what's Parallel Protocol?

Parallel Protocol is a decentralized finance (DeFi) platform that enables the issuance and management of USDp, a yield-bearing stablecoin pegged to the US dollar. USDp accrues value from integrated yield sources across multiple blockchain ecosystems, allowing users to earn passive returns while maintaining stability. The protocol operates through a modular architecture, supporting lending, borrowing, and liquidity provision mechanisms that distribute yields transparently via smart contracts. Built for cross-chain compatibility, Parallel Protocol facilitates seamless interactions on networks like Sonic and others, integrating with platforms such as Curve Finance for optimized liquidity pools. Governance is handled through the PARA token, empowering holders to participate in protocol decisions, upgrades, and risk management. The system emphasizes security and efficiency, using oracles and collateralization to ensure USDp's peg and mitigate volatility.

Parallel Protocol adopted OctavFi's Chainlink-powered Proof of Reserve solution as an early adopter.