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Around a star that's going supernova in the next 1e+5 years?

No, thanks.

maybe it's stadium seating for a species that doesn't mind a few gamma rays

Or an alien doomsday cult.

Or a shield to protect things nearby from the coming supernova.

A "paranova" is an interesting concept, but it'd probably be more effective to build multiple smaller ones closer to the settled worlds.

We may want to build a smaller scale parasol for Venus so it cools down and can be eventually settled.