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05 November 2021
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Maximum bounty

Program Overview

Notional is a protocol on Ethereum that facilitates fixed-rate, fixed-term crypto asset lending and borrowing through a novel financial instrument called fCash.

fCash is a tokenized representation of a fCash flow. It represents the amount of tokens (i.e. Dai) that an account is either entitled to receive or obligated to pay at its designated maturity. For example, if an account holds +100 fCash tokens for a maturity on January 1, 2021, it is entitled to 100 Dai at any time greater than or equal to January 1, 2021. Similarly, -100 fCash tokens for the same maturity means that the account is obligated to pay 100 Dai at maturity.

For more information about Notional, please visit

This bug bounty program is focused on their smart contracts and app and is focused on preventing the following impacts:

  • Loss of funds
  • Voting manipulation
  • Any function that is outside the intended behavior of the smart contracts
  • Redirection of funds
  • Injection of text

Rewards by Threat Level

Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System. This is a simplified 5-level scale, with separate scales for websites/apps and smart contracts/blockchains, encompassing everything from consequence of exploitation to privilege required to likelihood of a successful exploit.

Critical web and Low and Medium smart contract bug reports must come with a PoC in order to be considered for a reward.

Critical smart contract vulnerabilities are paid at 10% of economic damage, primarily based on funds at risk. The team may, at its discretion, take into consideration other aspects such as PR and branding effects. However, there is a minimum reward of USD 50 000.

Payouts are handled by the Notional team directly and are denominated in USD. However, payouts are done in USDC, DAI, ETH, USDT, or the project token, at the discretion of the team.

Smart Contracts and Blockchain

Up to USD $1,000,000
USD $50,000
USD $5,000
USD $1,000

Web and Apps

USD $50,000

Assets in Scope

All smart contracts of Notional can be found at However, only those in the Assets in Scope table are considered as in-scope of the bug bounty program.

Impacts in Scope

Only the following impacts are accepted within this bug bounty program. All other impacts are not considered as in-scope, even if they affect something in the assets in scope table.

Smart Contracts

  • Loss of funds
  • Voting manipulation
  • Any function that is outside the intended behavior of the smart contracts


  • Redirection of funds
  • Injection of text
Smart Contract - nProxy
Smart Contract - Router
Smart Contract - Account Action
Smart Contract - Batch Action
Smart Contract - ERC1155
Smart Contract - GovernanceAction
Smart Contract - InitializeMarketAction
Smart Contract - LiquidateCurrencyAction
Smart Contract - LiquidatefCashAction
Smart Contract - nTokenActions
Smart Contract - nTokenRedeem
Smart Contract - Views
Smart Contract - pauseRouter
Smart Contract - Free Collateral External (Library)
Smart Contract - Trading Action (Library)
Smart Contract - nTokenMintAction (Library)
Smart Contract - SettleAssetsExternal (Library)
Smart Contract - NOTE ERC20 Proxy
Smart Contract - NOTE ERC20 Implementation
Smart Contract - Governor

Prioritized Vulnerabilities

We are especially interested in receiving and rewarding vulnerabilities of the following types:

Smart Contracts and Blockchain

  • Re-entrancy
  • Logic errors
    • including user authentication errors
  • Solidity/EVM details not considered
    • including integer over-/under-flow
    • including rounding errors
    • including unhandled exceptions
  • Trusting trust/dependency vulnerabilities
    • including composability vulnerabilities
  • Oracle failure/manipulation
  • Novel governance attacks
  • Economic/financial attacks
    • including flash loan attacks
  • Congestion and scalability
    • including running out of gas
    • including block stuffing
    • including susceptibility to frontrunning
  • Consensus failures
  • Cryptography problems
    • Signature malleability
    • Susceptibility to replay attacks
    • Weak randomness
    • Weak encryption
  • Susceptibility to block timestamp manipulation
  • Missing access controls / unprotected internal or debugging interfaces

Websites and Apps

  • Remote Code Execution
  • Trusting trust/dependency vulnerabilities
  • Vertical Privilege Escalation
  • XML External Entities Injection
  • SQL Injection
  • Horizontal Privilege Escalation
  • Stored XSS
  • Reflective XSS with impact
  • CSRF with impact
  • Direct object reference
  • Internal SSRF
  • Session fixation
  • Insecure Deserialization
  • SSL misconfigurations
  • SSL/TLS issues (weak crypto, improper setup)
  • URL redirect
  • Clickjacking (must be accompanied with PoC)
  • Misleading Unicode text (e.g. using right to left override characters)

Out of Scope & Rules

The following vulnerabilities are excluded from the rewards for this bug bounty program:

  • Attacks that the reporter has already exploited themselves, leading to damage
  • Attacks requiring access to leaked keys/credentials
  • Attacks requiring access to privileged addresses (governance, strategist)

Smart Contracts and Blockchain

  • Incorrect data supplied by third party oracles
    • Not to exclude oracle manipulation/flash loan attacks
  • Basic economic governance attacks (e.g. 51% attack)
  • Lack of liquidity
  • Best practice critiques
  • Sybil attacks

Websites and Apps

  • Theoretical vulnerabilities without any proof or demonstration
  • Content spoofing / Text injection issues
  • Self-XSS
  • Captcha bypass using OCR
  • CSRF with no security impact (logout CSRF, change language, etc.)
  • Missing HTTP Security Headers (such as X-FRAME-OPTIONS) or cookie security flags (such as “httponly”)
  • Server-side information disclosure such as IPs, server names, and most stack traces
  • Vulnerabilities used to enumerate or confirm the existence of users or tenants
  • Vulnerabilities requiring unlikely user actions
  • URL Redirects (unless combined with another vulnerability to produce a more severe vulnerability)
  • Lack of SSL/TLS best practices
  • DDoS vulnerabilities
  • Attacks requiring privileged access from within the organization
  • Feature requests
  • Best practices

The following activities are prohibited by this bug bounty program:

  • Any testing with mainnet or public testnet contracts; all testing should be done on private testnets
  • 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
  • Automated testing of services that generates significant amounts of traffic
  • Public disclosure of an unpatched vulnerability in an embargoed bounty