Royco Dawn splits onchain yield into two tranches:
- Senior — Earns base yield with built-in protection. Losses are absorbed by Junior first.
- Junior — Earns higher yield in exchange for absorbing losses first.
Both tranches can withdraw at any time under normal conditions. No lockups.
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:
$250,000Minimum reward to discourage security researchers from withholding a bug report:
$50,000Reward 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 250 000. 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.
For critical web/apps bugs, reports will be rewarded with USD 10 000, 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 USD 2 000. The rest of the severity levels are paid out according to the Impact in Scope table.
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.
- The amount of funds at risk will be calculated with the impact of the first attack being at 100% and then a reduction of 25% from the amount of the first attack for every [300 blocks] the attack needs for subsequent attacks from the first attack, rounded down.
Reward Payment Terms
Payouts are handled by the Royco Dawn team directly and are denominated in USD. However, payments are done in USDC on Ethereum.
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
Royco Dawn splits onchain yield into two tranches:
- Senior — Earns base yield with built-in protection. Losses are absorbed by Junior first.
- Junior — Earns higher yield in exchange for absorbing losses first.
Both tranches can withdraw at any time under normal conditions. No lockups.
For more information about Royco Dawn, please visit https://www.royco.org/.
Royco Dawn provides rewards in USDC on Ethereum, denominated in USD. For more details about the payment process, please view the Rewards by Threat Level section further below.
Responsible Publication
Royco Dawn 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
Royco Dawn adheres to the Primacy of Impact for the following impacts:
- Smart Contract — Critical
- Website & Application — Critical
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.
Previous Audits
Royco Dawn’s completed audit reports can be found at https://github.com/roycoprotocol/royco-dawn/tree/main/audit. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.
Audits
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.