TLDR
Send 200K USDC to the Tech Grants Safe to fund the second audit of the upcoming DAO V3 upgrade proposal.
Context on V3
A quick summary of what's coming:
- Nouns Fork: a new minority protection mechanism allowing Nouners to exit into a fork of Nouns DAO.
- Proposal editing: allowing proposers to update their proposal's transactions and text description, during the new Updatable period, which starts as soon as the proposal goes onchain, and ends when voting delay starts.
- Propose by signature: allowing Nouners and delegates to pool their voting power towards submitting a proposal, by submitting their signature, instead of the current approach where sponsors must delegate their votes to help a proposer achieve threshold.
- Objection-only Period: a conditional voting period that gets activated upon a last-minute proposal swing from defeated to successful, affording against voters more reaction time.
- Votes Snapshot After Voting Delay: moving votes snapshot up, to provide Nouners with reaction time per proposal, to get their votes ready (e.g. some might want to move their delegations around).
For a longer description of Nouns Fork, please refer to this post. A longer post about the other V3 features will be posted between now and the upgrade proposal.
Context on how it's audited
Given the complexity of the DAO V3 upgrade, a second audit is necessary to uncover potential vulnerabilities potentially missed in the first round.
- On June 1st we started the first audit with Spearbit, using funds Tech Grants already had. This audit is underway and should end around June 20th.
- We're allocating roughly two weeks between the first and second audit for fixes that may arise, and a chance for the Spearbit auditors to review those fixes.
- On the week of July 3rd we hope to start the code4rena audit, which should take 10 days, with an option to pay for a 'mitigations review', which we're likely to want if there are any non-negligible issues that come up in this audit.
Budget
code4rena's quote consists of:
- $148K for the audit, out of which $100K are the pool prize going to auditors.
- $50K for the optional mitigations review.
Comes out to $198K; we're rounding up our request to $200K to have another slight buffer.
Any unused funds will be sent back to the DAO.