Our proposal outlining Paradigm’s membership into the C4 DAO has passed!
Billions of dollars have been lost in hacks due to vulnerabilities in smart contract code, contributing to widespread distrust of web3. Code4rena’s mission has always been to leverage our community of skilled security researchers and smart contract experts to help make the web3 ecosystem more secure.
“Having run a web2 security business, it became clear to me very quickly that the traditional audit model is the wrong approach for web3. The catastrophic impact of smart contract hacks makes it a poor fit for fixed-time audits performed by a couple of security researchers. Just the same, that model is not a healthy one for auditors: too much weight on too few shoulders leads to crushing anxiety, burnout, and top talent escaping the audit grind as fast as they can.
When I saw Scott Lewis and Zak Cole tweet about their competitive audit concept, I immediately joined the Code4rena DAO and committed to doing whatever I could to make this model the first and best security option for web3 projects.” — Sock, Code4rena co-developer
Traditionally, audits have been run in a closed-off manner by 1–2 auditors. Code4rena has pioneered the competitive audit, bringing hundreds of auditors to evaluate a project’s code before it goes into production. As with any organisation, strong strategic collaborations can help achieve high-reaching goals. That’s where Paradigm comes into the conversation: we’re thrilled to announce that our $6M DAO proposal to welcome Paradigm into the C4 DAO has passed!
This is a major value add for the DAO, as Paradigm deeply understands smart contract development and has long been a supporter of security auditors. With their involvement, we’re going to continue pushing forward on our mission to leverage competitive audits to secure the web3 ecosystem, whilst simultaneously rewarding auditors from all over the world.
“As a leader in web3 security with a talented team and a uniquely crypto-native perspective, Paradigm is a natural fit to join the C4 DAO. We’re excited about what their experience and insight will add to our community.” — Sock, Code4rena co-developer
In the C4 community, we highly value transparency. With that in mind, let’s dive into the specifics of the approved proposal:
- Paradigm will work alongside the Code4rena team to provide supplemental strategic assistance.
- Paradigm is providing the Code4rena DAO with $6M USD in funding to be used towards achieving organizational goals.
We can’t wait to start turning plans into action. 2023 is going to be an exciting year for our community! As always, if you have any questions, you can reach out to the C4 team in our Discord or on Twitter.
