Ethena
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'.
Triaged by Immunefi
PoC required
Vault program
KYC required
Immunefi vault program
Rewards
Rewards by Threat Level
Mainnet assets:
Reward amount is 10% of the funds directly affected up to a maximum of:
$3,000,000Minimum reward to discourage security researchers from withholding a bug report:
$100,000Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.3.
Reward Calculation for Critical Level Reports
For critical smart contract bugs, the reward amount is 10% of the funds directly affected up to a maximum of USD $3 Million. 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 $100,000 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 attack 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 rewarded within a range of $10k to $75K depending on the funds at risk, capped at the maximum high reward.
In the event of temporary freezing, the reward doubles from the full frozen value for every additional [1h] that the funds are temporarily frozen, up until a max cap of the high reward. This is because as the duration of the freezing lengthens, 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.
For critical web/apps bug reports will be rewarded with $50,000, only if the impact leads to:
- A loss of funds involving an attack that does not require any user action
- Private key or private key generation leakage leading to unauthorized access to user funds
All other impacts that would be classified as Critical would be rewarded a flat amount of $20,000. The rest of the severity levels are paid out according to the Impact in Scope table.
Reward Payment Terms
Payouts are handled by the Ethena team directly and are denominated in USD. However, payments are done in USDC on Mainnet.
The calculation of the net amount rewarded is based on the average price between CoinMarketCap.com and CoinGecko.com at the time the bug report was submitted. No adjustments are made based on liquidity availability.
Program Overview
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'.
Ethena's synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully backed and free to compose throughout DeFi.
USDe peg stability is supported through the use of delta hedging derivatives positions against protocol-held collateral.
The 'Internet Bond' combines yield derived from staked Ethereum as well as the funding & basis spread from perpetual and futures' markets, to create the first onchain crypto-native 'bond' that can function as a dollar-denominated savings instrument for users in permitted jurisdictions.
For more information about Ethena, please visit https://www.ethena.fi
Ethena provides rewards in USDC on Mainnet, denominated in USD. For more details about the payment process, please view the Rewards by Threat Level section further below.
KYC Requirement
Ethena will be requesting KYC information in order to pay for successful bug submissions. The following information will be required:
- Full name
- Date of birth
- Proof of address (either a redacted bank statement with address or a recent utility bill)
- Copy of Passport or other Government issued ID
- Eligibility Criteria
Primacy of Impact vs Primacy of Rules
Ethena adheres to the Primacy of Impact for the following impacts:
- Smart Contract - Critical
- Smart Contract - High
- Smart Contract - Medium
- Smart Contract - Low
Primacy of Impact means that the impact is prioritized rather than a specific asset. This encourages security researchers to report on all bugs with an in-scope impact, even if the affected assets are not in scope. For more information, please see Best Practices: Primacy of Impact
When submitting a report on Immunefi’s dashboard, the security researcher should select the Primacy of Impact asset placeholder. If the team behind this project has multiple programs, those other programs are not covered under Primacy of Impact for this program. Instead, check if those other projects have a bug bounty program on Immunefi.
If the project has any testnet and/or mock files, those will not be covered under Primacy of Impact.
All other impacts are considered under the Primacy of Rules, which means that they are bound by the terms and conditions set within this program.
Public Disclosure of Known Issues
Bug reports covering previously-discovered bugs (listed below) are not eligible for a reward within this program. This includes known issues that the project is aware of but has consciously decided not to “fix”, necessary code changes, or any implemented operational mitigating procedures that can lessen potential risk.
- SOFT_RESTRICTED_STAKER_ROLE can be bypassed by user buying/selling stUSDe on the open market
- maxRedeemPerBlock does not limit redemption in case of REDEEMER_ROLE key compromise unlike maxMintPerBlock, as the attacker can redeem all collateral held in the contract for 0 USDe, which does not increment maxRedeemPerBlock. This is by design, as limiting unlimited mints was the primary attack vector we wish to eliminate on key compromise and losing all funds currently in minting contract (which will be a small amount taking the total TVL as a reference) is an acceptable outcome.
- The vesting period for sUSDe is hardcoded to 8 hours while the sUSDe rewards distribution occurs once every week. This means that an experienced user could buy usde => stake right after we transfer => hold for a few hours => sell. We already addressed this issue with the help from the Staking Rewards Distributor smart contract and an offchain component in the form of a cron job, which triggers every 8 hours and sends a slice of the total staking rewards in every run. Distributing the whole amount evenly throughout the week.
- FULL_RESTRICTED Stakers can bypass restriction through approvals
Previous Audits
Ethena’s completed audit reports can be found at https://ethena-labs.gitbook.io/ethena-labs/resources/audits. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.
Immunefi Standard Badge
By adhering to Immunefi’s best practice recommendations, Ethena has satisfied the requirements for the Immunefi Standard Badge.
KYC required
The submission of KYC information is a requirement for payout processing.
Proof of Concept
Proof of concept is always required for all severities.
Responsible Publication
Category 3: Approval Required
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.