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Yes, Parcel is completely free and open source. MIT license. Zero-config bundler for web projects.
Parcel is a zero-configuration web bundler. Fast builds with automatic code splitting. Great developer experience.
Parcel is zero-config and faster to start. Webpack is more configurable. Parcel for simplicity; Webpack for control.
Vite is newer with faster dev server. Parcel has broader format support. Both are excellent modern bundlers.
Source: parceljs.org