Proof of Solvency

Parallel V3 Proof of Solvency

Introduction

Unlike the majority of stablecoins protocols, Parallel V3 doesn't rely on multisigs or MCP vaults for its backing management but on onchain & permissionless smart contracts called Parallelizer Module. The Parallelizer Module is handling mint, burn & redeem operations within DAO approved parameters, you can learn more about it here. Users, keepers and anyone can freely interact with the backing of Parallel V3 Stablecoins without any cooldown.

The DAO, nor protocol contributors have access to Parallel V3 stablecoins backing. Moreover the backing is held entirely onchain.