Immunefi and Binance Smart Chain launch a bug bounty program in serious step toward security.
Priority One Bug Bounty Takes Off
Foremost Decentralized finance (DeFi) bug mitigation platform, Immunefi and Binance Smart Chain (BSC) have kicked off the Priority One joint $10 million Bounty Program. The program aims to boost the security of the BSC, and it will feature three popular BSC projects in the pilot phase.
Binance Smart Chain announced news and the participating three BSC projects in a tweet on September 8: Alpaca Finance, AutoFarm, and Belt Finance. Samsara NotALlama, Alpaca Finance’s Head of Strategy and Marketing, summed up nicely what the project means:
“I think this program is a move in the right direction from BSC in helping to improve security on the network. Incorporating a well-made Bug Bounty Program should be a standard procedure, and Priority One makes it easier for protocols to do that,” Samsara told BSC.News.
According to the tweet from Binance, bug hunters who discover and report vulnerabilities in the three projects’ smart contracts will earn up to 50% extra rewards. The move for security is always a critical one in DeFi, and users should be excited to see how committed these projects are to the cause.
Are Bug Bounties Effective?
DeFi has suffered massive exploits in recent times. These exploits not only lead to loss of funds but also damage investors’ confidence in the DeFi sector.
Reduction in the possibility of exploits is vital to the growth of DeFi. The critical question is, would an incentive to potential hackers dissuade them from exploiting vulnerabilities for malicious gain?
There may be reasons to believe so. In July 2021, Thorchain suffered an $8,000,000 exploit.
The hacker dropped a note: “Could have taken ETH, BTC, LYC, BNB, and BEP20s… Multiple critical issues… 10% VAR bounty would have prevented this.”
A bounty could have save Thorchain. Lately we have seen Immunefi’s bounties begin to take hold. OpenZeppelin is recenty success.
In a tweet on August 26, Immunefi reported a loophole found through one of its bug bounties on TimelockController code of OpenZeppelin. Another whitehat emerged as well on September 2nd, assisting with the library contract. Both help prevent future exploits.
On its website, Immunefi claims that its bug bounty programs prevented exploits that could have led to a loss of over $1billion worth of crypto assets. It is apparent that Immunefi is one of the bastions of security across DeFi and that their bounties are working.
Seriousness From Binance Smart Chain
Decentralized finance must be secure for it to cement its place as the future of finance. The industry needs to address security challenges proactively. Bug bounties will go a long way in complementing blockchain security auditing firms such as Certik, Hacken, etc.
“Every DeFi crypto is just a bug bounty in disguise,” said Immunefi CTO Duncan Townsend at the BSC.News Security Summit last month. “Having a formal bug bounty shows that a project has legitimate seriousness towards security.”
As the Binance Smart Chain ecosystem continues its phenomenal growth, a secure system is critical for sustained investor confidence. The partnership between BSC and Immunefi is undoubtedly a step in the right direction.
More About Immunefi and Priority One
Immunefi is one of the leading bug bounty platforms for smart contracts. The platform helps make crypto, blockchain, and DeFi safer by providing an incentivized environment for ethical hackers to research through code and discover vulnerabilities.
Such vulnerabilities can then be fixed by the project that owns the code, consequently preventing an exploit by a hacker.
Priority One is a joint venture between Immunefi and Binance Smart Chain. BSC projects that have a bug bounty program on Immunefi or self-hosts one, BSC Accelerator Fund through Priority One will boost the total bounty payout to anyone who discovers a critical vulnerability.
At the end of the day, a safe BSC ecosystem is the goal.
To read up more on Immunefi and Priority One, go to these links:
Priority One: Binance Announcement
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.