Parallel Emergency Guardians

Multisig signatories can take charge of emergency intervention on every channel where the Parallel protocol is deployed.

As the protocol is deployed on Ethereum, Polygon and Fantom and brings a major innovation in the ecosystem, it is possible that, despite different audits, a minor or major problem could arise in the future.

Considering the importance of timing in certain situations, a proposal has been voted on by the DAO and accepted to prepare the DAO for any potential emergency action that might have to be done by allowing any Multisig Signers to initiate transactions from the multisig to stop an emergency situation (and execute it after verification and signatures from others signers).

Since the MIP-11 has been voted and accepted on Snapshot, all Multisig Signers can intervene in case of emergency situations on every chain where the Mimo Protocol is deployed.

Tiers risk

Tier 1 risk

Scope: User funds are at risk Actions: Immediate intervention by pausing the system, then a governance discussion 24h vote time for further actions.

Tier 2 risk

Scope: Risk on protocol economic activity (eg: Bug on Mimo allowing to mint infinite of PAR etc, or any economic attack/exploit possible)

Actions

1-3h feedback emergency on the forum. If the attack happens 24h before the distribution, the reaction should be immediate and follows the same process as Tier-1. The action should be to pause the compromised module only, if possible. A post-mortem is also needed in this case.