Summary:
This proposal authorizes the DAO, with the support of Cooper Labs, to acquire 100,000,000 PRL (in the form of sPRL1) from Mimo Labs through an OTC swap funded by the DAO Treasury, and to burn the full amount immediately upon settlement. The swap will be priced at the average PRL market price over the 14 days preceding the publication of this proposal.
Rationale:
The DAO has committed to burning 50% of the total PRL supply (500,000,000 PRL). Three proposals have driven progress toward this milestone:
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PGP-37 (Phase I) burned 26,371,873.81 PRL through one-time operations.
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PIP-65 accelerated the end of the MIMO→PRL migration, resulting in the permanent burn of 370,925,853.61 PRL.
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PGP-40 (Phase II) shifted from one-time burns to recurring, protocol-native burn flows: monthly buybacks, sPRL1 slashing burns, and unclaimed PAR recycling.
A total of 435,279,031.37 PRL (39.7% of total supply) has been burned to date, leaving 64,720,968.63 PRL to reach the 50% milestone.
Acquiring and burning (in the form of sPRL1) 100,000,000 PRL from Mimo Labs in a single transaction would bring the total burned to 564,720,968.63 PRL, or 56.47% of total supply. Combined with the recurring burn flows already in place through PGP-40 and PGP-42, this puts the 50% milestone reached.
An OTC swap is the appropriate structure for a transaction of this size. Purchasing 100M PRL on the open market would have a significant price impact and would take an extended period to execute. Settling directly with Mimo Labs removes a large portion of the circulating supply in a single transaction, with zero slippage and no market disruption, and permanently retires these tokens.
Pricing:
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The swap will be priced using a 14-day TWAP: the average PRL market price over the 14 days preceding the publication of this proposal. From August 12 to August 25, 2026: 0.001278 USD
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The resulting reference price and total settlement amount will be published in this thread before the Snapshot vote opens: 127,800.00 USD
Means:
- Human Resources: Multisigners will need to sign and execute the swap-and-burn transactions.
- Treasury Resources: 127,800.00 worth of USDC and/or USDp from the DAO Treasury equivalent to 100,000,000 PRL at the 14-day TWAP reference price.
Technical Implementation:
- Execute the OTC swap between the DAO Treasury and Mimo Labs: the Treasury transfers the settlement amount, and Mimo Labs transfers 100,000,000 sPRL1.
- Unstake the full 100,000,000 sPRL1 for PRL and burn them.
Voting Options:
- For the 100M sPRL1 OTC Buyback & Burn
- Against / Rework the Proposal
- Abstain
Author(s): Cooper Labs
- For the 100M sPRL1 OTC Buyback & Burn
- Against / Rework the Proposal
- Abstain