April 2026 Recap:
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General:
- April was a very challenging month in terms of security and trust within the ecosystem. However, we successfully reassured USDp and sUSDp holders, thereby limiting the decline in the Protocol’s TVL.
- Focus is on USDp Growth & Parallel v3.2
- We officially introduced Parallel v3.2: PIP-67 | Introducing Parallel v3.2 - Agentic Payments
- Due to the global economic situation, we are seeing many companies in the ecosystem facing layoff plans and reducing their growth and incentive budgets. This has resulted in fewer potential deals.
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Protocol:
- Smart Contracts:
- Parallel v3.2: Development Completed, first audit completed, second audit starting early May
- sPRL Tokenomics v2.1: Work in Progress
- Backend:
- Savings USDp (sUSDp) Integration: MVP Live, pending Parallel v3.1 & v3.2 deployment to be deployed in production.
- USDp backing rebalancing Keepers: Crosschain rebalancers Work in Progress.
- Parallel SDK: V1 completed, Implemented in the App
- Parallel MCP: Work in Progress
- Parallel CLI: Work in Progress
- Parallel x402: Work in Progress
- Parallel MPP: Work in Progress
- Frontend:
- app.parallel.credit is now live as a backup domain name to access Parallel App. More details available here.
- Borrow page: Addition of Euler in progress. (delayed to focus on Parallel v3.2)
- Transparency Dashboard: Transparency Dashboard V2 work in progress, will include more details related to the backing & supply of USDp as well as associated risk of it. (delayed to focus on Parallel v3.2)
- Landing Page: Entirely rebuilt outside of Framer to reduce costs
- Branding Page: Entirely rebuilt outside of Framer to reduce costs
- Mint page:
- Discussions ongoing to give users the possibility to mint & burn USDp on any chain in one transaction, including chains where the Parallelizer Module is not deployed. (delayed to focus on Parallel v3.2)
- Routing: reworked routing to provide better prices. Native mint/burn is now considered as an aggregator, no more need to click ‘Mint Preferred’ to get routed via native mint/burn. (delayed to focus on Parallel v3.2)
- Others:
- PIP-65 | Accelerate End of MIMO to PRL Migration to April 15th, 2026 has been implemented following its approval by the DAO.
- PIP-66 l Sunset PAR, the Parallel V2 EUR Stablecoin — Phase I has been implemented following its approval by the DAO.
- We published a proposal to start the Phase II of PRL Burn: PGP-40 | PRL Burn Phase II
- Following the LayerZero & Kelp (rsETH) incident, we’ve completed a comprehensive access control audit across all deployed chains. This includes a full review of role assignments, function permissions, DVN configurations, and setPeer/setDelegate access. All verified and hardened where needed. More details available here, here & here.
- Investigated the Purrlend incident, sUSDp deposits remain in the Purrlend contract and is unaffected by the incident, consistent with the fact that sUSDp is not a borrowable asset on the protocol. More details available here.
- Smart Contracts:
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Growth & Marketing:
- Growth Metrics:
- USDp supply at ATH (+0.52% MoM) with around 3.86M in supply. More details available here.
- Ads:
- Spindl Campaigns:
- Metrics Overview:
- Total Impressions: 239.6k
- Total Clicks: 1.3k
- CTR: 0.53%
- Total Conversions: 1.1k
- Total Spent: $1.1k
- Publishers:
- Coinbase Wallet
- Bitget Wallet
- Kucoin Wallet
- Metrics Overview:
- Spindl Campaigns:
- Growth Metrics:
- Integrations:
- Others:
- We attended EthCC in Cannes early April.
- We published a proposal to start the phase II of Marketing & Growth Strategy: PGP-41 | Marketing & Growth Strategy - Phase II