Code4rena audit contests hit a high water mark this week, with the Spartan Protocol contest drawing over 20 security researchers submitting over 220 security issues in competing for their share of the $80,000 USDC pool.
(Typical contests in the past have run 5–12 competitors generating 50–150 security findings.)
The contest’s security issues are being reviewed by the Spartan Protocol team and soon will head to judging prior to awarding the $80,000 USDC.
Not a bug bounty, an audit contest
Unlike bug bounty programs, there’s no spec work in Code4rena’s audit contests.
Projects are typically seeking audits on fresh code so there’s definitely vulnerabilities to be found for security researchers and solidity devs of a wide range of skill levels. And if a researcher submits a valid bug during the contest they’ll get paid for it —even if someone else submits the same bug first.
Big money bug hunt
With the audit contest format, researchers are getting paid well. C4 has now paid out $750,000 in awards.
Based on awards from our first four months of contests:
- Code4rena’s #1 and #2 wardens — cmichel and 0xRajeev — are about to pass $200,000 and $150,000 in total earnings.
- The top 5 have earned over $80,000 each.
- The top 50% have earned over $15,000 each— and some of those wardens have only competed in a handful of contests.
Results on the money
Sponsors have been happy with the results, too.
“This result far exceeded previous experiences I’ve had with 2–4 week-long audits by individual companies. I highly recommend the Code 423n4 competitive audit approach for anyone starting a new project and propose that we use it again in the future as we roll out new smart contracts.” — LSDan, ElasticDAO
Oh and Code4rena audit contests tend to be faster to book, too!
“There was really great feedback. Can’t get audits done this quickly even in a bear market. We’ll definitely be back!” — Layne, Connext
Want to sponsor a contest reviewing your smart contracts or participate as a researcher in an upcoming contest?
We presently have open windows on our schedule as soon as next week.
Just hop into Discord and say #i-want-to-be-a-sponsor. If you’re looking to compete, just howl #i-want-to-be-a-warden in our community chat.
