BeethovenX

Proposal

Approve payment of 25,500 USDC from Beethoven X DAO treasury for a second audit by Trail of Bits of the Beets Staked Sonic LST (stS) that is deployed on the Sonic network.

Motivation

With the passing of BIP-80, the DAO approved the first audit by Spearbit, which was concluded prior to launching the LST on Sonic. With over 68 million $S staked in the Beets Staked Sonic LST (stS), it is reasonable to involve another party to audit the smart contract to further strengthen the trust in the smart contract code. With Trail of Bits we have the opportunity to get a review from another top tier audit firm.

It’s important to note that this proposal is not due to any particular security concerns, but to simply have another industry-leading audit firm look into the smart contracts.

At current prices, the LST generates about USD 1,000 in fees per day for the DAO. Therefore, the cost of this second audit is less than a month worth of DAO revenues.

Impacts / Risk Assessment

The Beets DAO would pay 25,500 USDC from the DAO treasury on Ethereum. While this is a cost for the DAO, we believe the amount to be very reasonable and find the audit itself essential to further increase confidence of users and partners. Beets is committed to upholding the highest security standards.

Specification / Execution Plan

With the passing of this BIP, Beets DAO is set to pay 25,500 USDC from the DAO treasury on Ethereum.