I’m voting FOR this initiative. This is one of those proposals that empower startup apps that need those audits to start operating and polishing their code bases from vulnerabilities. However, I propose two changes to the current proposal:
First, while I understand the necessity of exchanging Arbitrum for USD to pay for auditing services, exchanging the $10 million in one swoop seems excessive. It can be done in three or four tranches whenever necessary, avoiding putting more selling pressure on the market.
Also, I suggest contacting already-known auditors from large firms for this task and negotiating a price for bulk operations.
If done correctly, this could help several projects to get their first leg up in defi, expediting processes that could take a considerable amount of time when done via individual proposals.