Nouns DAO

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:

1. Nouns Fork: a new minority protection mechanism allowing Nouners to exit into a fork of Nouns DAO.
2. 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.
3. 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.
4. 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.
5. 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:

1. $148K for the audit, out of which $100K are the pool prize going to auditors.
2. $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.