Parcl is a decentralized exchange (DEX) for trading real estate index derivatives, enabling speculation or hedging on property market values. It uses liquidity pools to support various exchanges, with each exchange having its own collateral and liquidity pool. Liquidity providers (LPs) earn fees and act as insurers for the trades. The protocol features robust risk management to maintain market balance and allows governance to adjust settings in response to market conditions. It aims for a delta-neutral LP experience by incentivizing balanced trading behavior.