BarnBridge Joins Immunefi with $500,000 Bounty
BarnBridge is joining Immunefi today with a $500,000 critical smart contract bug bounty.
BarnBridge is a risk tokenization protocol. It aims to reduce the risks associated with DeFi, such as interest rate fluctuations and asset price volatility. By letting users select a risk profile, BarnBridge can redistribute risk via tokenized, liquid tranches. BarnBridge does this with its SMART Yield, SMART Exposure, and upcoming SMART Alpha products, all of which address a specific DeFi risk category.
This bug bounty is intended to incentivize responsible disclosure from ethical hackers and functions like a decentralized, ongoing code review, as opposed to static audits, which have proved insufficient at stopping hacks.
The bounty of $500,000 comes from BarnBridge’s membership in the Armor Alliance, a bug bounty matching program created by Armor, a DeFi insurance protocol. BarnBridge’s base payout for critical bugs is up to $250,000 and the Armor Alliance provides an additional $250,000 for a total of up to $500,000 to any bug hunter who finds a critical smart contract vulnerability. Critical smart contract bugs are capped at 10% of economic damage. Rewards are distributed according to bug impact.
Boosting incentives is important; since 2019, DeFi hacks have led to more than $285 million in losses. If we can do our part to raise the incentive to responsibly disclose, we’ll reduce the likelihood of hacks.
We’re pleased that BarnBridge chose Immunefi to host its bug bounty program, as Immunefi is the top platform for bug bounties in Web3. We’ve saved more than $1 billion in user funds from being stolen due as a result of stopping vulnerabilities in code. We’ve paid out more than $3 million in bounties to ethical hackers. And, importantly, we’re currently guarding more than $25 billion in funds across all the protocols on our platform.
Bug bounties are a win-win. They’re good for the project. They’re good for the whitehat. They’re good for the DeFi community. They’re good for users. The only people bug bounties aren’t good for is malicious blackhats. And that’s okay with us.
We are excited about this collaboration with BarnBridge and encourage our Whitehat Army to start looking through the code, finding vulnerabilities, getting paid, and building rep.
To see more details on BarnBridge’s bug bounty program with Immunefi, see their bounty page here.
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