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Parallar
How it works The rule The proof Architecture Risk engines Partnerships On testnet
Documentation Open the app
For underwriters
Take the risk you chose, and only that one.
Deposit collateral into a single cell and earn the premiums buyers pay against it. Each cell is separately incorporated, capped at its own reserve, and priced by an engine whose version is pinned for the life of the exposure. Nothing you fund is pooled with a risk you did not underwrite.
Provide capital I want to buy cover instead
$412.6m
Reserve staked
65.0%
Utilisation across cells
287 – 441
Premium range, bps
7
Cells accepting capital
The position
Where the yield comes from
You are paid to hold collateral against a defined trigger. The premium is the price of that willingness, and the reserve is the whole of your downside.
01 / Select
Choose one cell
Its reference, trigger, engine version and current utilisation are all published. You underwrite that exposure and no other.
02 / Deposit
Fund the reserve
Collateral sits in a non-custodial vault. No protocol operator can move it — the reserve pays out only against a verified settlement proof. Where the reserve is a regulated tokenized fund, that fund's issuer is a disclosed trusted party.
03 / Earn
Collect premium
Premiums accrue as buyers bind cover against your capital. Utilisation tells you how much of the reserve is working.
04 / Exit
Withdraw what is free
Unpledged collateral leaves immediately. The pledged portion unlocks as the cover it backs matures or is surrendered.
Getting capital out
Collateral leaves when it is no longer pledged
There is no lock-up and no notice period. There is only the arithmetic of what your capital is currently standing behind. Free collateral is released on request; the rest has a date attached to it that anyone can read.
A cell in settlement locks entirely until the proof clears. That is the same rule that guarantees a buyer is paid, seen from the other side. There is no queue position to buy and no priority for anyone to grant.
A withdrawal request, resolved
CellFreeLockedReleases
cell-ken32-p$1.15m$3.85m22 Nov · next coupon
cell-ago32-b$2.50m—available now
cell-wxpk-i—$1.00m30 Sep · index window
Illustrative. Nothing here can be accelerated, by you or by anyone acting on your behalf.
Containment
Why one bad cell stays one bad cell
Separately incorporated
Each cell is its own legal and on-chain container. A cell that exhausts its collateral fails alone; no other cell is called on, and no shared pool socialises the loss across risks you never agreed to hold.
Capped by construction
The sum of payouts can never exceed the reserve, enforced at verification rather than by policy. Your maximum loss is the capital you posted, and it is known on the day you post it.
The engine is pinned
A live cell is bound to the engine version it launched with, forever. New rules mean a new type entry with a new image id. Pricing cannot be quietly recalibrated underneath capital that is already committed.
No discretionary payout
Your capital cannot be paid out by a committee that was persuaded. A settlement requires a verified proof over the pinned rules, and a non-event produces no proof at all.
Underwriting the price, not just the risk
You can check the number before you stand behind it
Premiums are produced by certified engines, and every number arrives with a receipt showing which version computed it and on what inputs. You are not asked to accept a spread on authority. Re-run the published engine and compare.
Pricing engineCDS pricer, route A
Risk inputFundamentals v2
Market blend§2(d) · 70 / 30
Receipt208 B journal ↗
The risk-engine estate
Before you commit
The honest limits
Premium is not free yield
You are short a real tail. A trigger can take the whole reserve you posted to that cell, and the premium was the compensation for exactly that.
Capital is not instantly liquid
Pledged collateral is committed until the cover it backs ends. During a settlement the cell locks entirely, with no exception for any depositor.
Admission is reviewed
Underwriting requires admission through the gate, decided by a named officer and reviewed each epoch. Withdrawn standing stops new deposits, never an exit.
Next
Fund a cell on testnet
How the vault works Open the app