May 2026 Recap:
- General:
- Focus is on USDp Growth & Parallel v3.2.
- We spent the month evaluating possibilities & strategy for the Parallel Bank project.
- We have held numerous discussions with our partners to reassure them about the security of the protocol.
- We have also initiated discussions with our auditors to understand how the error slipped through the various audits & formal verifications and how to improve future audit processes. In addition, we have secured an agreement with the auditors (Bailsec and Cyfrin) to conduct the audit of the fixes related to the identified issue at no cost.
- We have also reached an agreement with BailSec to conduct a new comprehensive audit of the protocol with different auditors at an 80% discount, bringing the cost down to $25,000.00 instead of $125,000.00. We will publish a proposal in the coming weeks to present this to the DAO.
- Protocol:
- Smart Contracts:
- Parallel v3.2: Second Audit completed, pending sUSDp fix audit to be implemented in production
- sUSDp fix: First audit in progress, second audit coming next
- 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: Released v1.3.0, v1.4.0, v1.5.0, v1.6.0, v1.7.0 & v1.8.0
- Parallel MCP: Work in Progress
- Parallel CLI: Work in Progress
- Parallel x402: Work in Progress
- Parallel MPP: Work in Progress (delayed)
- Parallel x402 Cashback System: Work in Progress
- Spent time with Hypernative to increase & rework our automated security response to incident
- Frontend:
- Several small issues in the app fixed
- Borrow page: Addition of Euler in progress. (delayed to focus on Parallel v3.2)
- Transparency Dashboard: Transparency Dashboard V2 is live. More details here.
- Landing Page: v2.0 in Progress to align with Agentic Payments release
- 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:
- Parallel is now live on 24 chains. More details available here.
- PGP-40 | PRL Burn Phase II has been approved & implemented by the DAO.
- We published a proposal to introduce Parallel v3.2: PIP-67 | Introducing Parallel v3.2 - Agentic Payments
- We published a proposal to introduce Parallel Tokenomics v2.1: PIP-68 | Introducing Parallel Tokenomics v2.1
- We published a proposal to adjust Parallelizer & Bridging Modules Parameters: PIP-69 | USDp Parallelizer & Bridging Modules Parameters Updates
- Smart Contracts:
- Growth & Marketing:
- Growth Metrics:
- USDp supply contracted since last month (-25.90% MoM) with around 2.86M in supply, mainly due to people being worried following the failed attempted exploit of sUSDp. More details available here.
- Ads:
- Spindl Campaigns:
- Metrics Overview:
- Total Impressions: 285.4k
- Total Clicks: 1.8k
- CTR: 0.62%
- Total Conversions: 2k
- Total Spent: $2k
- Publishers:
- Coinbase Wallet
- Bitget Wallet
- Kucoin Wallet
- Metrics Overview:
- Spindl Campaigns:
- Growth Metrics:
