Parallelizer is an authorized fork of Angle's Transmuter which is an autonomous and modular price stability module for decentralized stablecoin protocols.
- It is conceived as a basket of different assets (normally stablecoins) backing a stablecoin and comes with guarantees on the maximum exposure the stablecoin can have to each asset in the basket.
- A stablecoin issued through the Parallelizer system can be minted at oracle value from any of the assets with adaptive fees, and it can be burnt for any of the assets in the backing with variable fees as well. It can also be redeemed at any time against a proportional amount of each asset in the backing.
Parallelizer is compatible with other common mechanisms often used to issue stablecoins like collateralized-debt position models.
The Parallelizer system relies on a diamond proxy pattern. There is as such
only one main contract (the Parallelizer contract) which delegates calls to different facets each with their own
implementation. The main facets of the system are:
- the
Swapperfacet with the logic associated to the mint and burn functionalities of the system - the
Redeemerfacet for redemptions - the
Gettersfacet with external getters for UIs and contracts built on top ofParallelizer - the
SettersGovernorfacet protocols' governance can use to update system parameters. - the
SettersGuardianfacet protocols' guardian can use to update system parameters.
The storage parameters of the system are defined in the Storage file.
The Parallelizer system can come with optional ERC4626 savings contracts which can be used to distribute a yield to the holders of the stablecoin issued through the Parallelizer.
Some changed has been made to the original Angle's Transmuter:
- Move from foundry gitmodule to Js dependencies
- Move from Yarn to Bun
- Move from AccessControl logics to Openzeppelin's AccessManaged
- Move from TransparentUpgradeableProxy to UUPSUpdgradeableProxy
- Restrict function to only one role due to AccessManager/AccessManaged logic (that means that Governor must also got Guardian role).
- Remove files that will not be used by Parallel (
SavingsVest.sol, someConfigs/, etc.) - Renamed contracts (
AgToken->TokenP,Transmuter->Parallelizer)
| Contract | Explore |
|---|---|
| DiamondCut Facet | 0x9B3a8f7CEC208e247d97dEE13313690977e24459 |
| DiamondLoupe Facet | 0xC9B6279baa19dBB8bCc3250c89cAa093AaBA0bfc |
| Getters Facet | 0x78BB4882b77D74aD9B04Ab71fE8e61f72595823C |
| Redeemer Facet | 0x57770C1721Eb35509f38210A935c8b1911db7E0e |
| RewardHandler Facet | 0xad58Fc13a682a121e5fe2f8E45D4D988A7e51B0D |
| SettersGovernor Facet | 0xA360E5aD9F17caff53715346888aA0d13541c2F5 |
| SettersGuardian Facet | 0xa9C21Cf291ad935e0C9B05a55A42254fB159181d |
| Swapper Facet | 0x1bB46FC55E3fd91Ca0F162DCC0B3ef574C8ff97E |
| Parallelizer USDp | 0xd8cc2A51556Da84b5DB309e86f30Ff98B5309862 |
| sUSDp (Savings) | 0x23D491aa7C0972087F8a607F6f4c7106a02BA95d |
The governor role, which will be a multisig or an onchain governance, has all rights, including upgrading contracts, removing funds, changing the code, etc.
The guardian role, which will be a multisig, has the right to: freeze assets, and potentially impact transient funds. The idea is that any malicious behavior of the guardian should be fixable by the governor, and that the guardian shouldn't be able to extract funds from the system.
- Lack of support for ERC165
- At initialization, fees need to be < 100% for 100% exposure because the first exposures will be ~100%
- If at some point there are 0 funds in the system it’ll break as
amountToNextBreakPointwill be 0 - In the burn, if there is one asset which is making 99% of the basket, and another one 1%: if the one making 1% depegs, it still impacts the burn for the asset that makes the majority of the funds
- The whitelist function for burns and redemptions are somehow breaking the fairness of the system as whitelisted actors will redeem more value
- The
getCollateralRatiofunction may overflow and revert if the amount of stablecoins issued is really small (1 billion x smaller) than the value of the collateral in the system.
The Angle's Transmuter and savings smart contracts have been audited by Code4rena, find the audit report here.
The Parallelizer and savings contracts have been audited by:
Bailsec in April/March 2025, find the final audit report here
Certora by formal verification in April/March 2025, find the final audit report here
This repository is built on Foundry.
If you don't have Foundry: Install foundry following the instructions.
bun installThis repository uses ffi in its test suite. Beware as a malicious actor
forking this repo could add malicious commands using this.
PRIVATE_KEY="PRIVATE KEY"
ALCHEMY_API_KEY="ALCHEMY_API_KEY"For additional keys, you can check the .env.example file.
Warning: always keep your confidential information safe
Compilation of production contracts will be done using the via-ir pipeline.
However, tests do not compile with via-ir, and to run coverage the optimizer needs to be off. Therefore for development and test purposes you can compile without optimizer.
bun run compile # with via-ir but without compiling tests files
bun run compile:dev # without optimizerHere are examples of how to run the test suite:
bun run testYou can also list tests:
FOUNDRY_PROFILE=dev forge test --list
FOUNDRY_PROFILE=dev forge test --list --json --match-test "testXXX*"We recommend the use of this vscode extension.
bun run coverageYou'll need to install lcov brew install lcov to visualize the coverage report.
bun run gasbun run slitherIf you're interested in contributing, please see our contributions guidelines.
For any question or feedback you can use discord. Don't hesitate to reach out on Twitter as well.
The primary license for this repository is the Business Source License 1.1 (BUSL-1.1). See LICENSE.
Minus the following exceptions:
- Interfaces have a General Public License
- Some libraries have a General Public License
Each of these files states their license type.