The GMX Security Committee is a crucial component of the GMX DAO, tasked with ensuring the security, integrity, and smooth operation of the GMX protocol.The committee began functioning on 28/10/2024. The committee is composed of five elected members: 50, Q, SniperMonke, Raoul, and Owen. These members are directly elected by the GMX DAO, reflecting the community’s trust in their expertise and commitment to safeguarding the protocol.
Committee Composition.
Members of the Governance Committee received an honorarium of $500 per month for their roles. Owen is exempted from the compensation since Guardian is tangentially compensated under an ongoing retainer with GMX.
Key Roles and Responsibilities
- Risk and Protocol Management: The Security Committee maintains the GMX protocol by assigning grant roles, updating configurations, removing roles from malicious users, handling emergency stops if necessary, and overseeing passed governance proposals. Additionally, the committee also managed Immunefi bounties, but we didn’t see any issues come up.
- Community Engagement: The Security Committee actively engaged with the GMX community to gather insights, feedback, and concerns related to risk management. Having open communication channels, promotes collaboration and collective problem-solving in addressing protocol risks.
- Governance Compliance: In addition to risk management, the Security committee ensured compliance with established governance protocols and best practices. This included monitoring governance activities, enforcing adherence to guidelines, and advocating for governance decisions that prioritise protocol security and integrity.
Work completed in the past 6 months:
- Over the past six months, the Security Committee has played a pivotal role in overseeing and reviewing numerous proposals on the forum and Tally
- Reviewed all timelock transactions
- Role granting transactions for GMX V2 as well as validation that deployed contracts match the audited code
Proposed Term Extension:
The current term of the Security Committee is proposed to be extended by an additional six months, until October. This extension is intended to provide continuity and stability as the GMX protocol continues to evolve. Any delegate within the GMX DAO has the right to challenge a current committee member or the entire committee if they believe it is necessary. If no objections are raised, the committee will continue to operate in its current form.