Asking for 88,750 USDC to audit the upgrade with Sherlock.
Several months ago we discussed the idea of client incentives (temporarily named protocol rewards at some point); the sense we got from the DAO was a hell yeah, so we went and built a V1 of this new protocol piece.
We are planning to propose an upgrade that adds client incentives V1 into the Nouns protocol. In the linked V1 blog post we review the goals for this feature, the scope of this version, and some key design decisions. We also link to the technical spec on our github.
We’re upgrading the DAO logic contract to V4:
We’re upgrading the AuctionHouse logic contract to V2:
We’re adding the new Rewards contract:
All the changes can be seen in PR#826.
Solimander has already done a deep review.
The next step is a 12-day audit with Sherlock, led by hyh (#4 on Sherlock’s leaderboard, #6 on code4rena’s leaderboard), and a lead auditor in the big V3 audit done by Spearbit.
The 12-day audit will cost 83,750 USDC: 67,000 (Rewards) + 16,750 (20% Sherlock Fee). We are also allocating 5,000 USDC for reviewing potential fixes after the audit (500 USDC x 10 hours).
Total USDC requests: 88,750 USDC.
We’re trying something new: instead of transferring the funds to our multisig, we are creating an approval for our multisig to spend the amount of USDC we’re asking directly from the treasury. We think it’s an interesting experiment in how to give the DAO more control over its allocated funds, instead of funding multisigs and later coordinating to get excess funds back.
The single transaction in this proposal is approving the verbs multisig to spend up to 88,750 USDC from the treasury.
This approach can leave unused approval. To properly close the loop we will transfer the remaining allowance from the treasury back to itself, to zero out our allowance.
We’re hoping this audit funding proposal succeeds. Once it does we will book the audit as soon as possible.
Once we’re done fixing any issues and reviewing the fixes, we will put up the upgrade proposal which will:
Once the upgrade proposal executes we will deploy the rewards contract and fund it.
Asking for 88,750 USDC to audit the upgrade with Sherlock.
Several months ago we discussed the idea of client incentives (temporarily named protocol rewards at some point); the sense we got from the DAO was a hell yeah, so we went and built a V1 of this new protocol piece.
We are planning to propose an upgrade that adds client incentives V1 into the Nouns protocol. In the linked V1 blog post we review the goals for this feature, the scope of this version, and some key design decisions. We also link to the technical spec on our github.
We’re upgrading the DAO logic contract to V4:
We’re upgrading the AuctionHouse logic contract to V2:
We’re adding the new Rewards contract:
All the changes can be seen in PR#826.
Solimander has already done a deep review.
The next step is a 12-day audit with Sherlock, led by hyh (#4 on Sherlock’s leaderboard, #6 on code4rena’s leaderboard), and a lead auditor in the big V3 audit done by Spearbit.
The 12-day audit will cost 83,750 USDC: 67,000 (Rewards) + 16,750 (20% Sherlock Fee). We are also allocating 5,000 USDC for reviewing potential fixes after the audit (500 USDC x 10 hours).
Total USDC requests: 88,750 USDC.
We’re trying something new: instead of transferring the funds to our multisig, we are creating an approval for our multisig to spend the amount of USDC we’re asking directly from the treasury. We think it’s an interesting experiment in how to give the DAO more control over its allocated funds, instead of funding multisigs and later coordinating to get excess funds back.
The single transaction in this proposal is approving the verbs multisig to spend up to 88,750 USDC from the treasury.
This approach can leave unused approval. To properly close the loop we will transfer the remaining allowance from the treasury back to itself, to zero out our allowance.
We’re hoping this audit funding proposal succeeds. Once it does we will book the audit as soon as possible.
Once we’re done fixing any issues and reviewing the fixes, we will put up the upgrade proposal which will:
Once the upgrade proposal executes we will deploy the rewards contract and fund it.