Stellar testnet build · contracts live, one settlement proven on-chain Explorer ↗
Parallar
How it works The rule The proof Architecture Risk engines Partnerships On testnet
Documentation Open the app
Partnerships
A protocol needs models, assets, and capacity. Bring one.
Parallar is a protocol, not a market maker. It originates nothing on its own judgement. Actuaries certify the engines that price risk, issuers supply the data a trigger is read from, and insurers name the exposures they would fund. Each is a defined role, and each route in is a submission the Parallar team reviews before anything is pinned or listed.
Submit an engine Request a wrap Propose capacity
Actuaries and quants
Certify a pricing engine
Publish a model as a pinned image id and earn on every cell that prices with it.
Asset issuers and agents
Get an asset wrapped
Make your assets coverable, and feed the underlying data through an enclave.
Insurers and reinsurers
Propose capacity
Name the exposures you want to see and the terms you would write them on.
01 · Actuaries and quants
Submit an engine, and be paid when it prices real risk
An engine on Parallar is not a spreadsheet handed over in confidence. It is code with a fixed identity, whose every output carries a receipt. Submissions are reviewed by the Parallar team before certification.
The certification route
01 Specify Write the method down before the code: inputs, assumptions, calibration source, and the failure modes you expect. The specification is published with the engine.
02 Implement Build to the guest-program interface in fixed-point arithmetic, with a floating-point twin. Both must agree bit-exactly at the parity gate.
03 Backtest Run the archetype suite and a real historical tape. Anchoring behaviour is checked at both ends of the credit spectrum, not just the comfortable middle.
04 Review An independent actuarial reviewer signs the specification and the parity evidence. Their name is recorded against the engine, as the officer's is at the gate.
05 Pin The engine is compiled to a zkVM image and registered as a type entry with its own image id. From that moment it can never change. A revision is a new entry, not an update.
Pinning is what makes the arrangement fair in both directions. Underwriters know the model behind their capital cannot be recalibrated after they commit, and you know your work cannot be quietly edited and still carry your reviewer's signature.
Submit an engine
Engine class
Default probability▾
Asset classes covered
EM sovereign Corporate Private credit Parametric index
Reviewing actuary
Name and practising certificate
Attachments
Specification, parity evidence, backtest output
Submissions are reviewed by the Parallar team before certification begins. Engines earn a share of premium on every cell that prices with them, disclosed in the type entry before any capital commits.
Submit for review
02 · Asset issuers, agents and administrators
Make your assets coverable, without publishing your book
Cover on an asset requires one thing from its issuer: a payment record that a settlement program can read and that nobody can quietly edit. Requests are reviewed by the Parallar team before onboarding.
01 / Request
Name the instrument
Reference, size, coupon schedule and paying agent. A wrap request states what a trigger would be read from.
02 / Attest
Secure the signatories
Parties who already owe a duty on the same fact sign the record: trustee, paying agent, administrator. Two of three, not one.
03 / Feed
Upload into the enclave
Payment data goes into a trusted execution environment that emits only the attested facts the protocol needs.
04 / List
A cell goes live
Once an engine is calibrated and collateral is funded, holders of your asset can cover it.
The data path
Your book goes in. Only the fact comes out.
Issuers will not publish a holder register or a payment file to a public chain, and they should not have to. Data is uploaded into a trusted execution environment: sealed hardware that runs a known program on inputs nobody outside can read, and signs a remote attestation proving which program ran.
What leaves the enclave is not your file. It is a small signed statement of the facts a settlement needs, a commitment to the inputs it saw, and the attestation that binds both to the enclave's measured identity.
In
Payment file, holder register, coupon schedule
›
Enclave
Measured program, sealed memory, remote attestation
›
Out
Signed facts, input commitment, attestation quote
What the enclave is for
It closes the gap the proof cannot close on its own. A zero-knowledge proof guarantees the computation was correct over its inputs; the enclave gives those inputs a signed, tamper-evident origin without exposing them.
What it is not
It is hardware trust, and Parallar names it as such rather than folding it into the proof's guarantees. Attestations are verifiable, revocable, and pinned to a measurement anyone can check.
Request a wrap
Instrument
Name or ISIN
Size
USD
Tokenised
Yes▾
Your capacity
Issuer Paying agent Trustee Administrator
Enclave upload
Payment and schedule data
encrypted to the enclave key
A wrap request goes to the Parallar team for review before any upload. Nothing you upload afterwards is readable by Parallar or published on-chain, and you receive the enclave measurement to verify before you send anything.
Submit for review
03 · Insurers and reinsurers
Tell us what you would write, and we will go build the cell
Capacity does not have to wait for a cell to exist. Submit an indication and the Parallar team reviews it; a soft-circled indication is what moves a reference from the pipeline into calibration.
Indications under review
Exposure soughtCapacityMin spreadStructureState
Senegal 6.250% 05/2033 $81.0m 265 bps Boundary 15–40 Soft-circled
Drought index · Kenya ASAL $40.0m 180 bps Index, seasonal Firm subject to cert
West African corporate basket $120.0m 340 bps First loss 0–10 Exploratory
Sri Lanka 7.850% 03/2029 $25.0m 520 bps Par Awaiting attestor
An indication is not a commitment
Naming an exposure and a minimum spread costs you nothing and binds you to nothing. Capital moves only when you fund a cell yourself.
Retrocession, not a pool
Each cell is a discrete, separately incorporated exposure with a hard cap. It fits a treaty as a named risk rather than an undefined share of a mutual.
Evidence for the reserving actuary
Every premium and settlement carries a receipt naming the engine version that produced it. Reserving does not rest on a counterparty's word.
Propose capacity
Exposure you want to see
Reference, sector or index
Capacity
USD
Min spread
bps
Structure you would write
Boundary Par First loss Index
Firmness
Soft-circled▾
Indications are held privately and reviewed by the Parallar team. Only the aggregate is published, and only once a reference enters calibration.
Submit for review
How the three fit together
No single party can make a cell exist
A reference needs an attestable fact from the issuer's side, a certified engine to price it, and funded capacity willing to stand behind it. Each arrives as a submission the Parallar team reviews, and any one of them missing leaves the cell in the pipeline. That is deliberate: it is the same separation of duties that keeps a settlement from being anyone's decision.
attested fact + certified engine + funded capacity › a live cell
Next
Submit to the Parallar team
The engine estate Architecture Contact the team