Buyers cover a position against a parametric trigger: a missed coupon, a breached index.
Underwriters fund a fully-collateralised reserve and earn the premium.
When a covered trigger fires, payouts settle through a zero-knowledge proof, not a claims process.
Protection is a market between the holders who want cover and the underwriters who back it.
Parallar runs both on-chain, and settles between them by proof.
Hold a tokenised bond and worried about default? Buy cover and pay a premium.
If the issuer misses a coupon, you are paid from the reserve.
The amount is fixed by a published formula and a proof.
Supply the collateral that backs payouts and earn the premiums buyers pay.
Deposit into a non-custodial vault.
The protocol enforces that total cover can never exceed your reserve.
No claims department, no committee, no admin key.
A default either produces a valid proof, or it does not.
Underwriters deposit collateral and earn premiums. Cover sold can never exceed the reserve, enforced on every purchase.
Buyers cover a position against the trigger. Each position is committed on-chain; confidential cover hides the totals too.
Anyone runs the settlement program. It reads the on-chain payment record and proves who is owed by a published formula, in zero knowledge.
The contract verifies the proof on Stellar and releases each payout from the reserve. This is the only way the reserve moves.
The settlement core is trigger-agnostic. Credit-default on tokenised bonds is live; confidential cover, first-loss tranches, protected yield, and weather/index settle on the same frozen surfaces.
The reserve is held in claw-proof, freeze-proof assets. Total cover can never exceed reserves. No one can pull the pool.
Payouts are authorized by a verified zero-knowledge proof, not a claims process. If a bond paid on time, no valid proof can exist.
How much cover each holder buys is sealed on-chain. The protocol enforces the totals without ever seeing the parts.
Anyone can generate a proof and settle. There is no privileged operator and no admin override.
One trigger-agnostic core serves every instrument (credit-default is live; confidential cover, tranches, protected yield, and weather/index are built), each pinned to its rules forever.
One proof verified by Stellar's native BN254 pairing host function. Cheap enough to run on-chain, every settlement.
This is a hackathon build on Stellar testnet, not a launched market.
The contracts are live, and a full default-to-payout has executed on-chain.
Verify any of it on the explorer.
A real default-to-payout on testnet. The settlement program proved exactly what was owed, the contract verified the proof, and the payout left the reserve. The cover amount stayed private throughout.