Allocate Floor Fund to Bolster ImmuneFi Bounty

This proposal is pretty simple.

The floor fund was a great idea at first, but GMX price appreciation has greatly outpaced its ability to do anything to support the token price in any significant manner.

At the time of posting, the fund is worth ~$3.8 million.

We currently have a bounty of 1m usd on Immunefi.

We are all enjoying the momentum / growth of the protocol recently… product market fit is glaringly obvious.

The only thing that can halt our momentum is some form of exploit.

I propose putting this idle floor fund to use to bolster the Immunefi bounty to $4m usd total.

There are currently $150 million in GLP funds custodied by GMX contracts… it only makes sense that we protect ourselves and GLP providers by scaling our Immunefi bounty alongside this growth.

Thoughts?

  • Bog
11 Likes

Fully agree with this. The floor fund is not useful atm, it was only needed when the protocol was in its infancy.

Would rather channel it to ImmuneFi or put it into the DAO treasury for HR expansion.

2 Likes

100% support here. Especially given current market condition, high chance of exploration…this will let current holders sleep more soundly at night + attract new investors with smart contract safety reservations

1 Like

thank you for the suggestion, it makes sense to me, we can increase the bounty to $5 million supported by the floor price fund if there are no objections to it

6 Likes

Yes, go for it. Minimising smart contract risk is a very worthwhile endeavour for a protocol managing 100’s of millions.

2 Likes

Re-looking at the immunefi bounties, I think we should increase the bounty to $3 million for a start which would place us at the 3rd / 4th highest bounty

EDIT: looks like MakerDAO and Wormhole were just added with $10 million bounties, $5 million looks appropriate now

3 Likes

I think this is a fantastic proposal and very appropriate use of the funds.

Thanks LordBogdanoff and X