Summary
This proposal seeks community support to approve the treasury spending for the Cantina competition. The initiative aims to increase Fluid security to enhance the protocol’s competitiveness and market positioning.
Proposal
Transfer 150 stETH to the team’s multisig for the Cantina Competition. If funds are not used, they will be sent back to the governance.
Motivation
Ahead of the Fluid DEX launch, we completed 2 more audits by the MixBytes and StateMind teams. Fluid is one of the most complex if not the most complex DeFi protocols with 10k+ lines of code, advanced math, and novel concepts such as debt being used as liquidity. The DEX, which will be subject to competition, has ~2.5k lines of code.
To ensure the safety of the protocol, the team wants to run a public auditing competition with a $300k total budget which includes a $250k prize pool and a $50k platform and judging fees. The prize pool is distributed only if there are any vulnerabilities found in the following way:
- High severity: $200k
- Medium severity: $40k
- Low severity: $10k
Cantina has one of the highest participation rates among marketplaces for web3 security solutions. Teams like Uniswap, Euler, Aave, Morpho, Blast etc also run their competitions on Cantina which should attract the best auditors to Fluid
Result
150 stETH will be transferred to the team’s multisig to initiate the Cantina Competition.