After three years of evolution, experimentation, and community-driven growth, the Parallel Protocol is entering a new chapter.
Following the successful adoption of PIP-45, PIP-46, and PIP-47 by the DAO, three major upgrades are now officially live: a new governance token ($PRL), a redesigned tokenomics framework, and a refreshed brand identity.
Together, these upgrades lay the foundation for a more decentralized, resilient, and value-aligned protocol.
The MIMO token, originally launched in 2021, served as the governance primitive of Parallel. Over time, however, its name and function became a source of confusion, often blurring the line between Mimo Labs (the original developers) and Parallel (the protocol).
With the adoption of PIP-45, this ambiguity is resolved. $PRL becomes the official governance token of Parallel.
More than just a rebrand, PRL introduces hardened architecture and modular capabilities tailored for a multichain DeFi ecosystem:
Immutable by design: no minting, no admin privileges, no pause function
ERC20Permit-enabled: allowing gasless approvals
1:1 migration from MIMO, with no deadline but irreversible once executed
LayerZero-powered bridging, based on the OFT (Omnichain Fungible Token) standard
This mesh-style bridging infrastructure allows PRL to move fluidly across Ethereum, Arbitrum, Optimism, Polygon PoS, Base, and Sonic with full verification and parameter control handled by the DAO. Integration of Decentralized Verifier Networks (DVNs) and permissionless Executors ensures modular security and censorship resistance.
Fantom-based MIMO holders affected by the 2023 Multichain exploit can now recover their tokens through the PRL migration process.
All contracts have been audited by Bail Security and Zenith. Migration is open and DAO-managed.
With PRL deployed, the governance and incentive layers of the protocol have been fundamentally upgraded through the implementation of Tokenomics v2.0 (PIP-46).
At the core of this upgrade is a dual staking model:
sPRL1 enables single-sided PRL staking, offering 1x governance weight without impermanent loss
sPRL2 allows for staking of an 80/20 PRL-wETH Balancer LP, offering a 2.5x boost. LPs are auto-staked on Aura, with external rewards routed to the DAO Treasury
Both staking options are liquid and transferable, with a 30-day cooldown for unstaking. Early exits are permitted with a decreasing penalty starting at 50% penalty - all fees going to the treasury.
Crucially, staking is now tied to ParaBoost, a mechanism that rewards protocol-aligned behavior. This includes liquidity provision, participation, and other future integrations. Each epoch (~30 days), Cooper Labs computes off-chain scores, and a Merkle root is posted on-chain to determine fee distribution.
15% of protocol fees are now distributed to PRL stakers in $PAR on Polygon PoS (regardless of the chain in which the sPRLs are held)
Rewards are claimable for 12 epochs (~1 year), after which unclaimed tokens revert to the DAO
Governance power has also transitioned. vMIMO is deprecated, and sPRL1/sPRL2 holders now govern the protocol. Minimum thresholds are defined as:
Parallel Integration Request: 100,000 sPRL (ParaBoost)
Parallel Governance Proposal: 200,000 sPRL (ParaBoost)
Parallel Improvement Proposal: 300,000 sPRL (ParaBoost)
No new PRL emissions are planned. 100% of inflation now accrues to the DAO treasury. The total supply is capped at 1 billion tokens, with over 99% already in circulation.
Tokenomics v2.0 lays the groundwork for sustainable, governance-aligned value creation.
With governance and incentives realigned, the DAO has also approved a full upgrade to the protocol’s visual identity via PIP-47.
Developed by Cooper Labs and MOM, the new design moves away from generic fintech aesthetics and embraces a retro-futuristic identity, one that reflects the vision of Parallel as a protocol of interoperable, layered worlds.
Key elements include:
A new abstract logo based on lines (parallel) and circles (world)
A sophisticated typographic system combining serif and sans-serif fonts
An updated purple-dominant color palette, optimized for dark and light environments
Modular design assets: illustrations, icons, and scalable UI components
A fully interactive landing page, reflecting the protocol’s composability
This upgrade was funded entirely by Cooper Labs under its service mandate. No DAO treasury funds were used.
With PRL now deployed, Tokenomics v2.0 live, and a new identity in place, Parallel Protocol is better equipped than ever to scale across chains, coordinate governance, and reward real contribution.
The DAO invites all token holders to migrate to PRL, stake their tokens via sPRL1 or sPRL2, and engage in shaping the protocol’s next phase.
This is not just an upgrade.
It’s the foundation of a decentralized, interoperable, and resilient future, built by the DAO, for the DAO.
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