2024/2025 Parallel Protocol Roadmap - Cooper Labs

General Chat
8

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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