PGP-21 l Cooper Labs Service Providing Phase II

Governance Proposal (PGP)
1

Summary:

This proposal aims to renew the Cooper Labs service providing for a second period of 6 months.

Rationale:

A little less than 2 months after being engaged by the Parallel DAO to contribute to its development, and with the initial service providing contract coming to its end, we are confident that we have fulfilled our commitment to the DAO. We are therefore proposing to DAO that we renew our service providing contract for a second 6-month phase, starting on November 1st 2024. Over the past 2 months we have:

  • Introduced Tunnel, the Parallel Bridging Infrastructure
  • Released the MVP of the new dApp, available at https://app.parallel.best/bridge
  • Opened discussions around a MIMO token upgrade (following an internal PoC)
  • Opened discussions around a new Parallel tokenomics (following an internal PoC)
  • Cleared proposals pending execution, more informations available here

Current & Future Work: (non-exhaustive)

  1. Products Development (as presented in the Roadmap)

    • Redefine the Parallel brand in a modern, financial branding
    • Improve the reworked dApp (available at app.parallel.best)
    • Develop a brand new tokenomics (discussions started here & here)
    • Start the development of Parallel V3
    • Develop open-source liquidation bots
    • Develop solvers, in order to improve the routing of the Parallel tokens
    • Develop a transaction automation system (DAO ops, MIMO distribution, fees distribution, etc…)
    • Develop a crosschain arbitrage infrastructure

  2. Ecosystem Development

    • Support the onboarding of new strategic assets as collateral
    • Explore synergies with other DeFi platforms (e.g Gyroscope, Balancer, Arrakis, Spectra, Aura, Aya)
    • Promote the use of paUSD & PAR across the DeFi space & beyond
    • Support the expansion of the Parallel protocol on new chains

  3. Governance

    • Active participation in Parallel governance discussions & votes
    • Engaging with DAO members on forum discussions
    • Collaborating with other contributors & stakeholders

  4. Team Expansion & Operations

    • Grow the Cooper Labs’ dedicated team to support the protocol better, including a DevOps joining the team
    • Cover operational expenses, including tools, subscriptions, and infrastructure

Contributors:

In addition to our lead developer, frontend developer and UX/UI designer, and with the aim of extending our contribution to the Parallel protocol, we have recruited a DevOps. He will be in charge of developing the ParaBoost for the new tokenomics, as well as liquidation bots, solvers (to improve routing of Parallel protocol tokens), automatic transaction systems (for automatic distribution of MIMO, protocol revenues, etc.), as well as a cross-chain arbitrage infrastructure to guarantee a common price for Parallel protocol tokens across chains.

Commitment to Transparency:

We are committed to building in public and having a policy of transparency towards Parallel Protocol. In addition, all work conducted by Cooper Labs on behalf of Parallel will continue to be entirely open-source and licensed by the protocol, which will decide on the type of license to be granted for each product developed. The post summarizing our past, current and future work is available here.

Requested Budget:

We request an amount of 264,000 USD & 300,000 MIMO for a 6-month period. This represents a 46% cost increase for DAO compared with phase I of service providing. This increase is required to cover the cost of engaging a DevOps as well as the increase in recurring costs associated with the offchain infrastructure developed (ParaBoost, liquidation bots, solvers, crosschain arbitrage bots, etc.).

Payment will be made in 6 installments, with one payment at the end of each month, i.e. 44,000 USD & 50,000 MIMO per month.

Note: Cooper Labs agrees not to sell any MIMO received for a period of 12 months after receipt. However, we are requesting the possibility of using tokens to provide liquidity, participate in the governance of the protocol and perform arbitrage operations.

Means:

  • Human Resources: Multisigners will need to sign and execute transactions to execute the proposal.
  • Treasury Resources: $44,000 worth of PAR and/or paUSD & 50,000 MIMO per month, for a 6 months period.

Technical implementation:

  • On Polygon PoS and/or Ethereum:
    • The DAO Multisig will transfer $44,000 worth of PAR and/or paUSD & 50,000 MIMO at the end of each month for a 6 months period, the 6-month period beginning November 1st 2024.

Voting options:

  • For the Service Providing Phase II
  • Against / Rework the Proposal
  • Abstain

Authors: Cooper Labs

Community poll:

  • For the Service Providing Phase II
  • Against / Rework the Proposal
  • Abstain
0 voters
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