Executable EGP 21 - Everclear Security Task Force

Please read the full proposal inside the Security Task Force RFC post

Summary

Creed DAO proposes to take on the role of Security Partnership for Everclear Systems & Operations. This partnership will focus on maintaining and enhancing the security of the Everclear network by conducting thorough security reviews, overseeing smart contract upgrades, and performing comprehensive security assessments. Creed will also engage in protocol upgrade discussions and offer ongoing support for security-related concerns. In addition, Creed will manage the bug bounty program to incentivize the discovery of critical vulnerabilities in the system.

Budget requirement

In order to front the required budget to unfold the Security Task Force role, we breakdown the budget in the amount of required NEXT.

Total Annual Payment for Security Partnership: $384,000 USD

The total amount is coming from a 24-person-week estimation of yearly workload. Should the estimated amount be depleted sooner than the 12-month period with clear deliverables, a new commitment should be negotiated.

• Vesting Schedule: 50% of the total annual payout will be vested linearly over 12 months, backdated to 2 months prior the proposal execution.

• Milestone-Based Payment: The remaining 50% will be paid according to specific deliverables and milestones, such as completion of major code reviews, smart contract audits, or comprehensive security assessments. Payments in NEXT tokens will be pegged to the 30-day VWAP of the token’s price at the agreed-upon time of release.

Milestones estimation:

• Chimera review: 10 person-weeks.
• Bug bounty management: our offer if it doesn’t exceed one person-week throughout the year but possibly one person-week by the end of it.
• Tokenomics review: 6 person-weeks.
• Fuzzing/FM engagement: 4 person-weeks.
• Follow-up audits: 4 person-weeks.

NEXT total amount required:

$384,000 / $0.1228 = 3,127,035.83

Buffer of 20% = 625,407.17

Total NEXT amount: 3,752,443.00

The executable proposal includes a 20% buffer and we will use a 30-day VWAP at the moment of posting it on Snapshot. ($0.1228 on October 24, 2024)

Note: Funds will be allocated to the multisig holding the budget for the Security Council regular members.

Multi-sig address: 0xB4065BCA91f70cB46BE88b1b14dDfE692589fEf2

Multi-sig signers:

@NMajors as Head of Governance from Everclear Foundation.

@SEEDGov as Program Manager of the Governance Task Force

@Sinkas from L2Beat as the GTF's Operations Manager

@jengajojo of DAOplomats as GTF's Treasury Officer

@saltyfacu as DAO delegate.