2024 Parallel Roadmap - Murphy Labs

[MurphyLabs]

In this post we outline a non-exhaustive list of products that Murphy Labs, a Parallel DAO service provider, will be working on in 2024. Please note that delays may occur in the deployment of certain features due to technical delays in their development.

The main objective for 2024 is to 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.

Q2 2024 (April - June):

• Clear Pending Proposal Execution: Execute approved proposals which have not yet been implemented due to technical limitations yet to be resolved.
• Parallel Soft Visual Rebranding: A soft visual rebranding for a more modern, serious, financial visual brand.

Q3 2024 (July - September):

• Parallel New Landing Page: A brand new landing page, reflecting Parallel protocol’s new ambitions.
• Parallel Updated dApp MVP: A brand new dApp, including new features. However, please note that this will be in beta at first, with some features coming during Q4 2024.
• Parallel Bridging Module: A product for securely bridging PAR, paUSD & MIMO tokens between any chain.

Q4 2024 (October - December):

• Parallel Tokenomics Update: A brand new tokenomics, with the aim of aligning the interests of users and the protocol as closely as possible.
• Parallel dApp Improvements: Implementation of new features on the dApp.
• Parallel V3 R&D: Research and development on Parallel V3, with the aim of releasing the protocol in 2025.

[MurphyLabs]

May 2024 Recap:

• Cleared pending proposal execution by developing & supporting their technical implementation:
  • MIR-19┃Add wstETH as collateral on Mimo on Ethereum & MIR-19.1┃Choose wstETH collateral parameters on Mimo on Ethereum
  • MIR-20┃Add cbETH as collateral on Mimo on Ethereum & MIR-20.1┃Choose cbETH collateral parameters on Mimo on Ethereum
  • MIR-21┃Add rETH as collateral on Parallel on Ethereum & MIR-21.1┃Choose rETH collateral parameters on Mimo on Ethereum
  • MIR-22┃Add sfrxETH as collateral for PAR on Parallel on Ethereum & MIR-22.1┃Choose sfrxETH collateral parameters on Parallel on Ethereum
  • MIR-23┃Add wstETH as collateral for PAR on Parallel on Polygon & MIR-23.1┃Choose wstETH collateral parameters for PAR on Parallel on Polygon
  • MIR-35┃Add rETH as collateral for paUSD on Parallel on Ethereum & MIR-35.1┃Choose rETH collateral parameters for paUSD on Parallel on Ethereum
  • MIP-14.1 | paUSD launch, first tokens as collateral
  • MIP-15 | Launch paUSD on Polygon PoS
  • MIP-19┃Adjust Tokens Collateral Parameters for PAR on Ethereum
  • MIP-20┃Adjust Tokens Collateral Parameters for PAR on Polygon PoS
  • MIP-21┃Adjust Tokens Collateral Parameters for paUSD on Ethereum
  • MIP-22┃Adjust Tokens Collateral Parameters for paUSD on Polygon PoS
• Supported the technical implementation of MIP-28┃Ratify the Parallel Insurance Fund by developing the updated VaultsCore contract
• Started the technical development of the Parallel Bridging Module
• Started the work on the Parallel Soft Visual Rebranding

[MurphyLabs]

June 2024 Recap:

• Supported & developed the technical implementation of the following governance proposals:
  • MIR-46┃Add weETH as PAR collateral on Ethereum & MIR-46.1┃Choose weETH collateral parameters for PAR on Ethereum
  • MIR-47┃Add weETH as paUSD collateral on Ethereum & MIR-47.1┃Choose weETH collateral parameters for paUSD on Ethereum
  • MIR-48┃Add osETH as PAR collateral on Ethereum & MIR-48.1┃Choose osETH collateral parameters for PAR on Ethereum
  • MIR-49┃Add osETH as paUSD collateral on Ethereum & MIR-49.1┃Choose osETH collateral parameters for paUSD on Ethereum
  • MIR-50┃Add ETHx as PAR collateral on Ethereum
  • MIR-51┃Add ETHx as paUSD collateral on Ethereum
• Parallel Insurance Fund:
  • The updated VaultsCore contract is currently under audits, we expect to have it ready for production implementation in the coming days.
  • Upgraded indexers to support new VaultsCore contract on frontends maintained by Mimo Labs
• PAR & paUSD Indexers:
  • Following the sunset of TheGraph hosted service we migrated PAR & paUSD indexers on both Ethereum & Polygon PoS to Alchemy (hosted on the Mimo Labs account) and implemented them on frontends maintained by Mimo Labs, in collaboration with them.
• Parallel Bridging Module:
  • The technical development is finished, including tests and internal reviews of the codebase.
  • 2 external audits of the codebase are scheduled in the coming weeks, in collaboration with Mimo Labs
  • Developed the indexer to support the frontend implementation of the bridging module. The indexer is hosted on an Alchemy account owned by Murphy Labs.
• Parallel Soft Visual Rebranding:
  • We completed the soft visual rebranding, including the branding kit and additional assets (Twitter banner, template for posts, etc.). The proposal will be published on the governance forum once the new landing page prototype is ready.
• Parallel New Landing Page:
  • We started the design of it, the prototype will be presented with the soft rebranding proposal.

[MurphyLabs]

Jully 2024 Recap:

• Supported & developed the technical implementation of the following governance proposals:

  • MIP-30 | Tokens Collateral Parameters update for PAR on Ethereum
  • MIP-31 | Tokens Collateral Parameters update for PAR on Polygon PoS
  • MIP-32 | Tokens Collateral Parameters update for paUSD on Ethereum
  • MIP-33 | Tokens Collateral Parameters update for paUSD on Polygon PoS

• Parallel Insurance Fund:

  • The updated VaultsCore contract audits are done, the implementation will be done for early september or later.

• Parallel Bridging Module:

  • One of the 2 external audits of the codebase is done, no crititcal vulnerability were found, we’ll share the audits later.
  • The app design is almost finish, waiting for the Soft Visual Rebranding proposal to be published and accepted.

• Parallel New Landing Page:

  • Almost finish, the prototype will be presented with the soft rebranding proposal early september or a bit later.

• Parallel Soft Visual Rebranding:

  • We completed the soft visual rebranding, including the branding kit and additional assets (Twitter banner, template for posts, etc.). The proposal will be published on the governance forum once the new landing page prototype is ready.

• Tokenomic:

  • R&D started, we’ve already drawn up a few ideas and plans, which is why we’re continuing with R&D.

TL;DR: the roadmap is on track.

[MurphyLabs]

August 2024 Recap

Development Updates

• Bridging module: menu improvements, additional features (info limite, max button, fees, etc.) to be implemented
• Bridging module app: wallet connect, animation, and transaction tracking to be added
• Design updates: bridging module, card bridge module, and wallet connect features being worked on

Key Takeaways

• Tokenomics R&D continues
• Soft Visual Rebranding still in internal validation
• Landing page complete
• Bridging module almost finished, with UI/UX details to be finalized
• Governance proposals for collateral and borrow fees adjustments to resume in September