KEY TAKEAWAYS
- The Audius community is set to relaunch its grants program after meeting conditions for system re-audits and a period without incidents.
- The Open Audio Foundation will manage the reconstituted grants program, ensuring secure fund disbursement through governance votes and internal committee decisions.
- New governance proposals will be introduced to implement these changes, with a focus on using traditional custodians to mitigate smart contract risks.
Following the governance takeover incident in 2022, the Audius community grants program was effectively shuttered due to the depletion of funds. A post-mortem note indicated that the grants process would be reconstituted in the future. The community sentiment at the time suggested waiting for two conditions: re-audits of the system and a significant period without incidents. Both conditions have now been met.
The proposal to reconstitute the public grants program is under the administration of the Open Audio Foundation. This initiative aims to secure the process of funds disbursement. The proposal outlines that staking rewards and available $AUDIO rewards programs for end users will remain unchanged. Upon ratification, the Open Audio Foundation will begin publicly soliciting grant applications.
Funds will be disbursed when directed by the on-chain community through governance votes or when deemed appropriate by the foundation’s internal grants committee. This process is subject to diligence and compliance obligations. By adding this additional step, the Open Audio Foundation plans to utilize traditional qualified custodians with process controls to secure assets not yet disbursed, thereby avoiding the smart contract risk that led to the previous exploit.
The implementation of these changes requires two on-chain governance proposals. These proposals will be introduced on-chain shortly, pending any feedback. More details about the proposal can be found here.
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