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par-launch-2022

What is Parallel (PAR)?

Parallel is a decentralised stablecoin issuance protocol built on the Ethereum blockchain. PAR tokens are decentralised, non-custodial one-to-one assets pegged to the Euro. Essentially, the project provides an alternative to USD stablecoins.

Over time, the protocol expects to progressively decentralise itself and hand over control to users who hold the MIMO governance token.

In brief

  • Parallel is a stablecoin pegged to the Euro developed by the MIMO team.
  • At its core, PAR sees DeFi and traditional financial institutions locking arms with the launch of the decentralised stablecoin platform.
  • A total of 17,150,367,73 PAR tokens have been minted so far, and 233 vaults have been created.

Who created PAR?

The PAR team comprises of the same people behind MIMO. They are mostly based in Singapore and Dubai. 

The total value of the protocol project stands at $44 million. WETH holds the biggest share of the asset composition on the protocol with 68.3%, while WBTC and USDC hold 22.6% and 9.7%.

The protocol's Euro-backed stablecoin PAR is bound to generate attention for it as liquidity increases. According to the team, this will usher in a new wave of cryptocurrency users.

How is PAR different? 

The Euro is the second-largest currency worldwide but has yet to establish itself as a big player in the cryptocurrency world. The top-ranking stablecoins are entirely Dollar-denominated, and these include USDT and USDC, among others.

Parallel is backed by the Euro at a 1:1 ratio. The team behind it aims to attract a new wave of crypto users who might have a "lower risk tolerance" when it comes to emerging technology.

PAR is also part of an ongoing rebranding campaign of the platform. 

How does it work?

A smart contract vault ensures token stability by locking down collateral. The process is designed with user experience in mind. Users simply need to connect an ERC-20 wallet, deposit crypto, provide liquidity and begin minting PAR tokens. Users can use two pools: the PAR-USDC and the PAR-WETH pool.

Minted assets are not loaned out in the protocol, and the MIMO Safety Reserve protects deposits. The process is entirely implemented on-chain, making PAR the first fully decentralised Euro-backed stablecoin of its kind. 

Attesting to the originality of the project is the statement made by its development team explaining the protocol's unique position in the efforts to "bridge the existing chasm" between DeFi and traditional financial institutions through the creation of the decentralised, Euro-backed token.

How to buy PAR?

If what was said so far about the token made you interested in adding it to your portfolio, you can do so starting March 29th within the SwissBorg app. 

The process is very simple and consists of just a few steps:

  • Step 1: Download and install the SwissBorg app.
  • Step 2: Set up your SwissBorg account. Detailed information is available on the Opening an Account page in the SwissBorg Help Center .
  • Step 3: Transfer funds (fiat or crypto) into your SwissBorg account. 
  • Step 4: Navigate to the Marketplace section of the SwissBorg app.
  • Step 5: Find the PAR token among the listings in the app by simply typing PAR into our search feature, marked with a magnifying glass icon in the top-left corner of the screen.
  • Step 6: Tap on "Deposit", select the fiat or cryptocurrency you want to use, enter the amount you wish to spend on the purchase, and tap on "Next". 
  • Step 7: Finally, tap on "Confirm exchange", and with that, you are a proud purchaser of PAR tokens.

Putting it all together

Parallel is a decentralised stablecoin issuance protocol built on the Ethereum blockchain. Following a mainnet launch, Parallel expects to slowly decentralise the community governance model through MIMO by enabling on-chain voting on improvement proposals and upgrades to Parallel Protocol.

The project presents itself as an alternative to USD stablecoins and their centralised model. Be sure to check it out in the SwissBorg app!