Proposal 376 Review
OpenZeppelin reviewed Proposal #376, which funds WOOF! to build a permissionless money market platform.
We confirmed that the proposal execution will immediately transfer $300K of USDC controlled by the Compound Vendor Payment Aera Vault from the mainnet cUSDCv3 market to a multisig designated by WOOF! and create a stream on the LlamaPayRouterOracle for the same multisig which will accrue $300K of USDC over 180 days.
Although the proposal does not include a deposit of COMP to the vault as prescribed in the details of the Aera Vault proposal, vault assets are sufficient to fund existing and proposed streams without a deposit at the time of this review.
The proposal’s execution steps only fund the proposed development and do not enforce development timelines, deliverable quality, or security requirements. The immediate $300K transfer occurs before development begins and cannot be recovered if development does not proceed as outlined. Any potential recourse would be limited to only a portion of the streamed amount.
The proposal’s forum post outlines extensive functionality for a permissionless market platform which we have not thoroughly reviewed. While our review focused on the proposal’s execution steps and description, a comprehensive security review of the implementation will be crucial once available.