Mimo Labs contributes to the @ParallelMoney protocol & @KumaProtocol.
Joined December 2020
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Mimo Labs retweeted
Half of the PRL supply is now burned 🔥
Following the buyback and burn of 100M PRL from @Mimo_Labs, over 500M PRL are gone for good!
Verify it on-chain ⬇️
Mimo Labs retweeted
Final update on the rsETH incident:
LayerZero has published their full post-mortem, the attack is attributed to DPRK's Lazarus Group, targeting downstream RPC infrastructure. Zero contagion to other applications has been confirmed.
USDp and PRL bridging modules are fully reopened on all chains. We have also reduced all indirect exposure to Aave to zero as a precautionary measure, given rsETH's use as collateral on their markets. For clarity, Parallel never had any direct Aave exposure.
All operations are back to normal.
Update regarding yesterday's rsETH incident:
Following our initial response, we've now completed a comprehensive access control audit across all deployed chains. This includes a full review of role assignments, function permissions, DVN configurations, and setPeer/setDelegate access. All verified and hardened where needed.
No funds were ever at risk. These are proactive measures to bring our multichain deployment to a stricter security baseline.
On a separate note, we've received confirmation from Frax that their systems are unaffected by yesterday's events. USDp minting using frxUSD and sfrxUSD is now available again.
Mimo Labs retweeted
Parallel is not impacted by the rsETH bridge exploit.
As a precaution, we've taken the following measures:
- Paused LayerZero DVN activity for USDp and PRL bridges
- Paused frxUSD and sfrxUSD minting on the Parallelizer Module while we await confirmation from the Frax team on their own bridge status
Root cause is still under investigation. Early onchain forensics suggest the LayerZero Labs DVN, the sole verifier on Kelp's Unichain → Ethereum bridge (1-of-1 config), may have been compromised.
We also use the LayerZero Labs DVN, but our multi-DVNs setup is specifically designed to protect against this scenario:
- 2 required DVNs (LayerZero Labs + Nethermind)
- 1 additional optional DVN (Horizen or Canary)
- = 3 independent verifiers must agree on every message
Even in a scenario where one DVN is compromised, an attacker still couldn't forge a message through our bridge, the remaining verifiers would independently reject it.
On top of that, every Parallel bridge route has hard-coded daily mint limits ($2.5M) and global caps ($10M) per chain, acting as a last line of defense.
We also use burn/mint (not lock/unlock), there is no pool of locked tokens to drain.
All admin functions, including setPeer are controlled by the 5-of-8 DAO multisig with independent signers, not an EOA. No single party can modify bridge configuration.
As an additional precaution, we've paused minting of USDp against frxUSD and sfrxUSD until the Frax team confirms the status of their own LayerZero bridge setup.
All measures are precautionary. We'll resume normal operations once root cause is fully understood and we're confident there is no systemic risk.
Mimo Labs retweeted
That moment when you realize 37.09% of the total $PRL supply has just been burned. 🔥
All unmigrated tokens have been permanently removed from circulation as of April 16, 2026.
For $PRL holders, this is a historic day. Over a third of the supply is gone forever.
The protocol moves forward. Leaner. Stronger.
Mimo Labs retweeted
19th @cooper_labs Service Provider report is out:
→ Parallel v3.2 dev started, entering agentic payments (x402 & MPP)
→ USDp supply hits new ATH at ~3.84M(+10.66% MoM) → New integrations: HypurrFi, Purrlend & Clearstar on HyperEVM
→ Parallel API V2 & SDK V1 completed
Read the full report ⤵️
Here comes our nineteenth @ParallelMoney report, March 2026:
- Parallel v3.2 dev started, entering agentic payments (x402 & MPP)
- USDp supply hits new ATH at ~3.84M(+10.66% MoM)
- New integrations: HypurrFi, Purrlend & Clearstar on HyperEVM
- Parallel API V2 & SDK V1 completed
Mimo Labs retweeted
Great breakdown from @andyhyfi 🙌
sUSDp, sitting at the top of the @HypurrFi Yield market with 6.50% APY, is no accident.
The alpha is out there for those who look 👀
Want to put your stables to work on Hyperliquid? Start here 👇
How I use @HypurrFi markets to earn APY on Lending:
When I Lend in HypurrFi, I select which MARKET I want to lend to. We have 4 major markets: Prime, Yield, Scale, Pooled.
I have stablecoins or $HYPE, I want yield on them.
On the Lend page I select which market I want to view. If you select Prime, you see what assets are available to Lend and borrow against in Prime. If you select Scale, you see what assets are available to Lend or borrow against in Scale.
This is why you will see a lot of options to lend an asset like $USDT 0 if you search for it in the filter. You are not selecting which asset to Lend, you are selecting which market you are lending USDT to.
From here, I sort by APY, and exclude Legacy as it's deprecated (withdraw and move to Mewler guys!).
In the attached images I've filtered just Yield for an example. You see sUSDP from @ParallelMoney on top. it has their base APY, shows you the supplied TVL, and how much is being borrowed. None is being borrowed because it's not a borrowable asset, it's meant to loop.
$USDC on the other hand is earning about 6%. Utilization is about 85%, which means the borrowers are comfy with paying about 6%. If another $5M USDC gets deposited int his market, the rates will drop because utilization drops, but over time the borrowers will slurp that up and utilization will return to about 85-90% with APY up to 6-9%.
The other thing this market tells you is what collateral assets are being used to borrow USDC, USDT, USDH. sUSDP is one, LHYPE is another, xHYPE, hwHYPE, kHYPE and more. This is a derivatives-focused market, which is why caps are lower, LTV is lower, and yield tends to be higher.
You can click into each asset and view its particular parameters of course and make the decision if you are willing to Lend your stables and HYPE to willing borrowers. HYPE is paying 3.25% today, it was 6% yesterday. You make the call.
If you don't want to think about this or sort through all the markets and assets, that's what the Earn vaults curated by @ClearstarLabs are for. Clearstar evaluates risk and how much TVL in each market they should add from the Earn Vaults. They balance between Prime and Yield for now to be relatively conservative while earning a good rate on the stables deposited.
This is just for Lending evaluation. We're working on making this more clear in the UI, better signposts and market information. There's a bit of a different flow for borrowers, and I'll walk anyone through the most common UI flows on a call or here in another post sometime soon.
Give me Qs, or bring them to our telegram to talk strategy and rates and @eulerfinance and @hyperliquidx
Happy lending.
Mimo Labs retweeted
Do NOT interact with HypurrFi domain or click any links for now.
Stay safe and wait for an official update from the team before taking any action.
Mimo Labs retweeted
Discussion around PGP-39 is still ongoing. A counterproposal has now been published in the proposal's comments. We encourage the community to read through it and continue sharing feedback as the conversation evolves.
A proposal has been published on the governance forum to allocate $500,000 from accrued protocol fees as a one-time retroactive service fee for the @Mimo_Labs Team’s past work.
Read more ↓
Mimo Labs retweeted
sUSDp is live on @purrlend
Deposit sUSDp as collateral → borrow USDC or USDT0 on HyperEVM
Your sUSDp keeps earning its native yield while locked as collateral, and Parallel is adding extra incentives on top for borrowers
Powered by @redstone_defi price feeds
👉 app.purrlend.io
Mimo Labs retweeted
PIP-65, which aims to accelerate end of MIMO to PRL migration to April 15th, 2026, is now live on Snapshot.
To vote ↓
🔥🔥🔥
Worth highlighting: this is now the #1 pool by volume on @Balancer on HyperEVM. 🔥
Huge thanks to our partners and community for helping make this happen.
It's great to see USDp liquidity getting real traction on HyperEVM. @HyperliquidX
The USDp/USDC @Balancer pool on HyperEVM is giving 20%+ APR 🔥
LP below 👇
USDp/USDC pool is now live on @Balancer on HyperEVM.
Current APR: 20%+ 📈
Note: This is a boosted pool, meaning LPs can earn from both swap fees + underlying lending market yields.
Park idle stables, put them to work, and earn on-chain.
LP link below ⤵️
Mimo Labs retweeted
PIP-64, which proposes to sunset the USDp Parallelizer & Savings Modules on Sonic, has been approved by the DAO.
In accordance with the vote, Parallel will discontinue the USDp Parallelizer & Savings Modules on Sonic, stop all on-chain incentives, and sunset DIA and RedStone price feeds for USDp and sUSDp, while keeping USDp and its bridging and flashloan modules active on Sonic.
