Supply the collateral that backs payouts, and earn the premiums that cover buyers pay.
Your capital sits in a non-custodial vault.
Only a verified proof can move it, never an operator and never an admin.
You earn premiums for taking real default risk.
The protocol, not a counterparty, holds the rules.
Cover buyers pay premiums to be protected. As an underwriter you earn that flow for backing the reserve.
Your deposit lives in a vault that only a verified settlement can pay out. There is no operator key and no pause-and-pay.
Total cover can never exceed your reserve, checked on every purchase. You are never short by construction, not by trust.
Three guarantees stand between your deposit and a wrongful payout.
Open when nothing is settling.
Locked only by an in-flight settlement, never by an operator.
Deposits and withdrawals are permissionless. Outside an active settlement you can add to or pull from the reserve freely, subject only to the solvency floor that keeps sold cover backed. There is no lockup imposed by a manager, because there is no manager.
Underwriting default protection means you pay valid defaults. When a covered bond genuinely misses a coupon, the reserve pays the cover buyers, and that is the risk you are compensated for through premiums. Parallar does not hide that, it makes it precise: payouts are sized by a published formula and authorized by a proof, so you are never paying more than what was proven owed, and never paying a default that did not happen.
This is a hackathon build on Stellar testnet, not a launched market. There is no real capital at stake yet. Read exactly what a proof does and does not guarantee ›