Summary:
This proposal aims to perform an additional security audit of Parallel v3.2 by Bail Security, in order to improve the security of the protocol and users’ trust in it.
Rationale:
Following the failed exploit attempt against Parallel v3, we (Cooper Labs) have held numerous discussions with the protocol’s auditors, who agreed to audit the fix for the bug that led to the exploit attempt free of charge. These audits are now 95% complete.
During discussions with one of them, Bail Security, they offered to conduct a new comprehensive audit of Parallel v3.2, using auditors completely different from those in the previous audits. After several weeks of negotiations, we reached an agreement to propose to the DAO.
Bail Security is offering to conduct a new comprehensive audit of Parallel v3.2, the current code in production, for $25,000. The audit would last 4 weeks and would be conducted over the summer, with a final report due in September.
The audit will be supervised by Cooper Labs from start to finish, with a report published in the documentation.
Some DAO members may wonder why we would want to continue working with auditors who allowed a critical bug to remain in the protocol. The answer is that no audit can guarantee that the codebase will be bug-free following the audit. We have worked with several auditors over the past several years, and Bail Security has consistently offered the best prices and the highest quality.
Note: Cooper Labs does not profit from proposing this audit to the DAO and always acts in Parallel’s best interests, as voted on in the service providing proposal.
Since this audit is a complementary and non-essential audit, we propose using funds from the insurance fund to pay for it instead of funds from the DAO treasury.
Means:
- Human Resources: Cooper Labs will work with Bail Security to provide necessary commits and audit resolutions.
- Treasury Resources: $25,000 worth of USDC from the Parallel Insurance Fund.
Technical implementation:
- On Ethereum:
- The DAO Multisig signers will transfer $25,000 worth of USDC from the Parallel Insurance Fund Multisig (0x6aF71a3723D3c0Ed69f84EE259c9De3019C2a77c) to Cooper Labs (0x876C4D1Bd31af0d99191fC896F15a3A97D71aaB3).
Voting Options:
- For the Additional Audit
- Against / Rework the Proposal
- Abstain
Author(s): Cooper Labs
Community poll:
- For the Additional Audit
- Against / Rework the Proposal
- Abstain