Obymare V1 Smart Contract Security Audit I Big Blymp

[GENERAL] Name and surname of main applicant

Brandon Chukwuka

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Requested funds in ada

180000

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

4

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We will perform a security audit of Obymare V1’s smart contracts, identify vulnerabilities, implement necessary fixes, and publish the audit report to ensure transparency and security.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

The Obymare V1 smart contracts and all relevant outputs will be fully open-source throughout the project lifecycle. The audit reports, code, and documentation will be publicly available in a GitHub repository to ensure transparency and foster collaboration in the Cardano ecosystem.

[METADATA] Horizons

Audit

[SOLUTION] Please describe your proposed solution

We propose conducting a comprehensive security audit of Obymare V1’s smart contracts to ensure they are safe before launch. As Obymare will serve as a decentralized stablecoin protocol on Cardano, ensuring security is critical to safeguarding user funds and building trust within the ecosystem.

We will engage a third-party blockchain security firm to conduct a meticulous audit of the smart contracts. Upon completion, we will fix any identified vulnerabilities and release the audit report publicly. Our open-source approach will allow other developers to benefit from our findings, contributing to the security standards of the entire Cardano ecosystem.

This audit will help prevent potential exploits, increase user confidence, and establish Obymare as a secure and reliable platform for Cardano DeFi.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

The Obymare V1 Smart Contract audit will significantly improve the security of Cardano’s DeFi space by ensuring the safety of Obymare’s smart contracts. This will prevent security exploits, protect user assets, and encourage greater adoption of decentralized finance on Cardano.

Impact Measurement:

Completion of a third-party security audit by a reputable firm.

Public release of the audit report and smart contracts.

Developer engagement with open-source smart contracts, contributing to future improvements.

Sharing Outputs:

All audit results, smart contracts, and documentation will be made publicly available in Obymare’s GitHub repository. Updates and audit results will also be shared through Obymare’s official communication channels, including the website, Twitter, and Discord.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Our team has extensive experience developing smart contracts on Cardano using Aiken, along with deep knowledge of DeFi solutions like Yamfore. We are well-equipped to handle the audit process and implement necessary fixes.

We have experience working with auditing firms like TxPipe SHOP and managing security audits, which ensures we can effectively oversee the audit process.

We will engage a reputable, third-party blockchain security audit firm with a proven track record to ensure the highest standards of security. After the audit, we will implement all necessary fixes and publish the final report to ensure transparency and enhance community trust in Obymare.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Audit Firm Engagement and Contract Submission (Month 1)

Objective: Finalize the contract with a third-party blockchain audit firm and submit Obymare V1’s smart contracts for security review.

Deliverables: Engagement contract and submission of smart contracts for auditing.

Acceptance Criteria: Confirmation from the audit firm that contracts have been submitted and the review process has started.

Initial Audit Review and Feedback (Month 2)

Objective: The audit firm reviews Obymare V1’s smart contracts and provides initial findings on vulnerabilities and performance improvements.

Deliverables: Receipt of the initial audit report with recommendations.

Acceptance Criteria: Completion of the audit firm’s review and receipt of the initial feedback.

Implement Fixes and Conduct Final Testing (Month 3)

Objective: Address any vulnerabilities found in the initial audit report and conduct final tests to ensure that the smart contracts are secure and ready for deployment.

Deliverables: Implementation of fixes and successful testing of the smart contracts.

Acceptance Criteria: Confirmation that all critical issues have been resolved and final testing is completed.

Publish Final Audit Report and Open Source Contracts (Month 4)

Objective: Publicly release the final audit report and the fully-audited smart contracts. 

Deliverables: Final audit report and smart contracts available on GitHub. 

Acceptance Criteria: Audit report and contracts are publicly available

Project Close-Out Report (Month 4)

Objective: Release a comprehensive project close-out report summarizing the audit process and results.

Deliverables: Project close-out report.

Acceptance Criteria: Close-out report published on Obymare’s website and shared through community channels.

[RESOURCES] Who is in the project team and what are their roles?

Brandon Chukwuka

Role: Lead Project Manager - Big Blymp Founder

Responsibilities: Overseeing the project, managing timelines, coordinating development, and ensuring milestones are met.

X: zartsnarf

Diego Macchi

Diego Macchi is a graduate from the Economic University of Buenos Aires. Cardano OG and member of de DeFi community.

Role: Community Advisor

Responsibilities: Community advisor and partnerships lead.

X: diegomac35

Dominic Wallis (Waalge)

Waalge is Math PhD. Formerly ML engineer and full-stack dev. DApp developer since Alonzo HF. Aiken contributor, particularly the nix maintenance and fuzz lib. 

Role: Smart Contract Developer

Responsibilities: Developing the core Aiken smart contracts and ensuring the protocol’s security and functionality.

Developing the user interface for interacting with the lending pools, managing deposits, and yield visualization.

X: Waalge

GitHub: https://github.com/waalge

Jimmy

Role: Front End Developer

Responsibilities: Developing the front end smart contracts

https://0xjimmy.xyz/

X: 0xjimmy_eth

GitHub: https://github.com/0xjimmy

Gritar

Role: Graphic Designer

Responsibilities: design the user interface for interacting with the lending pools, managing deposits, and yield visualization.

X: Gritar

Linda - MALU Pool 

Role: Marketing and communications

Responsibilities: Video content creation and educational resources.

X: Cryptofly777

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

External Audit Firm:

Cost: ₳100,000

Description: Comprehensive audit of Obymare V1’s smart contracts by a reputable third-party firm.

Smart Contract Development and Bug Fixes:

Cost: ₳50,000

Description: Development work to address any vulnerabilities identified during the audit and conduct final tests.

Project Management and Coordination:

Cost: ₳15,000

Description: Overseeing the audit process, managing communications, and ensuring all milestones are completed.

Documentation and Reporting:

Cost: ₳15,000

Description: Creation of detailed documentation, including the final audit report and close-out summary.

Total Project Cost: ₳180,000

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The cost of this project represents excellent value for money by ensuring the security and transparency of Obymare, a critical decentralized stablecoin protocol. A thorough security audit is essential to protect user funds, prevent exploits, and build trust in the Cardano DeFi ecosystem. The budget is aligned with industry standards for blockchain audits and smart contract security.

The cost of hiring a reputable third-party audit firm is necessary to ensure that Obymare meets the highest security standards, which is critical for DeFi protocols managing significant funds. Developer rates are competitive for the blockchain industry.