FCS Proposal - Lelantus Spark Code Audit Proposal by HashCloak

A new proposal has been posted to the Firo Crowdfunding System.

  • Title: Lelantus Spark Code Audit Proposal by HashCloak
  • Author: mikerahq
  • Proposal type: Core
  • Link: click here

Use this topic to discuss this proposal!

2 Likes

Link to proposal is not working

@Fiendish

Right now the price of Firo would make the proposal $113,681 instead of $80,000.
The Hashcloak is quoting USD values for milestones with a +10% Firo additional volatility buffer. So I’m assuming they ideally are looking for a USD equivalent of Firo.

Considering volatility can soar way more than 10%. Can we check if Hashcloak is willing to honor the audit even if Firo values drop to something like $1.XX which would be way beyond the 10% buffer.
If that’s not the case, then I think it’s better we just price the proposal in USD terms and sell the required Firo to reach the $80k audit bill.
I just want to avoid confusion later down the road regarding price or terms.

@reuben

Spoke to HashCloak prior to this.
First of all, this is USD denominated. I asked Mikerah to add in a 10% anyway cause it’s better always to overshoot rather than undershoot. If the CFC funds are not utilized or are over, it will be returned to the CFC.

I offered to handle the liquidations for her through our normal method of using the bot to sell small portions over time to prevent price movement. The price is higher cause she based it off coingecko prior to the pump.

@Fiendish

I figured that was the reason. What kind of timespan do you think CFC has to save up?

@reuben

I personally don’t know where the price will go. Volatile period. I can of course just convert over time which can be fulfilled quite quickly tbh. Like 80k or so can easily be met in a day (usually much faster) but I can stretch it out a little. Just that more uncertainty the longer I stretch it out.

@reuben

There’s an existing MAGIC fund on this so that will also reduce the amount the CFC/community needs to fund. It’s not much but it’s 8708 USD.


Thank you @rasikhmorani

@rehrar

How much do we have in CFC fund right now?

@reuben

28K USD in liquidity here

https://app.zerion.io/0xe675657b3fbbe12748c7a130373b55c898e0ea34/overview/pancakeswap

Now CFC funds can be accurately tracked. 16K Firo atm

https://explorer.firo.org/address/aFA2TbqG9cnhhzX5Yny2pBJRK5EaEqLCH7

If we base it off today’s price (which just recently pumped hard so take this with a grain of salt) It’s 60k in FIRO and 28k in PCS liquidity. If we use the non PCS funds we can already fund the audit.

1 Like

Quick update:
@rasikhmorani from Arcadia has donated USD20,000 via Magic Grants (@sgp) and therefore the sum is reduced by the total amount already in Magic Grants which is USD28,708.

The Community Fund Committee (CFC) has approved to fund the balance from the community fund.

The following voted in favor of the proposal. @rasikhmorani @Fiendish @RyanApeFiro @rehrar @sproxet @nrsimha You can follow any discussions from this link here.

3 Likes

It’s hard for MAGIC Grants to accept FIRO sadly, but if we can take an asset on Kraken or FTX US with a good amount of liquidity, we can receive a donation for the remaining amount, convert to USD, and remove future volatility concerns for everyone.

image

All available CFC funds have been deployed towards the audit. We can probably begin the audit already. Note that the funds will be released in full first to allow conversion to stablecoin.

3 Likes

Status changed from ‘Funding Required’ to ‘WIP’

1 Like

Payment of 20504.0 FIRO sent

Sent to be steadily converted to USD to meet the amount.

All amounts are now in USD and are sitting with MAGIC Grants @sgp to handle the disbursements to Hashcloak @Mikerah on the agreed milestones for the audit.

MAGIC Grants Donations from Community: $27,926.61
Donations from Community to Crowdfunding and CFC: $52,073.39
TXID to Magic Grants: https://bscscan.com/tx/0x8da26b0e15c5ca93d0770d0e73e99c8d8b8cd8ac48fca8ec510e56c657e4478b

Thanks everyone who donated and special shoutout to Arcadia/Rasikh (@rasikhmorani) who generously contributed a huge chunk of it!

We plan to hand the Spark code for audit to Hashcloak no later than 15 October 2022.

3 Likes

After consulting with our core team to add devnet functionality for audit, we are handing over code on 22 October instead.

1 Like

We had our first kick-off meeting today with Hashcloak.

Audit scope is here: Lelantus Spark Code Audit Checklist - HackMD

Audit is set to begin on Monday 31st October 2022 and will run for about 6 weeks.

Once again huge thank you to everyone who donated and made this possible. We’ll keep everyone posted.

EDIT: fixed date

2 Likes

Audit is set to begin on Monday 31st October 2022?

Yes correct sorry :slight_smile:

When will Lelantus Spark go online after the audit is complete?

Huobi has changed again. Is there any chance for firo to re-list the Huobi exchange? Hong Kong is now attracting the cryptocurrency market