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What is PAR (Parallel token)?

PAR is a stablecoin backed by collateral, and can only be minted with governance-approved collaterals. PAR are created when users deposit accepted tokens (such as WETH, WBTC, USDC, etc) as collateral in vaults and in turn receive a loan against that collateral.
Token symbol: PAR - Token contract (Ethereum): 0x68037790a0229e9ce6eaa8a99ea92964106c4703 - Token contract (Polygon): 0xe2aa7db6da1dae97c5f5c6914d285fbfcc32a128 - Token contract (Fantom): 0x13082681E8CE9bd0aF505912d306403592490Fc7

PAR is non-custodial

There are no counterparties involved in the minting and burning of PAR tokens, as actors in the network transact directly with the PAR smart contracts. Vaults are non-custodial, with each borrower having full control over their collateral and borrowed PAR balances, provided it meets the minimum health factor governed by the protocol as a whole.
You can use PAR to earn yield by Staking or Liquidity Providing.