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Beta Finance

Omni by Beta is a novel composable, dynamic, and capital efficient money market primitive. In comparison to existing money market designs that make trade-offs between asset capital efficiency and liquidity to support more assets, the Omni protocol is able to support a wide array of collateral and borrow assets with zero fragmentation and maximal capital efficiency.

ETH
Defi
Lending
Solidity
Maximum Bounty
$250,000
Live Since
07 December 2023
Last Updated
07 December 2023
  • PoC required

Submit a Bug

Rewards by Threat Level

Smart Contract
Critical
USD $20,000 to USD $250,000
High
USD $5,000 to USD $20,000

Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.3.

For critical smart contract bugs, the reward amount is 10% of the funds directly affected up to a maximum of USD 300 000. The calculation of the amount of funds at risk is based on the time and date the bug report is submitted. However, a minimum reward of USD 20 000 is to be rewarded in order to incentivize security researchers against withholding a critical bug report.

Repeatable Attack Limitations

  • If the smart contract where the vulnerability exists can be upgraded or paused, only the initial attacks within the first hour will be considered for a reward. This is because the project can mitigate the risk of further exploitation by upgrading or pausing the component where the vulnerability exists. The reward amount will depend on the severity of the impact and the funds at risk.
  • For critical repeatable attacks on smart contracts that cannot be upgraded or paused, the project will consider the cumulative impact of the repeatable attacks for a reward. This is because the project cannot prevent the attacker from repeatedly exploiting the vulnerability until all funds are drained and/or other irreversible damage is done. Therefore, this warrants a reward equivalent to 10% of funds at risk, capped at the maximum critical reward.

Reward Calculation for High Level Reports

  • High vulnerabilities concerning theft/permanent freezing of unclaimed yield/royalties are considered at the full amount of funds at risk, capped at the maximum high reward. This is to incentivize security researchers to uncover and responsibly disclose vulnerabilities that may have not have significant monetary value today, but could still be damaging to the project if it goes unaddressed.
  • In the event of temporary freezing, the reward increases at a multiplier of two from the full frozen value for every additional [24h] that the funds are temporarily frozen, up until a max cap of the high reward. This is because as the duration of the freezing lenghents, the potential for greater damage and subsequent reputational harm intensifies. Thus, by increasing the reward proportionally with the frozen duration, the project ensures stronger incentives for bug disclosure of this nature.

Reward Payment Terms

Payouts are handled by the Beta Finance team directly and are denominated in USD. However, payments are done in USDC, where 1 USDC = 1 USD.

Program Overview

Omni by Beta is a novel composable, dynamic, and capital efficient money market primitive. In comparison to existing money market designs that make trade-offs between asset capital efficiency and liquidity to support more assets, the Omni protocol is able to support a wide array of collateral and borrow assets with zero fragmentation and maximal capital efficiency. The protocol introduces a novel concept of ”risk tranches'' for asset pools that allows lenders to opt-in and opt-out of lending to certain collateral assets, so lenders earn the maximum yield for their risk profile and borrowers have access to maximum liquidity. In addition, the protocol introduces collision free sub-accounts for asset management, high efficiency borrowing modes, a joint risk and utilization interest model, timed collateral, proportional loss socialization, and dynamic liquidations using dutch auctions. Through these advancements, the Omni Protocol elevates the capital efficiency and fluidity of the money market landscape, offering a robust foundation for fostering a more inclusive and efficient financial ecosystem.

For more information about Beta Finance, please visit https://betafinance.org/.

Beta Finance provides rewards in USDC, denominated in USD. For more details about the payment process, please view the Rewards by Threat Level section further below.

Responsible Publication

Beta Finance adheres to category 3 - Approval Required. This Policy determines what information researchers 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

Beta Finance adheres to the Primacy of Rules, which means that the whole bug bounty program is run strictly under the terms stated in this page.

Proof of Concept (PoC) Requirements

A PoC, demonstrating the bug's impact, is required for this program and has to comply with the Immunefi PoC Guidelines and Rules.

Known Issue Assurance

Beta Finance commits to providing Known Issue Assurance to bug submissions through their program. This means that Beta Finance will either disclose known issues publicly, or at the very least, privately via a self-reported bug submission.

In a potential scenario of a mediation, this allows for a more objective and streamlined process, in order to prove that an issue is known. Otherwise, assuming the bug report is valid, it would result in the report being considered as in-scope, and due a reward.

Previous Audits

Beta Finance’s completed audit reports can be found at https://github.com/beta-finance/Omni-Protocol/tree/main/audit. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.

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.

Immunefi Standard Badge

By adhering to Immunefi’s best practice recommendations, Beta Finance has satisfied the requirements for the Immunefi Standard Badge.

KYC not required

No KYC information is required for payout processing.

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.