BACKGROUND:

BMX has always prioritized contract security and user safety. Decentralization is fundamental to our mission and contract/user safety has always been our priority. 



Some brief examples of this are:

• Team members from BMX were awarded an Immunefi grant for identifying a moderate-level bug in the core GMX v1 contracts
• BMX token-contract “owner” is set to governor with a 30-day timelock on all functions
• BMX utilizes 3/6 multi-signature safes for Treasury assets

Beyond careful development and extensive internal review of contracts and security precautions, BMX also recognizes the importance of third-party review, which is why we utilize peer reviews before delivering a contract for community use.



Since its inception, BMX has had the privilege of having one of the industry’s leading developers peer-review BMX contracts, further ensuring the security and safety of our platform.



To date, this has cost the protocol $0.00 and 0 BMX for these peer reviews.



This individual has conducted all peer reviews for free, without expectation of payment or promise of future reward, as a friend of the protocol team and someone who deeply believes in contract and user security/safety.

This has been exceptionally valuable as it has allowed BMX to move quickly, by not having to bear the high up-front cost and wait times for expensive, formal audits. As BMX builds on the edge of innovation, the cost of formal audits would have been more than Treasury could afford, further delaying development and hindering our progress.

 You cannot put a price on speed, but more importantly, you cannot put a price on feeling confident that the contracts ensure the highest level of safety and security. 

And even then, sometimes vulnerabilities happen. Ultimately, the use of contracts is at a user's own risk, which is why “do your own research” is extremely important. 



BMX is fortunate to have never experienced significant security issues. This is accredited to the careful practices of our development team and our emphasis on security and safety, which includes the use of third-party peer review. 



With the launch of Based MediaX complete and more specifically, Wheel of Avatars, a product built on top of SudoSwap that integrates Chainlink VRF, in addition to other BMX custom contracts, now feels like the right time to retroactively award our third-party peer reviewer for their work.



To be abundantly clear, the third-party peer reviewer is not a team member of BMX, did not conceptualize or design the model or products offered by BMX, does not endorse BMX nor is this proposal an endorsement or advertisement for BMX. Their function has been as a peer-reviewer, comparable to that of an auditor. 



PROPOSAL:

This proposal directs a retroactive award amount of 42,000 BMX to 0xngmi for third-party peer reviews, as a protocol expense, funded by the Treasury’s allocation of BMX, with a 90-day “No-Sell” gentleman’s agreement. 


In reality, a "no-sell" conditional clause is unwarranted, given this is a retroactive award for contributions already completed. BMX is fully distributed with zero emissions and zero unlock events. However, to prevent potentially unnecessary community FUD a 90-day clause is instituted.

For this, a gentleman’s agreement is warranted, not a cliff/vesting structure, which allows 0xngmi fair opportunity to access single-staking or liquidity provider yield, in addition to single-staking multiplier points, immediately. A cliff would prevent such access despite the award being retroactive for contributions already completed.