Buy Parallel (PAR)

What is Parallel?

Parallel (PAR) is an overcollateralised and decentralised Euro-pegged stablecoin issued by the Mimo protocol. It is designed to be multi-chain, supported by strong collaterals which include conservative, decentralised, and productive assets.

How does Parallel work?

Parallel operates using blockchain technology and is built on networks such as Ethereum, Polygon, and Fantom. The coin utilises collateralised debt positions (CDPs) to ensure stability, where assets secure the value of the coin on-chain. For every 1 Euro of PAR, more than 1 Euro worth of another asset is held as backing. It employs non-custodial smart contracts for minting and burning tokens, allowing borrowers full control over their collateral and PAR balances.

What are the potential use cases for Parallel?

Parallel can be used in various financial applications, such as generating yield, leveraging price and yield, providing liquidity, and serving as collateral in decentralised finance (DeFi). Its utility extends to B2B cross-border payments, offering a stable alternative to traditional fiat currencies. Industries that could benefit include financial services and cross-border payment systems.

What is the history of Parallel?

While specific details about the history of Parallel (PAR) are limited, it is part of the broader Parallel Protocol, a decentralised protocol issuing stablecoins governed by a DAO through vMIMO tokens. The protocol supports multi-chain operations and is open source, promoting transparency and allowing third-party integrations. Its development has focused on providing stablecoin solutions that learn from the challenges faced by early stablecoins, which struggled due to reliance on volatile assets.