Beethoven X Joins Balancer Labs’ Bug Bounty Program
In April 2021, Balancer Labs decided to go big in pursuit of uncovering vulnerabilities in their V2 Vault architecture with the launch of their bug bounty program. They created one of the largest single-bug bounty programs in history with the top prize being 1,000 ETH or $2.7 million at the time of writing.
As Beethoven X is a consented friendly fork and “little brother” to Balancer Labs, it was logical to propose a vote to the Beethoven X community to support this initiative.
The security and protection for users in the DeFi ecosystem is a top priority for Beethoven X and the opportunity for collaboration with Balancer Labs offers a great way for our community to contribute towards the development of a safer, more secure environment for DeFi users across the industry.
On January 29, the Beethoven X community voted to contribute to the Balancer Bug Bounty Program and the results were met with almost 100% of the community voting in favor of the initiative.
About Balancer’s Bug Bounty Program
The bug bounty covers any of the core smart contracts deployed on the Ethereum mainnet and aims to incentivize ethical hackers to discover and report vulnerabilities in the Balancer V2 Vault architecture.
The list of deployed contracts eligible for the bug bounty is the following:
- Vault
- WeightedPoolFactory
- WeightedPool2TokensFactory
- StablePoolFactory
- Authorizer
The respective code can be found on Github here.
The bounty program will pay out rewards according to the severity of a vulnerability. The final reward amount is at the sole discretion of Balancer Labs and will be paid in the specified sum of either USD or ETH, whichever amount is more valuable. In other words, the reward value increases with the price of ETH but can never fall below the given dollar amount.
Rewards are split as follows based on the severity of the hack:
- Critical (greater of 1k ETH or $2m)
- High (greater of 250 ETH or $500k)
- Medium (greater of 25 ETH or $50k
- Low (greater of 5 ETH or $10k)
You can read all about the Balancer V2 Bug Bounty Program in more detail here.
How Beethoven X will contribute
For any rewards paid out by Balancer, Beethoven X will pay an additional bounty making the search for vulnerabilities an even more lucrative pursuit. For bugs in the Critical and High tiers, Beethoven X will add another 10% to the bounty. For Medium and Low tiers, Beethoven X will add another 20% onto the bounty.
Beethoven X uses the contracts mentioned above ad verbatim. Thus any vulnerability found in those would also be present on the Beethoven X platform and could theoretically be exploited. Consequently, our contribution to the bug bounty program directly and positively enhances our efforts to safeguard user funds. Additionally, contributing to Balancers Bug Bounty Programme further strengthens our collaborative and mutually beneficial relationship.
In conclusion
The commitment to the development of a safer infrastructure for all users in the DeFi ecosystem is a foundation that we are excited to play a part in.
We hope that by contributing to the Balancer bug bounty, we will strengthen this foundation and promote a healthy environment that is well suited for sustainable, long-term growth for all of its users.
