Parallel (PAR) is a decentralized, non-custodial, over-collateralized stablecoin pegged to the euro. It is issued through the Parallel Protocol, a platform built on Ethereum, Polygon, and Fantom blockchains. Users generate PAR by depositing approved collateral assets—such as WETH, WBTC, USDC, and others—into vaults. The protocol then issues PAR as a loan against these assets. All PAR tokens are minted and burned through smart contracts without intermediaries.

The protocol uses a minimum collateralization ratio (MCR) and a liquidation ratio (LR) to ensure all minted PAR is sufficiently backed. Smart contract architecture supports automated minting, borrowing, repayment, and liquidation processes. The protocol’s price peg mechanism involves natural arbitrage and interest rate adjustments based on Chainlink price feeds.

PAR is used primarily as a decentralized stablecoin within the DeFi ecosystem. It provides euro-denominated liquidity for users seeking to interact with crypto applications while avoiding volatility. PAR is also utilized in decentralized loans, savings mechanisms, and Automated Market Maker (AMM) pools where it earns interest and supports trading.

The token allows users to borrow PAR against collateral, trade it, or use it within DeFi services on supported chains. Liquidity providers who support PAR in AMM pools are incentivized through yield generated from protocol fees.

Parallel (PAR) was developed by the team at MIMO Capital. The protocol and its stablecoins were introduced as part of the Mimo DeFi platform. While initially guided by the founding team, the governance of the protocol is decentralized through the use of MIMO tokens. Users stake MIMO to receive voting power (vMIMO), allowing them to vote on proposals and protocol upgrades.

Although 'PAR' was the ticker assigned at the deployment of the Parallel Token's smart contract, it is already in use by another asset that has a larger market presence and higher trading volume on major exchanges. Due to this pre-existing association and to avoid confusion in the marketplace, the alternative ticker 'PARAL' has been adopted for this token. This designation is specifically used to ensure that assets are distinctly identified.