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Last updated: 2021-01-08
Today, BadgerDAO is launching their first bug bounty program with Immunefi, and it will be the largest bug bounty in crypto to date: up to $500,000 in USD for critical vulnerabilities on specific BadgerDAO smart contracts.
This bug bounty represents an important milestone because it sets a new standard for security in DeFi. It shows that the size of smart contract bug bounties should be reasonably proportionate to the Total Value Locked (TVL) of contracts.
Pricing bug bounties this way makes catastrophic hacks less likely, since security researchers now know they’ll be well-rewarded for responsibly disclosing critical, project-endangering vulnerabilities. It also encourages more researchers to go whitehat, since they can build reputation in the community while getting a very generous, fully legal reward for their efforts.
Proportional bug bounties benefit everyone. They help protect the interests of projects, security researchers, and DeFi users. Most importantly, proportional bug bounties improve the reputation of DeFi overall by making Defi more secure. And the cost to taking security flippantly is dire. In 2020 alone, hacks and scams cost the community over $238m, and we expect 2021 to far surpass 2020 in hack events.
Immunefi’s mission is to protect DeFi applications by revealing smart contract vulnerabilities before they get exploited, thereby protecting the whole Defi community. Every customer hosting a bug bounty program on Immunefi helps make DeFi a safer place.
We strongly encourage devs and security researchers to look through the code, find vulnerabilities, build rep, and get paid.
BadgerDAO builds applications to help bring Bitcoin to DeFi.
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