Balancer

Authored by Tristan (OpCo) and Jeremy (Orb)

Introduction

This proposal is an update to the Orb Collective Q1 2023 Financial Update that noted the intention to carry out smart contract audits: “Security: Represents smart contract audits that we intend to do with either Certora or ChainSecurity. Each audit will cost ~$75k each and we anticipate that we’ll need one audit this quarter.”

OpCo and Orb are now working together to renew Certora’s contract to perform audits. Certora was selected based on their track record of quality work, their long-running relationship with the Balancer ecosystem’s engineering teams, and their in-depth knowledge and familiarity with the Balancer protocol. Learn more about them here.

Certora will offer a package that will include the following:

1. 2 weeks of set up time.

2. 2 weeks course of writing rules.

3. 12 months of access to platforms.

4. Support for software errors and education in rule writing, including rule review.

The terms of the agreement are $250K for a year, paid monthly in installments of $20,833.33, which can be terminated anytime (not locked in).

The purpose of these audits is to ensure that the Orb Integrations team is shipping code that meets Balancer’s high standards of security, keeping Balancer users and their funds as safe as possible.

The final budget and arrangement will be the responsibility of OpCo, with Orb supporting, as intended within the DAO’s Foundation and operating subsidiary governance framework. We therefore propose that USDC 62,500 be allocated from Orb’s current budget to OpCo’s budget for three months in FY23 Q2. The necessary budget for FY23 Q3 onwards would form a part of OpCo’s year two funding proposal.