Immediate YIP to fund audits

Proposals Vaults
1

Summary:
Immediately mint 125 YFI (~$500k) to be allocated directly for smart contract audits.

Abstract:
This proposal would immediately mint 125 YFI that would be directed to the multi-sig, liquidated for stablecoins, and designated to be used solely for smart contract audits.

Motivation:
Yearn smart contracts are being deployed very rapidly and are holding or will hold large amounts of capital. A single vulnerability could have long-lasting and very negative consequences to the yearn ecosystem and its trust within the market.

Specification:
Smart contract audits cost roughly $20k, and Andre is deploying roughly 2-4 smart contracts to production weekly. An immediate budget to fund audits for critical smart contracts is vital to mitigate the risk of vulnerabilities being exploited in live contracts.

A larger more robust budget can be determined at a later date when inflation is finalized.

For: Mint 125 YFI and liquidate for ~$500k in stablecoins to pay for smart contract audits.

Against: Do not mint 125 YFI.

Poll:

  • FOR
  • AGAINST

0 voters

2

What about a freeze on Fee Rewards for the time being and use them to pay for Audits? How much is YFI earning in fees right now.

2 Likes
3

This is reasonable. Let’s get this done.

1 Like
4

@Sinsecato proposal is much stronger. Yes, it’s less money but should be enough to cover what’s out there: Yearn Contracts

@franklin please, no clickbait titles :sweat_smile:

5

I don’t think anything should be released without audits. Voting and releasing a LINK yVault without an audit is absolutely irresponsible.

This project needs to take a step back and formulate a plan, otherwise it is just asking to blow up.

6

This is a good point and not something I had considered. After another 12 hours I can add another poll to vote between using protocol earnings vs. minting more tokens. I think most would support using the protocol earnings.

3 Likes
7

Cross-ref proposal that uses reward fees instead of YFI as dev fund: System rewards as operational capital

8

Ya I would support using earnings where possible first…

1 Like
9

Redirecting discussion to on-chain YIP-36: YIP 36: System rewards as operational capital.