PIP-61 l End MIMO to PRL Migration

Improvement Protocol (PIP) Approved PIPs
1

Summary:

This proposal aims to end the migration of the MIMO to PRL token.

Context:

On May 1st 2025 the PRL token was launched and the MIMO to PRL migration enabled. In 8 months, just over 50% of the total supply has been migrated. We propose to gradually end the migration from MIMO to PRL.

Rationale:

We are proposing to end the migration of MIMO to PRL tokens on August 1st 2026, leaving just under 7 additional months to complete the migration of its tokens, for a total of 15 months (1 year and 3 months).

We believe that this period is more than sufficient to complete the migration, and that tokens that have not been migrated by this date are very unlikely to be migrated in the coming years.

We estimate that between 200,000,000 and 250,000,000 tokens will not be migrated by August 1st 2026, representing 20-25% of the total supply.

We also propose that all PRL that have not been migrated by August 1st 2026, be burned, as the DAO has no use for them.

Numerous messages and posts will be published on X, Telegram, and Discord to notify users of the end of the migration.

Note: it is technically impossible to mint new PRL tokens. This means that each token burned is burned permanently.

Means:

  • Human Resources: Multisigners will need to sign and execute transactions to execute the proposal.
  • Treasury Resources: No treasury resources needed.

Technical implementation:

On Ethereum:

  • In the PrincipalMigrationContract contract, call the ‘pause’ function
  • In the PrincipalMigrationContract contract, call the ‘emergencyRescue’ function with these parameters:
  • Burn non-migrated PRL by sending them from the DAO Multisig to 0x0000000000000000000000000000000000000000 (burn address)

On Polygon:

  • In the PeripheralMigrationContract contract, call the ‘pause’ function

On Fantom:

  • In the PeripheralMigrationContract contract, call the ‘pause’ function

Voting options:

  • For the End of The Migration
  • Against / Rework the Proposal
  • Abstain

Author(s): Jean Brasse from Cooper Labs

Community poll:

  • For the End of The Migration
  • Against / Rework the Proposal
  • Abstain
0 voters
3 Likes
2

Lots of last-minute MIMO-PRL swaps and potentially PRL-dumps?
Could PIP-61 and PGP-37 go in sync?
Will the Migrate button disappear?

2 Likes
3

We cannot really predict this.

What is the rationale of doing this?

If the proposal is approved, the migration (and the migrate button) would disappear on August 1st 2026.

2 Likes
4

The proposal is now live on Snapshot from January 16th to January 25th. To vote: https://vote.parallel.best/#/proposal/0xd2490b4ad85ced62718b341ffd49e5e86f39093a0e723766c34238b8ef83ab08

1 Like
5

The proposal has been approved by the DAO. Results: Snapshot

1 Like