Perennial
Perennial is a DeFi-native derivatives primitive that allows for the creation of two-sided markets that trade exposure to an underlying price feed in a capital efficient manner.
PoC required
KYC required
Rewards
Rewards by Threat Level
Mainnet assets:
Reward amount is 10% of the funds directly affected up to a maximum of:
$500,000Minimum reward to discourage security researchers from withholding a bug report:
$25,000Rewards are distributed according to the impact the vulnerability could otherwise cause based on the Impacts in Scope table further below.
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 500 000. 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 25 000 is to be rewarded in order to incentivize security researchers against with holding a bug report.
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/equilibria-xyz/perennial-mono/tree/master/packages/perennial/audits
- https://code4rena.com/reports/2021-12-perennial
Previous Audits
Perennial 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: Critical Smart Contract
All PoCs submitted must comply with the Immunefi-wide PoC Guidelines and Rules. Bug report submissions without a PoC when a PoC is required will not be provided with a reward.
Reward Payment Terms
Payouts for all bug reports are denominated in USD. Payouts for Medium and Low severity bug reports are handled by the Perennial team directly and are done in USDC. Payments for Critical severity bug reports are done by Sherlock with their bug bounty matching program and are done in USDC.
Critical payouts above USD 50 000 are done by Sherlock and will only be paid out for critical bugs that would result in a loss of funds and can be executed profitably, and this then excludes Sherlock critical bounty payouts for temporary freezing bugs. If further clarification is needed to decide on a Sherlock payout, the coverage agreement between Perennial and Sherlock should be referenced.
Hence, any Critical severity report that does not qualify for a payout from Sherlock will have a maximum payout of USD 50 000, paid out by the Perennial team.
Any loss of funds or yield due to improper product parameters set by the product owner are considered out of scope of the program. The settable product parameters can be viewed here:
Program Overview
Perennial is a DeFi-native derivatives primitive that allows for the creation of two-sided markets that trade exposure to an underlying price feed in a capital efficient manner.
Perennial acts as a peer-to-pool derivatives AMM that perpetually offers to take the other side of any Taker’s position directly at the oracle price, in exchange for a funding rate that floats based on utilization of the liquidity pool (Compound-style).
Takers (Traders) deposit collateral to get leveraged exposure to different price feeds (long, short, and exotic payoffs). Makers (Liquidity Providers) pool capital in the protocol to earn fees for taking the other side of Taker trades.
On a continuous, on-going basis, LPs and traders settle up; the losing side of the trade pays the winning side.
Perennial is minimalism at its core, designed to be a low-level, unopinionated primitive that lays the basic infrastructure and leaves the rest up to market creators and participants to define/optimize.
Perennial Features:
- Peer-to-Pool AMM — trade against a pool of capital, without having to find a counterparty to take the other side of a trade
- Zero price slippage — trade directly at the current price, regardless of size
- Cash-settled — trades settled in $USD, not crypto, in line the most popular crypto derivatives
- Utilization-based Funding Rate — funding varies with pool utilization, creating an extremely simple, continuous funding rate
- Two-sided Leverage — Takers & Makers can both trade with significant leverage, amplifying capital efficiency
- Maximum LP flexibility — Fuse is to Compound, as Perennial is to GMX. LPs (makers) can customize their risk exposure, pricing curve, hedging strategy (or lack thereof); Perennial makes very few assumption about this at the protocol level, giving LPs full control
- Developer-oriented & built for composability — With just a few lines of code, developers can build exposure to any asset by customizing the payoff function, utilization curve (pricing), oracle, fee model, etc.
- Permissionless — permissionless market creation, integration, and composability.
For more information about Perennial, please visit https://perennial.finance/
Payouts for all bug reports are denominated in USD. Payouts for High, Medium and Low severity bug reports are handled by the Perennial team directly and are done in USDC. Payments for Critical severity bug reports are done by Sherlock with their bug bounty matching program and are done in USDC.
KYC Requirement
The provision of KYC is required to receive a reward for this bug bounty program where the following information will be required to be provided:
- Name
- Government ID
- Country of Residence
KYC information is only required on confirmation of the validity of a bug report.
Primacy of Impact vs Primacy of Rules
Perennial adheres to the Primacy of Impact for the following severity levels:
- Smart Contracts - Critical
- Smart Contracts - High
If a category’s severity level is covered within the Primacy of Impact, it means that even if the impacted asset is not in-scope but is owned by the project, then it would be considered as in-scope of the bug bounty program as long as it involves an impact under that respective severity level. When submitting a report, just select the Primacy of Impact asset placeholder. If the team behind this project has multiple projects, those other projects are not covered under the Primacy of Impact of this program. Instead, check if those other projects have a bug bounty program on Immunefi.
Testnet and mock files are not covered under the Primacy of Impact.
All other severity levels not listed here are considered under the Primacy of Rules, which means that they are bound by the terms of the bug bounty program.
Immunefi Standard Badge
Perennial has satisfied the requirements for the Immunefi Standard Badge, which is given to projects that adhere to our best practices.
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 2: Notice 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.