thUSD
Threshold USD is a decentralized protocol that enables you to borrow thUSD, a stablecoin soft-pegged against USD and backed by ETH and tBTC as collaterals with a minimum collateral ratio of 110%.
PoC required
Rewards by Threat Level
Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System v2.3. This is a simplified 4-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.
Repeatable Attack Limitations
In cases of repeatable attacks for smart contract bugs, only the first attack will be counted, regardless of whether the smart contract is upgradable, pausable, or killable.
Public Disclosure of Known Issues
Bug reports covering previously-discovered bugs acknowledged below are not eligible for any reward through the bug bounty program.
- https://github.com/Threshold-USD/dev/issues
- https://github.com/Threshold-USD/dev#known-issues
- https://github.com/liquity/dev/issues
- https://github.com/backstop-protocol/dev/blob/409ece756492f97197101c8266fdc025021caff6/README.md#pricefeed-limitations-and-known-issues
Previous Audits
thUSD has provided these completed audit review reports for reference. Any unfixed vulnerability mentioned in these reports are not eligible for a reward.
Proof of Concept (PoC) Requirements
A PoC is required for the following severity levels:
- Smart Contract - Critical
- Smart Contract - High
- Smart Contract - Medium
- Smart Contract - Low
- Web/App - Critical
- Web/App - High
- Web/App - Medium
All PoCs submitted must comply with the Immunefi-wide PoC Guidelines and Rules. Bug report submissions without a complete PoC, when a PoC is required will not be provided with a reward.
Other Terms and Information
- Impacts only apply to assets in active use by the project, like contracts on mainnet or web/app assets used in production. Any impact that applies to assets not in active use, like test or mock files, are out-of-scope of the bug bounty program unless explicitly mentioned as in-scope.
- All reports must be submitted in English.
- Threshold USD would like to notify whitehats that payouts concerning high and critical reports may exceed the SLA established by Immunefi. These larger payouts could be delayed by a few hours or days, depending on the amount, to allow our governance process to fund the required payment, which can take up to 14 days. Threshold USD will inform the whitehat whenever this is the case, within the SLA timeframe, to manage expectations and provide clarity.
Reward Payment Terms
Payouts are handled by the thUSD team directly and are denominated in USD. However, payments are done in T (https://www.coingecko.com/en/coins/threshold-network-token).
The calculation of the net amount rewarded is based on the average price between high and low for the day of the report submission as published on CoinMarketCap.com Historical Data (https://coinmarketcap.com/currencies/threshold/historical-data/) for the T token. No adjustments are made based on liquidity availability. For avoidance of doubt, if the reward amount is USD 5 000 and the average price at the time of the bug report submission is USD 1.75 per token, then the reward will be 2857.142857 units of that token.
Rewards for critical smart contract bug reports will be further capped at 10% of direct funds at risk if the bug discovered is exploited. However, there is a minimum reward of USD 5 000 and a max program cap of USD 100 000
Rewards for high smart contract bug reports will be further capped at 100% of direct funds at risk if the bug discovered is exploited. However, there is a minimum reward of USD 5 000 and a max cap of USD 10 000
Rewards for critical web/app bug reports will be further capped at 10% of direct funds at risk if the bug discovered is exploited. However, there is a minimum reward of USD 5 000 and a max cap of USD 10 000.
Rewards for high web/app bug reports will be further capped at 100% of direct funds at risk if the bug discovered is exploited. However, there is a minimum reward of USD 1 000 and a max cap of USD 5 000.
Program Overview
Threshold USD is a decentralized protocol that enables you to borrow thUSD, a stablecoin soft-pegged against USD and backed by ETH and tBTC as collaterals with a minimum collateral ratio of 110%.
Originated as a modified fork of Liquity Protocol, Threshold USD was built to be self-sustained through a PCV ("Protocol Controlled Value"). There is no equivalent of LQTY token in Threshold USD. Instead all revenues accrue into the PCV. Since there is no token, Bootstrapping is completed through an Initial Protocol Loan.
The result of the protocol owning its own liquidity ("PCV"), is a more predictable trajectory and a sustainable long-term product. The stability pool is funded by the PCV instead of user deposits, so no funds are wasted on rewards and those funds can instead be re-injected into the stability pool. As the protocol grows and accrues fees, the stability pool will be consistently topped up.
For more information about thUSD, please visit https://app.thresholdusd.org/
thUSD bounties provide rewards in T. For more details about the payment process, please view the Rewards by Threat Level section further below.
Responsible Publication
thUSD adheres to category 2: Notice Required. This Policy determines what information whitehats are allowed to make public from their submitted bug reports. For more information about the category selected, please refer to our Responsible Publication page.
Primacy of Impact vs Primacy of Rules
For the purposes of determining report validity, this is a Primacy of Rules program.
Learn more about report validity best practices here: Best Practice - Primacy of Impact vs Primacy of Rules.
Known Issue Assurance
thUSD commits to providing Known Issue Assurance to bug submissions through their program. This means that thUSD will either disclose known issues publicly or at the very least privately via a self-reported bug submission in order to allow for a more objective and streamlined mediation process to prove that an issue is known. Otherwise, assuming the bug report itself is valid, it would result in the bug report being considered in-scope and due 100% of the reward with respect to the bug bounty program terms.
Immunefi Standard Badge
Threshold USD has satisfied the requirements for the Immunefi Standard Badge, which is given to projects that adhere to our best practices.
Governance-Run Program
This bug bounty program is governed by a governance proposal. To view the governance proposal poll, visit https://forum.threshold.network/t/tip-059-establish-a-bug-bounty-program-for-thusd/661
KYC not required
No KYC information is required for payout processing.
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.