In Maia’s Twitter Spaces which took place on August 25, 2023, 0x_bugsy hosted 0xLight, Kronflux, and Badgerpawz from Maia DAO to discuss audit, governance, marketing strategies, and more! Read our notes below to learn more.
Background
0x_bugsy (Host) – Builder at Maia DAO
0xLight (Guest) – Building at Maia DAO, Hermes, Talos
Kronflux (Guest) – Contributor at Maia DAO
Badgerpawz (Guest) – BD at Maia DAO
Maia DAO – a yield powerhouse of Metis with its community rooted in this Ethereum L2
Audit and Governance Updates
- 0xBugsy discusses a new governance proposal (MIP-25) focused on audit budget and a path to reduce audit costs. He mentions that the discussion is active and invites everyone to participate. He says that other proposals are entering the voting stage, specifically mentioning MIP-24. He invites people to Maia Discord for consolidated information on all active proposals.
- 0xBugsy talks about the development updates, stating they are in the final stages of preparing Code4rena outputs. All findings, quality assessments, and gas optimizations are being united in a single repository. He mentions that they are now entering the gas optimization phase, which is the last stage before merging the Code4rena findings with the Layer 0 adaptations.
- 0xLight asks about the Zellic audit retainer and its timing in relation to other audits. He questions whether the cost depends on what is found during the audit.
- 0xBugsy confirms that the timing of the Zellic retainer can vary but the overall time allocation remains the same. He explains that the payment model is appealing due to their mature code base, which lowers the probability of finding critical issues. Each critical finding would cost $10K.
- 0xLight suggests that the vulnerability rate might be higher if the Zellic audit is done before other audits. He mentions a proposal to do both audits for better security, despite the higher cost.
- 0xBugsy agrees that the proposal for dual audits would not be popular with a treasury department, but understands the stance for better security.
- 0xLight explains why the payment model is structured the way it is, stating that auditors need incentives to find harder bugs in already-audited code. He mentions that not everything is paid upfront like in Code4rena and agrees that doing both audits would be the best option for security.
- 0xBugsy says that if there was a treasury department, they would be concerned about the cost but agrees that it’s understandable from a security standpoint.
- Kronflux asks if audits can be done with Guardian audit both before or after Zellic. He asks if the quotes differ depending on whether Zellic performs the audit beforehand.
- 0xLight says that due to timeline constraints, Guardian audits can only happen towards late September, 2023. He mentions that it’s possible to do audits twice with Zellic, which could be more beneficial. However, having an audit with Zellic before would increase the cost but result in fewer issues for Guardian to find.
- Kronflux says that the current Commonwealth proposal lists different vulnerability rates for critical bugs: $5,000, high: $2,500, medium: $1,000, and low: Free. He says that these rates would increase if Zellic performs an audit first.
- 0xLight says that the cost would be double if the code base had already been audited by Zellic.
- Kronflux suggests updating the proposal to reflect this information. 0xBugsy agrees, stating that since they know the proposal will come after Zellic, it makes sense to update it.
- 0xLight mentions that Guardian was suggested by someone they talked to. He adds that they are a reputable firm with skilled people.
- 0xBugsy says that Guardian has a unique payment scheme that aligns incentives between auditors and protocols. He mentions that this was appealing for their treasury and provides a lower-cost route for the community.
- 0xLight says that Guardian audited GMX V2 over a long period, re-auditing until they found zero or one bug, highlighting the thoroughness of their approach.
- 0xBugsy says that having a big protocol like GMX V2 in their history is a stamp of approval for Guardian.
Marketing and Incentives for Platform Growth
- Kronflux asks about Maia marketing through Galxe or Zellic campaigns. He says they are considering campaigns that encourage people to try out the platform from multiple angles.
- Badgerpawz discusses the timing for ramping up marketing exposure. He suggests starting two weeks before v2 launch and continuing for several months after. He mentions that payment has been sent to Revelo Intel for content creation, which they plan to time closely with the launch.
- Kronflux asks about attracting powerful protocols by offering a small number of $HERMES in V2. He mentions that this could be similar to what they plan to do with the Hermes Olympics, a partner program to incentivize projects to provide liquidity.
- 0xBugsy says that the Hermes Olympics is designed to incentivize adoption from other protocols and lower their barrier to entry. He explains that the program will be divided into different “sports” like bribing and accumulating, with more specific categories like tooling and integrations.
- He mentions that proposals for these categories will be live soon. He says that 30 million $bHERMES have been allocated for the Hermes Olympics, highlighting the importance of clear communication and conscious decision-making.
- Kronflux expresses approval of the bonus categories for higher market cap projects. He believes that offering easier conditions for these projects could lead to mutual benefits, such as co-marketing and a better public image.
- 0xBugsy says that the strategy aims to raise the utility of their platform and attract well-established protocols.
- 0xLight mentions that they will share more details in the Commonwealth and future AMAs. Kronflux invites all to the regular community calls on Discord every Monday at 7:00 PM UTC for more informal discussions.
Check out these important links
- Listen to the original Twitter space
- Follow 0x_bugsy on Twitter
- Follow 0xLight on Twitter
- Follow Kronflux on Twitter
- Follow Badgerpawz on Twitter
- Follow Maia DAO on Twitter
Show Information
- Medium: Twitter (Audio)
- Show: Maia DAO Twitter Space
- Show Title: Maia Ecosystem Weekly AMA
- Show Date: August 25, 2023