馃攧 USDp Avalanche Switches to Native USDC After Stream Finance Incident
馃攧 USDp Avalanche Switches to Native USDC After Stream Finance Incident
馃攧 Reserve Asset Swap
USDp on Avalanche underwent a complete reserve asset replacement following the xUSD situation and Stream Finance incident.
Key Changes:
- All mevUSDC (reserve asset for USDp) replaced with native USDC
- USDp maintains 100% backing with no user losses
- No impact on the stablecoin's operations
Current Status:
- USDp on Avalanche remains fully collateralized
- Swift response prevented any negative effects on users
- Reserve transition completed successfully
The proactive measure demonstrates the protocol's commitment to maintaining stability and user protection during market incidents.
Following the xUSD situation and incident on Stream Finance, all mevUSDC (a reserve asset for USDp on Avalanche) was replaced with native USDC. USDp on Avalanche still remains 100% backed with no losses and no impact following the incident 馃憞
Earlier today, we've been informed of a potential insolvency of Stream Finance鈥檚 xUSD as well as several teams have not receiving any answer from the Stream team for several days. USDp had no direct exposure to xUSD. However, the Silo mevUSDC vault, approved as a reserve asset
Parallel Money Protocol Launches on Avalanche Network
**Parallel Money protocol has officially launched on Avalanche**, expanding its DeFi ecosystem presence. The deployment brings Parallel Money's financial infrastructure to AVAX users, offering new opportunities for decentralized finance activities on the Avalanche blockchain. This launch follows previous partnerships, including a collaboration with StakeDAO announced in October, showing continued growth and integration efforts. - Protocol now accessible to Avalanche community - Expands multi-chain presence for Parallel Money - Part of ongoing ecosystem development
Important Update for All paUSD Holders
**Critical announcement** for paUSD token holders requires immediate attention. All paUSD holders should review the latest protocol update that affects their holdings. The announcement indicates significant changes that may impact user positions or require specific actions. - Check your paUSD balance and positions - Review any required actions or migrations - Stay informed about timeline and next steps **Action required:** Visit the official channels for complete details and instructions.
Epoch 6 Fee Distribution Now Live for sPRL Token Holders
**Epoch 6 fees are now available for claiming** by sPRL holders on the Parallel Money protocol. This marks another milestone in the **Tokenomics v2.0 fee distribution system**, which has been operational since earlier this year. - Previous distributions have shown strong performance - Epoch 1 delivered 12,842 PAR tokens to sPRL holders - Historical APRs have ranged from **45% to 114%** sPRL holders can now access their allocated fees from the latest epoch through the protocol interface.
Balancer V2-related Parallel pools confirmed unaffected by recent exploit
**Balancer incident update**: Parallel pools using Balancer V2 infrastructure remain **completely unaffected** by the recent exploit. This confirmation provides reassurance to users of Parallel Money protocol that their funds in these specific pools were never at risk during the security incident. The update reinforces previous communications emphasizing the safety of Parallel-related liquidity pools.