2024/2025 Parallel Protocol Roadmap - Cooper Labs

General Chat
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Dear DAO members,
Following the approval of MIP-34 by the DAO, we take over the service provided from the previous service provider to the Parallel protocol.
This post will be used to provide monthly updates on our progress, in a constant effort to ensure transparency.

The main objective for the coming months remains the same: close the gap accumulated with competitors over the last 2 years, in order to be able to restart the growth of the protocol while giving time to the team to focus on Parallel V3 for 2025.
We are currently working hard to compensate for the delay accumulated by the previous service provider. However, delays in the initial roadmap are still to be expected, and we have updated the roadmap for a version that correlates with our current development capabilities:

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Q4 2024 (October - December):

  • Clear Pending Proposal Execution: Execute approved proposals which have not yet been implemented
  • Parallel Bridging Module: A product for securely bridging PAR, paUSD & MIMO tokens between any chain (at the time of writing, the bridging module is ready, audited, and the proposal will be published on the governance forum in the next few days)
  • Parallel Updated dApp MVP: A brand new dApp, supporting upcoming products. (at the time of writing, the dApp is ready and will be deployed in production at the same time as the bridging module)
  • Parallel Tokenomics Update: A brand new tokenomics, with the aim of aligning the interests of users and the protocol as closely as possible. We expect a release before the end of 2024, however, additional delays can be expected due to potential technical difficulties and audits delays.
  • Parallel dApp Improvements: Implementation of new features on the dApp. (e.g tokenomics)

Q1 2025 (January - March):

  • Parallel New Landing Page: A brand new landing page, reflecting Parallel protocol’s new ambitions.
  • Parallel Soft Visual Rebranding: A soft visual rebranding for a more modern, financial visual brand.
  • Parallel V3 R&D: Research and development on Parallel V3, with the aim of releasing the protocol in 2025.

Q2 2025 (April - June):

  • Parallel V3: Development of the V3, with an estimated release date in June-July 2025.
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September 2024 Recap:

  • Clear Pending Proposal Execution:
    • MIP-28 l Ratify the Parallel Insurance Fund We successfully updated the VaultsCore contracts in sync with Mimo Labs (to update the frontend currently in production). We are currently executing the remaining part of the proposal (which may take several weeks).
  • Parallel Bridging Module:
    • We deployed the bridging module on testnet following the audits, and it worked perfectly. The proposal to deploy it on Mainnet will be published on the forum in the next coming days.
  • Parallel Updated dApp MVP:
    • The dApp is currently in staging, as we patch the final bugs. It will be deployed with the bridging module.
  • Parallel Tokenomics Update:
    • We’ve been working on a Proof of Concept to validate the technical choices, and a proposal presenting the new tokenomics will be published on the forum in October.
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Great job guys. Question: Does MIMO need a white paper of sorts for the tokenomics update? I could imagine some legal structures will come into play?

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Hey @NL.1
thanks for your questions!

Whitepapers are rarely read and take a long time to write. We believe that good documentation will be more efficient. (Of course, it can still be discussed with the DAO)

Right now, the DAO and the protocol have no existing legal entity, but it might be interesting to discuss creating one (foundation, association, etc.). Furthermore, as the frontends do not belong to the DAO, but are maintained by external entities, it is up to them to take the necessary legal measures to ensure the legality of the services offered on their frontend (assimilation of the token to a security, etc…).

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October 2024 Recap:

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November 2024 Recap:

  • Parallel Bridging Module:
    • The Parallel Bridging Module is now live in production for both PAR (Ethereum, Polygon PoS, Fantom) & paUSD (Ethereum, Polygon PoS)
  • Parallel Updated dApp MVP:
    • The MVP of the updated dApp is now live and available here.
    • We have corrected several bugs in the bridging module tab and reworked the dApp backend.
  • MIMO Token Upgrade:
    • In line with the post published (Discussing a MIMO Token Upgrade) we’re working on the MIMO Token Upgrade:
      • Smart Contracts: Completed, pending audits
      • Backend: Completed
      • Frontend: First Version completed, we’re currently improving it
  • Parallel Tokenomics Update:
    • In line with the post published (Discussing a New Parallel Tokenomics) we’re working on the new tokenomics:
      • Smart Contracts: 95% completed
      • Backend: Not yet started
      • Frontend: Work in progress
  • Parallel Protocol Fees Computation Bug:
    • On November 30th we detected a bug related to how the fees generated by the protocol are calculated. Following this, in collaboration with Mimo Labs we published a proposal (PIP-39 l Protocol Fees Computation Update) proposing a patch for it and started working on it.
  • Parallel V3:
    • We’ve started thinking about Parallel V3 and are studying several possibilities. More information in the coming months.
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December 2024 Recap:

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January 2025 Recap:

  • MIMO Token Upgrade:
    • In line with the post published (Discussing a MIMO Token Upgrade) we’re working on the MIMO Token Upgrade:
      • Smart Contracts: Completed, first audit performed by Bail Security, second audit in progress
      • Backend: Subgraph development completed, Completed
      • Frontend: Completed
  • Parallel Tokenomics Update:
    • In line with the post published (Discussing a New Parallel Tokenomics) we’re working on the new tokenomics:
      • Smart Contracts: Completed, first audit performed by Bail Security, second audit in progress
      • Backend: Subgraph development completed, currently working on the Paraboost system
      • Frontend: Completed
  • Parallel Protocol Fees Computation Bug:
    • The PIP-39 l Protocol Fees Computation Update has been successfully implemented.
      • PAR Instances on Ethereum, Polygon PoS and Fantom have been updated following the voted implementation. Newly deployed contracts are available in the documentation
      • paUSD Instances on Ethereum and Polygon PoS have been updated following the voted implementation. Newly deployed contracts are available in the documentation
      • Tunnel, the Parallel Bridging Module is back in production and available for both PAR & paUSD here
  • Parallel V3:
    • We have finalized our research phase and begun active development of V3. We are confident in our ability to release a V3 Minimum Viable Product (MVP) during Q2 2025.
  • Parallel Soft Visual Rebranding:
    • Cooper Labs has engaged MOM, a web3 design & development agency to work on the soft visual rebranding.
    • The visual rebranding will be supervised by Cooper Labs, before a formal proposal to the DAO to validate it.
    • The decision to hire MOM was mainly motivated by the need to move forward quickly and the difficulty of recruiting a good designer. We are currently looking for a UI/UX designer, with a $5,000 bounty for any successful referral.
    • Note: The costs associated with recruiting MOM are included in the service providing proposal, meaning that there will be no additional costs for the DAO.
  • White Hat Finding Report:
    • On February 1st we have been contacted by a white hat who claimed to have found a critical issue on the current version of the protocol and more specifically on the latest version of the bridging module deployed on January 31st.
      • As the protocol doesn’t have a public bug bounty program, we agreed with him on a maximum payout in the event of a valid issue, partially based on the amount in the insurance fund.
      • At the same time, we opened a war room with Bail Security, having audited both versions of the Bridging Module, in order for them to analyze with us the validity and criticality of the potential issues raised by the white hat.
      • After several days of analysis and discussions with the white hat, we came to the joint conclusion on February 6th that the potential issues raised were false positives.
    • Even though the issues were false positives, it made us realize our lack of capacity to manage security issues, as well as the importance of security. In the next few weeks, we will be publishing a proposal in collaboration with Mimo Labs to set up a public bug bounty program, as well as a proposal for rapid reaction in the event of an attack on the protocol.
  • Others:
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That’s some solid work guys, respect. Hope you can publish the V3 in Q2. And also, thank you Mr. White Hat (if you read this).

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