Summary:
This proposal aims to renew the Cooper Labs service providing for a third period of 6 months.
Rationale:
A little less than 8 months after being engaged by the Parallel DAO to contribute to its development, and with the second 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 third 6-month phase, starting on May 1st 2025. Over the past 6 months we notably have:
- Deployed Tunnel, the Parallel Bridging Infrastructure of PAR & paUSD
- Solved a bug in Protocol Fees Computation
- Improved dApp, available at https://app.parallel.best/
- Introduced & Deployed PRL, the MIMO Token Upgrade
- Introduced & Deployed a new tokenomics for the PRL Token
- Presented a brand new Parallel Visual Identity
Current & Future Work: (non-exhaustive)
-
Products Development (as presented in the Roadmap)
- Introduce, Deploy & Improve Parallel V3
- Improve the dApp (available at app.parallel.best)
- Develop Tools supporting Parallel V3
- Start the development of Parallel V3.1
-
Ecosystem Development
- Increase synergies with other DeFi platforms (e.g Balancer, Beets, Arrakis, Spectra, Aura, Aya, Odos, Rings, Euler, Dia, etc.)
- Promote the use of Parallel stablecoins across the DeFi space & beyond
- Support the expansion of the Parallel protocol on new chains
-
Marketing
- Develop brand awareness
- Develop onchain and offchain marketing campaigns (ads, social media, etc.)
- IRL events sponsoring
-
Governance
- Active participation in Parallel governance discussions & votes
- Engaging with DAO members on forum discussions
- Collaborating with other contributors & stakeholders
- Develop a sustainable long-term treasury strategy for the protocol
-
Team Expansion & Operations
- Grow the Cooper Labs’ dedicated team to support the protocol better (potentially recruiting a backend engineer to accelerate development)
- Cover operational expenses, including tools, subscriptions, and infrastructure
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 198,000 USD (+3.1% compared to Phase II) & 450,000 PRL (+50% compared to Phase II) for a 6-month period. This increase is required to cover the recurring costs associated with the offchain infrastructure developed (ParaBoost, rebalancing bots, arbitrage bots, backend).
Payment will be made in 6 installments, with one payment at the end of each month, i.e. 33,000 USD & 75,000 MIMO per month.
Note: Cooper Labs agrees not to sell any PRL 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: $33,000 worth of PAR and/or paUSD and/org USDC & 75,000 PRL per month, for a 6 months period.
Technical implementation:
- On Polygon PoS and/or Ethereum:
- The DAO Multisig will transfer $33,000 worth of PAR and/or paUSD and/or USDC & 75,000 MIMO at the end of each month for a 6 months period, the 6-month period beginning May 1st 2025.
Voting options:
- For the Service Providing Phase III
- Against / Rework the Proposal
- Abstain
Authors: Cooper Labs
Community poll:
- For the Service Providing Phase III
- Against / Rework the Proposal
- Abstain