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5 March 2021
Synthetix is a decentralized synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic USD (sUSD) which can then be exchanged into other synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX’s.
For more information about Synthetix, please refer to their Litepaper: https://docs.synthetix.io/litepaper/.
Synthetix is primarily interested in preventing loss of user funds through its smart contracts. Any vulnerabilities that compromise or impact user funds are highly desired. This bug bounty program is further covered by the Armor Alliance Bug Bounty Challenge.
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.
Smart Contracts and Blockchain
Payouts are handled by Synthetix directly and are denominated in USD. Payouts up to USD 100,000 are made in sUSD or SNX, at the choice of the bug hunter. For payments above USD 100,000, the remainder is paid in $ARMOR by the ArmorFi team under the Armor Alliance Bug Bounty Challenge with a vesting period of up to 24 months.
We are especially interested in receiving and rewarding vulnerabilities of the following types:
The following vulnerabilities are excluded from the rewards for this bug bounty program:
The following activities are prohibited by bug bounty program:
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