Parallel
About
Parallel is a decentralized, modular stablecoins protocol (formerly part of Mimo Labs) that enables the creation of over-collateralized stablecoins such as USDp through a modular, upgradeable architecture governed by the Parallel DAO. It provides a suite of DeFi primitives — minting/burning stablecoins via the Parallelizer Module (a Price Stability Module), a Savings Module to stake stablecoins for native yield, cross-chain bridging, and flashloans — targeted at users seeking capital-efficient, on-chain stable assets.
Where Does Yield Come From?
Parallel V3 earns yield from fees that the protocol itself collects, and hands those rewards to users who stake USDp (the stablecoin) into sUSDp (a staked version). Here's how the money flows.
Where the yield comes from — three sources of fees:
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Parallelizer Module – This is the mechanism that keeps USDp stable at its target value (the "peg"). When USDp drifts away from that peg, the system adjusts its minting and burning fees automatically to push it back. Those dynamic fees generate revenue.
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Bridging Module – When you move USDp across different blockchains using Parallel's cross-chain bridge (powered by LayerZero, spanning over 24 chains), a small transfer fee is collected.
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Flashloan Module – Fees from quick, uncollateralized loans (flashloans) that happen within the protocol.
How the yield reaches you:
All the fees listed above pile up in the protocol's reserve assets. If you stake USDp into the Savings Module, you receive sUSDp — a token that slowly grows in value compared to regular USDp as those fees accumulate. You do not pay extra staking fees, and sUSDp is fully liquid: you can use it as collateral in other DeFi apps or transfer it freely.
Who sets the yield rate?
Protocol keepers (currently Cooper Labs and Mimo Labs) calculate the rate based on real-time fee income the protocol is actually generating. The Parallel DAO (the community governance) oversees this. That means the yield reflects genuine on-chain activity, not external lending or farming strategies.
Extra safety measures:
Parallel also keeps an insurance fund and publishes Proof of Solvency attestations, so users can verify the protocol is properly backed.
Persons
Noah Boisserie
Founder & CEO (Cooper Labs) — Head of DeFi at Mimo Labs
Fabien Coutant
CTO (Cooper Labs)
Rafik Fellal
Head of Growth (Cooper Labs) — VP Growth at Mimo Labs
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Certora03-04-2025 - 01-05-2025 |
| The Certora formal verification found 1 medium and 4 low-severity issues, all of which were either fixed or acknowledged by the protocol team, and the core mathematical properties of the protocol were verified across the covered modules. Overall, the audit demonstrates that the protocol's critical invariants (swap integrity, hard caps, redemption correctness) hold under formal proof, with the remaining acknowledged rounding and casting risks presenting low actual exploit likelihood. |
Bailsec (Bail Security)01-03-2025 |
| The audit revealed two high-severity vulnerabilities (credit limit bypass and incorrect fee accounting) plus multiple governance privilege escalation paths that were all resolved before finalization, though several medium and low-risk items remain acknowledged as design trade-offs. Overall the protocol's security posture is reasonable given the complexity of its multi-collateral stablecoin system, but continued monitoring of guardian privileges and oracle configurations is advised. |
Zenith (Code4rena)05-02-2025 - 12-02-2025 |
| The Zenith audit identified four high-risk vulnerabilities, all of which were resolved, along with two medium-risk findings (one acknowledged as an accepted design constraint). The protocol's most critical attack surface — token reward claiming, withdrawal accounting, and cross-chain bridging — was appropriately addressed, leaving no unmitigated high-severity risks. |
| The audit resolved all critical-severity fund-drain and BalancerV3/Aura integration issues before finalization, and the removal of the Auctioneer contract eliminates the most significant residual game-theoretic risk. The remaining acknowledged items are centralization and code-quality notes that the team has accepted, presenting manageable operational risk given proper key management. | |
| One critical-class bug (high-severity casting error) was fixed before delivery, and the remaining acknowledged issues — primarily fee-bypass and centralization risks — are design-level concerns the protocol accepted. The audit confirms the core bridging logic is sound but highlights that the fee model and owner privileges warrant ongoing monitoring. | |
| No critical or high-severity issues were found; both medium-severity findings are addressed (one fixed, one acknowledged), leaving the contract in a reasonable security posture with a known but accepted design-level fee-bypass risk. | |
Code4rena02-08-2022 - 07-08-2022 |
| The contest uncovered significant access-control and fund-loss risks, all of which were fixed in the mitigation review, making the protocol substantially safer for deployment. Residual acknowledged items (reusable msg.value in batch calls and front-runnable automation fees) carry low probability of exploitation in normal usage. |
Code4rena28-04-2022 - 02-05-2022 |
| The audit uncovered 2 high-severity and 5 medium-severity vulnerabilities, all confirmed by the Mimo DeFi team, with the most critical involving arbitrary external calls in liquidation functions and unguarded flash loan receiver entry points in SuperVault that could lead to total loss of user funds. |
Certik16-06-2021 |
| The audit found no critical or high-severity vulnerabilities, with all 16 issues being minor, informational, or discussion-level — none were resolved (all pending) at the time of the report. The most significant risks are the missing checks-effects-interactions pattern enabling potential reentrancy and the potentially excessive owner permissions on oracles and upgrade functions. |
Quantstamp02-11-2020 - 19-11-2020 |
| The audit found no critical or high-risk vulnerabilities; the six low-severity and one informational finding were either fixed or acknowledged with a remediation roadmap, and the one undetermined oracle-sensitivity issue was accepted as a known DeFi risk, indicating that the protocol's core safety posture is sound with residual centralization and oracle dependency risks to be managed before full launch. |
Backers
No investor or backer information was found across any official source. The mimo.capital landing page, parallel.best, the blog, the documentation site (docs.parallel.best), the governance forum (gov.parallel.best), and the GitHub organization (github.com/parallel-protocol) contain no mention of venture capital investors, institutional backers, funding rounds, or amounts raised. Parallel is a community-governed DAO protocol (Parallel DAO) governed by holders of the PRL token, with no publicly disclosed institutional or VC investors.
Legal
Legal form
AG (Aktiengesellschaft / stock corporation) for Mimo Capital AG, the regulated entity behind the Kuma RWA protocol. For the main Parallel protocol and mimo.capital site operator "Mimo Labs" — no legal form disclosed.
Registration jurisdiction
Mimo Capital AG is registered in Liechtenstein (registration no. FL-0002.584.786-1), supervised by the Financial Market Authority Liechtenstein (reg. no. 293568). Address: Alvierweg 17, 9490 Vaduz, Liechtenstein. No jurisdiction disclosed for "Mimo Labs" (site operator per footer) or the Parallel DAO.
Status and notes
The landing page (mimo.capital) footer states "© 2026 Mimo Labs" — no imprint, terms of service, or privacy policy are linked from the site. The Parallel Protocol (parallel.best, app.parallel.best, docs.parallel.best) is described as a decentralized, DAO-governed protocol (Parallel DAO) with its smart contracts licensed under BUSL-1.1 and MIT; no operator company, imprint, terms, or privacy page were found on any Parallel domain (all /terms, /privacy, /imprint, /legal URLs return 404). The Kuma RWA sub-site (mcag.mimo.capital) is operated by Mimo Capital AG, a regulated entity in Liechtenstein with published Articles of Association, financial statements, privacy policy, and proof-of-reserve reports. The Parallel protocol contact email (from GitHub) is [email protected].