Audit Comp | Flare | FAssets-logo

Audit Comp | Flare | FAssets

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Flare is the blockchain for data. It is a layer-1, EVM smart contract platform designed to expand the utility of blockchain by delivering data certainty for dApp builders.

FAssets is a trustless, over-collateralized bridge built on Flare that connects non smart contract networks to Flare/Songbird. It enables the creation of wrapped tokens (FAssets) for assets like BTC, DOGE and XRP.

At the core of FAssets v1.1 is a new architecture component called the Core Vault, designed to improve system liquidity, scalability, and capital efficiency.

ETH
Blockchain
Solidity

Live

10d: 5h remaining
Reward Pool
$125,000
Vault TVL
$5
Start Date
12 May 2025
End Date
09 June 2025
Rewards Token
USDC
Lines of Code
13,957
  • Triaged by Immunefi

  • Step-by-step PoC Required

  • Vault program

This Audit Competition Is Live!

$125,000 USD in rewards available for finding bugs on the Flare Network's FAssets smart contracts.

This is a Mainnet Audit Competition and the project may fix bugs mid-competition. The more bugs a project fixes the more rewards will be unlocked for a simultaneously running mitigation competition that is open for everyone to participate in.

  • Read the Mainnet Audition Competition Rules here

If Flare Network doesn't make any public bug fix during their Mainnet Audit Competition, then within a maximum of 30 days after mainnet competition has ended their Mitigation Audit will launch.

For more information, please visit Flare Network

Start Date
12 May 2025 10:00 UTC
End Date
09 June 2025 10:00 UTC

VaultImmunefi vault program

Funds available

$5

30d Avg. Funds availability

$4.37

Assets in vault

  • 5.00  USDC

Public vault address

0xe1a3aB5Ed229580376497eC90c3f23E1CE4f32CA

Rewards

Audit Comp | Flare | FAssets provides rewards in USDC on Ethereum, denominated in USD.

Rewards by Threat Level

Smart Contract
Critical
Portion of Reward Pool
High
Portion of Reward Pool
Medium
Portion of Reward Pool
Low
Portion of Reward Pool
All categories *
Insight
Portion of the Reward Pool

Mainnet Audit Competition Reward Pool

  • Rewards are distributed among SRs according to Immunefi’s Standardized Competition Reward Terms.

  • Rewards are denominated in USD and distributed in USDC on Ethereum

  • The reward pool is $125,000 USD if any bug is found.

  • If not a single bug is found (Insights do not count as bugs) the reward pool is $15,000 USD.

Mitigation Audit Rewards

  • The maximum reward pool for the mitigation competition is $25,000 USD.

  • If any bug in scope is fixed during the mainnet AC then a mitigation audit will begin immediately, run simultaneously, and end 5 days after the mainnet Audit Competition has ended.

  • The mitigation audit’s reward pool is based on how many bugs are fixed while the competitions are live relative to how many bugs are found in the mainnet Audit Competition. So if projects make more bug fixes mid-competition then the size of the mitigation audit reward pool increases up to the maximum.

  • The full mitigation audit reward terms can be read here.

Program Overview

Flare is the blockchain for data. It is a layer-1, EVM smart contract platform designed to expand the utility of blockchain by delivering data certainty for dApp builders.

FAssets is a trustless, over-collateralized bridge built on Flare that connects non smart contract networks to Flare/Songbird. It enables the creation of wrapped tokens (FAssets) for assets like BTC, DOGE and XRP. The original assets are deposited to the address of an agent and can later be redeemed.

At the core of FAssets v1.1 is a new architecture component called the Core Vault, designed to improve system liquidity, scalability, and capital efficiency. It serves as a liquidity hub where Agents can deposit native assets (e.g., XRP) and unlock their FLR or SGB collateral. The minted FAssets are secured by collateral, which is in the form of ERC20 tokens on Flare/Songbird chain and native tokens (FLR on Flare, SGB on Songbird). These tokens can participate in Flare's DeFi ecosystem.

The FAsset system maintains security by ensuring every minted Fasset is backed by more value than it represents, creating a safeguard against volatility and protecting users from potential losses.

Two protocols, available on Flare and Songbird blockchains, enable the FAsset system to operate:

  • FTSO contracts which provide decentralised price feeds for multiple tokens.
  • Flare’s Flare data connector, which bridges payment data from any connected chain.

For more information, please visit Flare Network

Audits

Auditor
Various Auditors
Completed at
1 February 2025

Known Issues

Category
Smart Contract
Description / Link
Triggering instructions might run out of gas: the size of the allowed destination addresses will be low (5-10).
Last Updated At
15 April 2025
Category
Smart Contract
Description / Link
Array of escrows always grows: the number of escrows created will be low (if it is more than one or two, we will increase the daily escrow amount). So the total number of escrows will not be huge, perhaps a few hundred.
Last Updated At
15 April 2025
Category
Smart Contract
Description / Link
Escrows finalized close to expiry time decouple the Core Vault internal accountancy: before escrows are released, the triggering bots will be shut down, and they will only be enabled after setEscrowsFinished is called. So there will be no instructions triggered between escrow finalization and the corresponding update on the core vault manager.
Last Updated At
15 April 2025
Category
Smart Contract
Description / Link
Users are unprotected against missing or malformed vault redemption payments: in that case, we assume the core vault has full trust, and its redemptions don't have a time limit. Also, core-vault redeemers are special entities.
Last Updated At
15 April 2025

KYC not required

No KYC information is required for payout processing.

Proof of Concept

Proof of concept is always required for all severities.

Prohibited Activities

Default prohibited activities
  • Any testing on mainnet or public testnet deployed code; all testing should be done on local-forks of either public testnet or mainnet
  • Any testing with pricing oracles or third-party smart contracts
  • Attempting phishing or other social engineering attacks against our employees and/or customers
  • Any testing with third-party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks)
  • Any denial of service attacks that are executed against project assets
  • Automated testing of services that generates significant amounts of traffic
  • Public disclosure of an unpatched vulnerability in an embargoed bounty
  • Any other actions prohibited by the Immunefi Rules

Feasibility Limitations

The project may be receiving reports that are valid (the bug and attack vector are real) and cite assets and impacts that are in scope, but there may be obstacles or barriers to executing the attack in the real world. In other words, there is a question about how feasible the attack really is. Conversely, there may also be mitigation measures that projects can take to prevent the impact of the bug, which are not feasible or would require unconventional action and hence, should not be used as reasons for downgrading a bug's severity.

Therefore, Immunefi has developed a set of feasibility limitation standards which by default states what security researchers, as well as projects, can or cannot cite when reviewing a bug report.

30d Avg. Funds Availability
$4.37
Total Assets in Scope
154