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!

1 Like

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.

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.

2 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.

1 Like