PIP-65 | Accelerate End of MIMO to PRL Migration to April 15th, 2026

Improvement Protocol (PIP)
1

Summary

PIP-61, which set the end of the MIMO to PRL migration to August 1st, 2026, was approved by the DAO. This proposal aims to bring that deadline forward to April 15th, 2026, given that sufficient time has already passed and migration activity has materially slowed.

Context

On May 1st 2025, the PRL token was launched and the MIMO to PRL migration enabled. PIP-61, which was approved by the DAO, set the end of the migration at August 1st, 2026 — representing a total window of approximately 15 months.

Since then, the migration has been running for approximately 10 months, and just over 50% of the total supply has already been migrated. Migration activity has significantly slowed in recent months, with the rate of new migrations declining steadily as the most engaged token holders have already completed the process.

We propose to bring the migration end date forward from August 1st, 2026 to April 15th, 2026.

Rationale

Although PIP-61 set the end of migration to August 2026, the data shows that the migration has already reached a plateau. The bulk of active MIMO holders who intended to migrate have done so. The remaining unmigrated supply is largely composed of tokens that are lost, forgotten, or held by inactive wallets — none of which are realistically expected to migrate regardless of how much additional time is granted.

Bringing the deadline forward to April 15th, 2026 still provides token holders with approximately 4 additional weeks from the date of this proposal — ample time for any remaining engaged holder to complete the process. The total migration window would be just under 12 months, which we consider more than sufficient.

Ending the migration earlier has several benefits:

  • It reduces smart contract risk by closing migration contracts sooner.

  • It simplifies tokenomics by resolving the outstanding unmigrated supply definitively.

  • It enables a final burn of all unclaimed PRL, permanently removing them from circulation, which benefits all existing PRL holders.

We estimate that between 350,000,000 and 400,000,000 tokens will not be migrated by April 15th, 2026, representing approximately 35–40% of the total supply.

We propose that all PRL remaining in the migration contract as of April 15th, 2026, be burned by sending them to the zero address — consistent with what was already outlined in PIP-61.

Note: It is technically impossible to mint new PRL tokens. This means that each token burned is permanently removed from circulation.

Numerous messages and posts will be published on X, Telegram, and Discord to notify users of the accelerated end of the migration. Given the short remaining timeframe, these communications must begin immediately upon approval of this proposal.

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:

  1. In the PrincipalMigrationContract contract, call the pause function.

  2. In the PrincipalMigrationContract contract, call the emergencyRescue function with the following parameters:

    • token: 0x6c0aeceedc55c9d55d8b99216a670d85330941c3

    • amount: amount of PRL remaining in 10^18

  3. Burn non-migrated PRL by sending them from the DAO Multisig to 0x0000000000000000000000000000000000000000 (burn address).

On Polygon:

  1. In the PeripheralMigrationContract contract, call the pause function.

On Fantom:

  1. In the PeripheralMigrationContract contract, call the pause function.
  • For Accelerating the End of Migration to April 15th, 2026
  • Against / Keep the August 1st, 2026 Date from PIP-61
  • Abstain
0 voters
2 Likes
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From a technical standpoint, Cooper Labs has no objection to accelerating the migration deadline to April 15th, 2026.

The implementation is straightforward:

  • On Ethereum: calling pause() on the PrincipalMigrationContract stops all new migrations. Then emergencyRescue() retrieves the remaining PRL to the DAO multisig for burning. Both functions are already available in the deployed contract.
  • On Polygon and Fantom: calling pause() on the respective PeripheralMigrationContract contracts stops cross-chain migration messages from being sent.

These are simple multisig transactions that require no contract upgrades or redeployments. The PRL token has no mint function, confirming that burned tokens are permanently removed from circulation.

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