Bondholders buy cover against default.
Underwriters fund the reserve and earn premiums.
When a bond defaults, 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 tokenized 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.
Bondholders buy cover against default. The amount each holder buys stays private, stored only as a commitment.
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 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.
Designed for tokenized bonds and credit. One generic core serves every instrument type, 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.