Parallel
PAR
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Parallel (PAR) is an overcollateralized, decentralized EUR-pegged stablecoin. The project demonstrates modest documentation and governance maintenance (scoring 5.5 in Active Development), but suffers from severe adoption and liquidity deficiencies, exhibiting an estimated 24-hour volume of just $43 and an on-chain market cap under $3M, resulting in weak Market and Use Case (3.0) and Community Support (2.0) scores. Security evaluation (4.5) noted an attempted exploit against the related USDp stablecoin in May 2026 that was thwarted with zero losses, alongside a clean historical loss record, though verified smart contract audits could not be confirmed. Significant data gaps were encountered in Tokenomics and Team and Governance (both assigned -1.0 due to insufficient data/conflation with unrelated entities), which were excluded and their weights redistributed. No qualifying red-flag events occurred.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Parallel (PAR)
Parallel (PAR) is an overcollateralized, decentralized stablecoin pegged to the Euro (EUR) featuring multi-chain capability. Operating within the Parallel Protocol, PAR is maintained through a structured governance system categorized into PIR, PGP, and PIP proposals. The primary function of the asset is to offer a decentralized euro-denominated medium of exchange within the decentralized finance sector. PAR is distinct from Parallel Finance (PARA), an unrelated Polkadot-based protocol.
As of 2026, PAR exhibits limited market activity and significant liquidity constraints. On-chain data indicates a market capitalization between $1.36 million and $2.76 million, approximately 1,397 token holders, and 24-hour trading volumes of roughly $43, reflecting minimal user adoption. While protocol governance documentation has seen maintenance, there is a general absence of visible public community engagement.
Smart contract audit records and auditor verification for the PAR token could not be confirmed in protocol documentation. Regarding security incidents, an attempted exploit targeted the protocol's USDp stablecoin on May 7, 2026, where an attacker prepared to drain over $1.52 million in assets. Real-time automated monitoring paused the cross-chain deployment, successfully thwarting the attack with zero funds lost. There are no recorded realized exploits, bad debt incidents, or historical depeg events directly impacting PAR.