Bug Bounty Partnership with Hats.Finance
Hi, InsureDAO community!
Today, we’re really excited to announce the great partnership with Hats.finance, a decentralized bug bounty protocol.
As we posted the articles before, we’ve been seeking a way to provide insurance & bug bounty together. You can check our detailed idea about bug bounty in the articles below.
Why we build bug bounty
Introducing bug bounty
Partnering with Hats.finance, we would like to start providing both insurance and bug bounty for DeFi protocols.
We share the same goal to increase the security of Web3 by providing the security tools in a decentralised way, and this could be our first step in the collaboration.
Hats.finance & InsureDAO partnership
InsureDAO will do:
Liquidity provision from insurance pools
InsureDAO will accept DeFi protocols to provide underwriting liquidity (USDC) to their insurance pools on InsureDAO and deposit the LP tokens to the bug bounty pool on Hats Finance so that they can earn insurance premiums while providing liquidity for both insurance and the bug bounty.
ReportingDAO
InsureDAO provides ReportingDAO, which consists of members who are the experts in smart contracts & security, as the committee member for the bug bounty on Hats.finance if needed.
This professional code audit group could provide a third-party perspective when a vulnerability is discovered, and even work as a white-hack for the protocol to protect users’ funds when the vulnerability is not fixable.
you can check more details about ReportingDAO here.
Hats.finance will do:
List bug bounty for the protocols
Hats.finance creates bug bounty for the protocols to deposit LP tokens through InsureDAO. When a vulnerability is discovered, the bug bounty payout will be executed according to the system ruled by Hats.finance.
Why Partnership
We’ve been planning to provide insurance and bug bounty together, in order to prevent claim events on InsureDAO and thereby reduce the loss of underwriters’ funds.
Rather than introducing the bug bounty function by ourselves, we decided to partner with Hats.finance, which has already established the sophisticated bug bounty system.
Moreover, providing insurance and bug bounty together are win-win programme for everyone. Underwriters can reduce the loss of their funds due to payout by preventing hackings in advance. Protocols can get premiums from insurance selling while providing liquidity to the bug bounty programmes.
About Hats.Finance
Hats.finance is a decentralized bug bounty protocol, allowing anyone to add liquidity to a smart bug bounty while farming $HATS. Hackers can responsibly disclose vulnerabilities without KYC & be rewarded with scalable prizes & NFTs for their work.
Twitter: https://twitter.com/HatsFinance
Discord: https://discord.com/invite/RhyRjJR85d
Telegram: https://t.me/joinchat/QKP3HcdosVhjOTY0
About InsureDAO
InsureDAO is a decentralized insurance protocol, allowing anyone to create an insurance pool easily to “Cover every single risk in DeFi space”. InsureDAO provides an insurance builder kit and insurance market. Additionally, we will offer the lending function to INSURE token stakers.
If you are interested in learning more, check out our LP.
Also, you can join us on Twitter, Discord, or Telegram! :)
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
Telegram: https://t.me/InsureDAO
