MIP-27 l Onboard Murphy Labs as a Parallel Service Provider

Summary:

The proposal aims to onboard Murphy Labs as a Parallel Service Provider. The allocated budget will support our ongoing initiatives to significantly boost the adoption of the Parallel Protocol and bring it back at the forefront of DeFi innovation for the upcoming years.

Context:

Murphy Labs is a company founded by Jean Brasse, ManuRedPills and Boutchy in 2022. It currently has 11 collaborators and contributes to various DeFi protocols, most notably the Strateg Protocol.

Murphy Labs has created a team dedicated to the Parallel Protocol in order to contribute to its development. To continue efforts and effectively serve the Parallel DAO, we are seeking a 6-month budget allocation. This budget will support ongoing initiatives and enable us to expand the team and resources for maximum impact.

Note: Murphy Labs is NOT affiliated with Mimo Labs in any way. Rationale: Current & Future Work: (non-exhaustive)

• Products Development (A public roadmap would be published if the proposal is approved by the DAO)
  • Redefine the Parallel brand in a modern, financial branding
  • Develop a secure bridging module for paUSD, PAR & MIMO
  • Develop & improve a entirely reworked dApp
  • Develop a brand new tokenomics
  • Start the development of Parallel V3
• Ecosystem Development
  • Support the onboarding of new strategic assets as collateral
  • Explore synergies with other DeFi platforms (e.g Strateg, Gyroscope, Balancer, Arrakis)
  • Promote the use of paUSD & PAR across the DeFi space & beyond
  • Support the expansion of the Parallel protocol on new chains
• Governance
  • Active participation in Parallel governance discussions & votes
  • Engaging with DAO members on forum discussions
  • Collaborating with other contributors & stakeholders
• Team Expansion & Operations
  • Grow the Murphy Labs’ dedicated team to support the protocol better
  • Cover operational expenses, including tools, subscriptions, and infrastructure

Commitment to Transparency: One of DeFi's core values is open source and public construction. We are committed to building in public and having a policy of transparency towards Parallel Protocol. In addition, all work conducted by Murphy Labs on behalf of Parallel will be entirely open-source and licensed by the protocol, which will decide on the type of license to be granted for each product developed.

Requested Budget: We require an amount of 180,000 USD & 300,000 MIMO for a 6-month period. Payment will be made in 6 installments, with one payment at the end of each month, i.e. 30,000 USD & 50,000 MIMO per month.

Means:

• Human Resources: Multisig signers will need to sign transactions to execute the proposal
• Treasury Resources: 180,000 USD & 300,000 MIMO, at a rate of 30,000 USD worth paUSD and/or PAR & 50,000 MIMO per month.

Technical implementation:

On Polygon PoS, the Parallel DAO multisig will send 30,000 USD worth paUSD and/or PAR & 50,000 MIMO at the end of each month for a 6 months period, the 6-month period beginning May 1st.

Voting Options:

• Accept the Onboarding
• Against/Rework the proposal
• Abstain

Author(s): Murphy Labs