Parcel 2 is a ground-up rewrite of Parcel 1, a fast and scalable zero-configuration web application bundler used by large companies like Atlassian and Adobe. It offers a zero-config approach with good defaults, making it production-ready out of the box. The new features include a revamped plugin system, a configuration file, transformers for file conversion, optimizers for code compression, target support for different browsers, diagnostics for error debugging, and named pipelines for data and JavaScript in different formats. Parcel 2 also supports different import scenarios, such as importing JSON files with named pipelines and using query parameters for image optimization. It includes various performance improvements, stable caches, optimized data structures, enhanced code splitting and bundling, improved scope hosting, and better support for monorepos and libraries. A React example is provided to showcase the simplicity of Parcel and how to use it with React.