[GIP 26] Bug Bounty Boost and Base increase
AI summary
This proposal aims to enhance the security of Gearbox's new V2 code by modifying its bug bounty program. It suggests two changes: a temporary increase in bug bounty payouts (a 'boost') from October 31st to December 31st, and a permanent, slight increase in the base bounty amounts starting January 1st, 2023. The goal is to attract more security researchers to scrutinize the new code, especially given the projected $80 million Total Value Locked (TVL) in V2.
If passed, the DAO will allocate more funds from its treasury to pay for bug bounties, increasing incentives for security researchers to find vulnerabilities in the V2 code. This benefits the protocol by enhancing security and protecting user funds, while the treasury will see increased outflows for these payouts. The exact financial impact cannot be determined without knowing the new bounty amounts.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Note: This is effectively an extension of GIP-16 on the boost aspect of the bounty: https://gov.gearbox.fi/t/gip-16-bug-bounty-upgrade-and-08-2022-payout/1437
Motivation
With V2 launching, we now have a completely new set of code and like the initial days of V1, need to be cautious about security as we roll out the product. This becomes even more vital as the current prediction for V2 TVL is around the 80m$ mark. The proposal has two key focus points:
- Limited time boost to get dev attention from 31st October to 31st December
- Permanently increasing(slightiy) the bounty base from 1st J…