Ooki DAO is preparing to launch a new interest rate model. Out of an abundance of caution we propose allocating $40k in funds to perform a security audit using code4rena.com
If DAO members are in favor of the audit following forum discussion, a formal proposal will be made via snapshot vote and then proceed to OnChain vote to the DAO to allocate funds for the code4rena security audit.
Ooki DAO is considering engaging with code4rena.com for an audit of a portion of Ooki’s codebase prior to the release of the update interest rate code.
This audit will likely consist of a 3 day contest during which security auditing teams on code4rena’s platform will review the code and identify any potential security exploits.
This initiative aligns with the Ooki DAO’s strict security standards relating to smart contracts that comprise the Ooki DAO ecosystem.
Code4rena has requested a fee of $40,000 transferred upfront to pay for the audit contest on their platform.
If the Ooki DAO approves the request, then code4arena will provide the services according to their service agreement.
The audit contest will last three days and will be performed by the community of security auditors on the code4rena platform.
Another approach to auditing, wardens ( you can look up their Twitter profiles ) can participate to look for vulnerabilities and win a prize depending on the severity of their finding. I saw other projects having more days of testing then the 3 we are signing up for if the proposal gets approved, it also depends on how many wardens will participate in the audit i guess. Yes i like the new interest model audited, good proposal.
good proposal, i definitely agree we need an audit on it. so i’m in favour to this. as frank said, why days and not more like others do?
Ya, good proposal. Im in favour of this.
To answer the why only 3 days questions, probably that’s enough since only a part is to be audited. I strongly believe that the team as professionals knows what they are doing and they probably had their talks with crypto4rena before coming up with this plan.
Great idea - $40k is reasonable for an audit and 3 days seems incredibly fast but we definitely need new code audited. Might even be worth doing 5 days or 7 days to be safe.
Audit for Ooki it’s a great idea! It’s very necessary. But for example why not Certik or others ? Maybe it’s a question of price ?
But in the other hand , it’s a very important time for project right now , and a big names in industry can make a fluency for investors. In people’s minds was negative effect from bzrx . Maybe even 2 audits bring to our project a new association. So it will be Certik after code4rena , why not ?