Proposed: January 27, 2022
Status: Passed
Beanstalk Farms
- Hire Omniscia to perform a continuous code audit on Beanstalk to facilitate the swift proposal of new BIPs by Beanstalk Farms.
- Leverage the "Fundraiser" process proposed in BIP-4 to mint the Beans and raise the USDC necessary to pay for the Omniscia retainer.
- Mint 250,000 Beans and create a Fundraiser to raise 250,000 USDC in exchange for 250,000 Beans. Pay Omniscia 250,000 USDC for the retainer.
- Send 50,000 Beans from Beanstalk Farms to Omnsicia as a down payment, to be returned upon completion of the retainer payment.
Beanstalk is unaudited at the moment. Over the past month, Omniscia has started auditing Beanstalk, with a preliminary report expected shortly.
One of the reasons Beanstalk Farms originally selected Omniscia was their willingness to continuously audit Beanstalk despite the regularly anticipated proposed updates to Beanstalk through BIPs.
Until Beanstalk has sufficiently established Beans as a reliable stablecoin such that Beanstalk Farms can make all payments in Beans, Beanstalk Farms needs a way to pay for things (including this retainer) in other stablecoins. The Fundraiser structure provides a simple structure for Beanstalk Farms to sell Beans for another stablecoin at 1:1.
Due to the potential time it may take to complete the Fundraiser, Omniscia has requested a 50,000 Bean down-payment, which will be returned upon completion of the retainer payment.
Omniscia has proposed a retainer structure to allow for them to continuously audit new Beanstalk Farms BIPs before they are proposed on chain. This will allow for Beanstalk Farms to continue its quick development pace without sacrificing the security of an audited code base.
Upon passage of this BIP, Omniscia will be retained to continuously audit Beanstalk.
This BIP leverages the "Fundraiser" standard proposed in BIP-4 that allows Beanstalk Farms to raise money to pay for things in other stablecoins.
Beanstalk Farms has 50,000 Beans from the Q1 Budget to make the down payment.
The cost of the contract (retainer) is 250,000 USDC, paid upfront.
Upon approval, Beanstalk Farms will send 50,000 Beans to Omniscia.
Upon approval, this BIP will mint 250,000 Beans to fund the Omniscia audit and start a Fundraiser for 250,000 USDC. Upon the start of the Fundraiser, anyone can send USDC to the FundraiserFacet in exchange for sown Beans. For each of the first 250,000 USDC sent to the FundraiserFacet, 1 Bean will be sown and the corresponding Pods returned to the sender based on the Weather at the time of the sow.
Upon completion of the fundraiser, Beanstalk Farms will submit the payment to Omniscia in exchange for the 50,000 Bean payment.
Having a continuous auditor working on Beanstalk is fundamental to developing Beanstalk in a timely fashion. Omniscia is highly qualified to perform a continuous audit, as they have already started auditing Beanstalk and are familiar with the protocol.
The Fundraiser will leverage the "Fundraiser" page from BIP-4 that will allow anyone to participate in active Fundraisers.
Effective immediately upon commit.