NFTX
NFTX is a protocol for wrapping similar-value NFTs into fungible ERC20 "vTokens" and incentivizing liquid markets for those vTokens, which, in turn, creates liquid markets for the NFTs.
Triaged by Immunefi
PoC required
Vault program
Immunefi vault program
Rewards
Rewards by Threat Level
Rewards 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 150,000. 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 50,000 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.
Reward Calculation for High Level Reports
High vulnerabilities concerning theft/permanent freezing of unclaimed yield/royalties are rewarded within a range of USD 5000 to USD 40,000 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 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 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.
Reward Payment Terms
Payouts are handled by the NFTX team directly and are denominated in USD. However, payments are done in USDC on Ethereum 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
NFTX is a protocol for wrapping similar-value NFTs into fungible ERC20 "vTokens" and incentivizing liquid markets for those vTokens, which, in turn, creates liquid markets for the NFTs.
For more information about NFTX, please visit https://docs.nftx.io/protocol-overview.
NFTX provides rewards in USDC on Ethereum Mainnet, denominated in USD. For more details about the payment process, please view the Rewards by Threat Level section further below.
Primacy of Impact vs Primacy of Rules
NFTX adheres to the Primacy of Impact for the following impacts:
- Smart Contract - Critical
- Smart Contract - High
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.
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
NFTX commits to providing Known Issue Assurance to bug submissions through their program. This means that NFTX 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.
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.
- NFTs may get “stuck” in a vault if the user balance is off by just 1 wei, which can happen when adding liquidity to our NFTX AMM or InventoryStaking. We have shut down ability in our vaults to allow the DAO to liquidate the underlying NFTs and distribute them to the remaining holders, when requested by them.
- In NFTXVaultUpgradeableV3 during initialization, the NFTs are currently being delegated to the NFTXVaultFactory.
Previous Audits
NFTX’s completed audit reports can be found at https://docs.nftx.io/audit-reports. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.
Immunefi Standard Badge
By adhering to Immunefi’s best practice recommendations, NFTX has satisfied the requirements for the Immunefi Standard Badge.
KYC not required
No KYC information is required 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.