasury-reports): Monthly Parallel DAO treasury reports, with notes on the snapshots that understate the total by leaving out USDp or sdSPECTRA holdings when they were taken.
- [Governance Process](https://docs.parallel.best/governance/governance-process): Parallel is governed by sPRL holders voting on Snapshot. Proposals that reach quorum and a majority are executed by the DAO multisig; each step is set out here.
- [Parallel Governance Token (PRL) — Governance](https://docs.parallel.best/governance/parallel-governance-token-prl): PRL is the governance token of the Parallel Protocol: an ERC-20 issued on Ethereum with a fixed one billion supply and no mint, pause or admin function.
- [PRL Bridging Module — Governance](https://docs.parallel.best/governance/parallel-governance-token-prl/bridging-module): The PRL bridging module moves PRL between supported chains over LayerZero, using configurable Decentralized Verifier Networks and an X of Y of N security model.
- [PRL Bridging Module Implementation — Governance](https://docs.parallel.best/governance/parallel-governance-token-prl/bridging-module/implementation): The DAO-approved PRL bridging parameters for each chain: the required and optional DVNs, and the mint and burn limits that apply to them.
- [PRL Bridging Module Specifications — Governance](https://docs.parallel.best/governance/parallel-governance-token-prl/bridging-module/specifications): How PRL bridges between chains: LayerZero's OFT standard, and the modular security stack of DVNs the DAO configures around each route.
- [PRL Token — Governance](https://docs.parallel.best/governance/parallel-governance-token-prl/governance): sPRL1 and sPRL2 holders carry voting power in Parallel governance, weighted by the previous epoch's ParaBoost. Transferring the token resets that accrued power.
- [Issuance](https://docs.parallel.best/governance/parallel-governance-token-prl/issuance): How the PRL supply is issued over time: the weekly reduction of inflation, and the supply carried over from the TenX and PAY token holders.
- [MIMO to PRL Migration](https://docs.parallel.best/governance/parallel-governance-token-prl/mimo-to-prl-migration): The DAO approved the 1:1 migration of MIMO to PRL in April 2025. It closed on 1 August 2026 under PIP-61, and MIMO can no longer be exchanged.
- [PRL Tokenomics — Governance](https://docs.parallel.best/governance/parallel-governance-token-prl/tokenomics): Parallel's tokenomics introduce PRL staking, the ParaBoost incentive model, and the distribution of protocol revenue to stakers, aligning holders and protocol.
- [Epoch Concept](https://docs.parallel.best/governance/parallel-governance-token-prl/tokenomics/epoch-concept): An epoch is the 30-day unit of time in Parallel tokenomics, setting the ParaBoost calculation window, the sPRL unstaking cooldown and the fee sharing schedule.
- [PRL Tokenomics — Fee Distribution](https://docs.parallel.best/governance/parallel-governance-token-prl/tokenomics/fee-distribution): Protocol fees are converted to PAR on each chain and bridged to Polygon PoS, where 15% is shared with sPRL1 and sPRL2 stakers each epoch, weighted by ParaBoost.
- [ParaBoost](https://docs.parallel.best/governance/parallel-governance-token-prl/tokenomics/paraboost): Parallel Boost (ParaBoost) is a concept that distributes fees to PRL stakers who generate the most positive externalities that benefit the protocol.
- [Staking Mechanisms](https://docs.parallel.best/governance/parallel-governance-token-prl/tokenomics/staking-mechanisms): PRL can be staked two ways: sPRL1 for single-sided staking, and sPRL2 for the PRL/wETH 80/20 Balancer pool token. Both unstake against an epoch-long cooldown.
- [Proposal Framework](https://docs.parallel.best/governance/proposal-framework): The Parallel governance framework, updated by MIP-29, sorts every proposal into three categories, PIR, PIP and PGP, and defines how each is raised and executed.
- [Parallel Governance Proposal (PGP)](https://docs.parallel.best/governance/proposal-framework/parallel-governance-proposal-pgp): The Parallel Governance Proposal, the format for treasury and DAO organisation decisions: what a PGP covers, how to write one and how it is voted.
- [Parallel Improvement Protocol (PIP)](https://docs.parallel.best/governance/proposal-framework/parallel-improvement-protocol-pip): Explaining Parallel Improvement Protocol
- [Parallel Integration Request (PIR)](https://docs.parallel.best/governance/proposal-framework/parallel-integration-request-pir): The Parallel Integration Request, the format for listing a new asset: the risk each addition brings to its market and the checks a PIR has to answer.
- [sPRL and Voting Power](https://docs.parallel.best/governance/sprl): Understanding how to participate in the DAO.

## Security

- [Audits](https://docs.parallel.best/security/audits): A breakdown of security reviews covering deployed smart contracts of Parallel
- [Bug Bounty Program](https://docs.parallel.best/security/bug-bounty-program): Parallel's Immunefi bug bounty, approved in PGP-28 and live since June 2025, pays up to 250,000 USD for the most critical impacts and 50,000 for critical bugs.
- [Hypernative](https://docs.parallel.best/security/hypernative): Hypernative monitors Parallel in real time and can pause the protocol automatically when it detects a threat, onboarded by the DAO through the PIP-62 proposal.
- [Insurance Fund](https://docs.parallel.best/security/insurance-fund): Detailing the coverage and strategy of the Parallel Insurance Fund
- [Keepers](https://docs.parallel.best/security/keepers): Role and responsibilities of Keepers in maintaining Parallel V3 protocol operations
- [Parallel Emergency Guardians](https://docs.parallel.best/security/parallel-emergency-guardians): Approved in MIP-11, Parallel's emergency guardians let any multisig signer open a transaction to halt the protocol, executed once other signers verify it.
- [Proof of Solvency](https://docs.parallel.best/security/proof-of-solvency): How Parallel V3 proves its backing on-chain: reserves sit in permissionless Parallelizer contracts rather than multisigs, and are auditable live.

## Resources

- [User Guides](https://docs.parallel.best/resources/user-guides): Step-by-step guides for using Parallel: minting USDp, staking it into sUSDp, bridging tokens across chains, and staking or migrating to PRL.

## Full text

- [Complete documentation as a single file](https://docs.parallel.best/llms-full.txt)

## Disambiguation

Parallel Protocol (this documentation) is a decentralized stablecoin protocol issuing USDp.
It is unrelated to:

- Parallel.ai, the AI web-research company.
- Parallel Finance, the Polkadot lending protocol.
- USDP by Paxos, a centrally issued stablecoin — Parallel's stablecoin is USDp.

Parallel V2 was previously known as Mimo. Pages under `/products/parallel-v2` document
that legacy system; current work is Parallel V3.