BENQI
BENQI Liquidity Market is a decentralized non-custodial liquidity market protocol, built on Avalanche. The protocol enables users to effortlessly lend, borrow, and earn interest with their digital assets. Depositors providing liquidity to the protocol may earn passive income, while borrowers are able to borrow in an over-collateralized manner.
PoC required
Rewards by Threat Level
Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.2. 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.
The final reward amount for critical smart contract and blockchain vulnerabilities is capped at 10% of the economic damage funds at risk based on the vulnerability reported with a payout floor of USD 50 000. All smart contract reports must come with a Proof of Concept (PoC) showing impact. Reports without a PoC will be automatically rejected.
All web and app bug reports must come with a Proof of Concept (PoC) showing impact. Reports without a PoC will be automatically rejected.
Payouts are handled by the BENQI team directly and are denominated in USD. Payouts are done in USDC or USDT for Low, Medium, and High level bug reports. For payouts USD 50 000 and above, up to 80% of the payout may be done in $Qi.
Program Overview
BENQI Liquidity Market
BENQI Liquidity Market is a decentralized non-custodial liquidity market protocol, built on Avalanche. The protocol enables users to effortlessly lend, borrow, and earn interest with their digital assets. Depositors providing liquidity to the protocol may earn passive income, while borrowers are able to borrow in an over-collateralized manner.
BENQI aims to alleviate common DeFi problems by providing a Liquidity Market Protocol on a highly scalable and decentralized platform. With a focus on approachability, ease of use, and low fees, BENQI will democratize access to decentralized financial products by providing permissionless lending and borrowing where users can:
- Instantly supply to and withdraw liquidity from a shared liquidity market
- Instantly borrow from a liquidity market using their supplied assets as collateral
- Have a live and transparent view of interest rates around the clock based on the asset's market supply and demand
BENQI Liquid Staking
BENQI Liquid Staking (BLS) is a liquid staking protocol built on Avalanche. It tokenizes staked AVAX and allows users to freely use it within Decentralized Finance dApps such as Automated Market Makers (AMMs), Lending & Borrowing Protocols, Yield Aggregators, etc.
BLS allows users to stake AVAX on the Avalanche C-Chain* without needing to stake on the Avalanche P-Chain*. This allows users to earn validating rewards from the P-Chain without running a full node or locking up AVAX on a validating node.
For more information about BENQI, please visit https://docs.benqi.fi/.
The bug bounty program is focused around its smart contracts and the prevention of loss of user funds, thefts and freezing of principal of any amount, thefts and freezing of unclaimed yield of any amount, theft of governance funds, denial of service, DNS hijack attacks, and social media administrative control breaches.
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.