# Parallel Protocol Enters a New Era *Introducing PRL, Tokenomics v2.0 & a Fresh Identity* By [Parallel](https://blog.parallel.best) · 2025-05-01 --- 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](https://gov.mimo.capital/t/pip-45-l-introducing-prl-the-mimo-token-upgrade/458), [PIP-46](https://gov.mimo.capital/t/pip-46-l-introducing-parallel-tokenomics-v2-0/460), and [PIP-47](https://gov.mimo.capital/t/pip-47-l-parallel-visual-identity-upgrade/465) by the DAO, three major upgrades are now officially live: a new governance token ($PRL), a redesigned tokenomics framework, and a refreshed brand identity.  Together, these upgrades lay the foundation for a more decentralized, resilient, and value-aligned protocol. ### **1\. A New Governance Token: Welcome PRL** The MIMO token, originally launched in 2021, served as the governance primitive of Parallel. Over time, however, its name and function became a source of confusion, often blurring the line between **Mimo Labs (the original developers)** and **Parallel (the protocol)**. With the adoption of [PIP-45](https://gov.mimo.capital/t/pip-45-l-introducing-prl-the-mimo-token-upgrade/458), this ambiguity is resolved. **$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](https://github.com/parallel-protocol/parallel-prl/blob/main/docs/audits/Bailsec%20-%20Parallel%20Protocol%20-%20PRL%20Token%20-%20Final%20Report%20-%20January%202025.pdf) and [Zenith](https://github.com/parallel-protocol/parallel-prl/blob/main/docs/audits/Parallel%20Protocol%20-%20Zenith%20Audit%20Report.pdf). Migration is open and DAO-managed. 👉 [Learn How to Migrate](https://blog.parallel.best/how-to-migrate-to-prl). ### **2\. Tokenomics v2.0: Designed for Participation and Value Creation** With PRL deployed, the governance and incentive layers of the protocol have been fundamentally upgraded through the implementation of **Tokenomics v2.0 (**[PIP-46](https://gov.mimo.capital/t/pip-46-l-introducing-parallel-tokenomics-v2-0/460)**)**. 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. 👉 [Learn How to Stake](https://blog.parallel.best/how-to-stake-prl). ### **3\. A Fresh Visual Identity to Match the Protocol’s Trajectory** With governance and incentives realigned, the DAO has also approved a full upgrade to the protocol’s visual identity via [PIP-47](https://gov.mimo.capital/t/pip-47-l-parallel-visual-identity-upgrade/465). Developed by Cooper Labs and [MOM](https://x.com/built_by_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**. ### **Looking Ahead** 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. Ready to [Migrate](https://blog.parallel.best/how-to-migrate-to-prl), [Stake](https://blog.parallel.best/how-to-stake-prl), or [Bridge](https://blog.parallel.best/how-to-bridge-parallel-tokens)? [DApp](https://app.parallel.best/) I [Discord](https://discord.com/invite/parallel) I [X](https://x.com/ParallelMoney) I [Docs](https://docs.mimo.capital/parallel-protocol) --- *Originally published on [Parallel](https://blog.parallel.best/parallel-protocol-enters-a-new-era)*