Composable’s Vault Strategy Kicking off Bug Bounty Via Immunefi
Composable Finance is ensuring the security of its novel vault strategy for parachain procurement through a bug bounty. This bug bounty program will be hosted through Immunefi, and will provide users with incentives to determine any limitations or possible exploitations of our vault offering.
Bug Bounty Details:
Composable is initiating a bug bounty via Immunefi for identification of bugs and other weaknesses in the coding of our vaults in our parachain procurement strategy.
150,000 USDC will be set aside for bounty rewards on any identified smart contract vulnerabilities, and 0.05% of the Composable Token supply will be designated as potential rewards for any other identified vulnerabilities.
Composable will review escalated bug reports, and will reward users who successfully identify issues, with the reward amount proportional to the severity of the bug, as determined by Immunefi’s severity system. Critical bug identification and fixes will be later posted on Immunefi’s Medium for public availability.
The Composable bug bounty will be open indefinitely and available at https://immunefi.com/bounty/composablefinance. Through this program, we hope to further ensure that our protocol is protected against nefarious actions, and will reward the community for helping us with this process.
More About Immunefi:
Composable is excited to be working with Immunefi, a crypto-focused bug bounty platform with the goal of making crypto more secure, while at the same time making the space easier to navigate.
As the leading DeFi bug bounty organization, it protects over $25 billion in user funds. The platform has already paid out more than $3 million in bounties, with an additional $24 million in bounties available. It estimates that through these bounty programs, it has helped protocols avert over $1 billion in hack-related damages. Thanks to the important role it plays in securing protocols, and the success it has seen, Immunefi has been trusted by major platforms such as SushiSwap, Cream, Synthetix, and Chainlink, to name just a few.
A Brief Explainer of the Parachain Vault Strategy:
Composable has devised a unique strategy for obtaining and staking the DOT/KSM tokens necessary to procure a Polkadot/Kusama parachain at parachain auction. Typically, protocols seek out DOT/KSM from their users, and/or purchase it themselves, but this comes with an opportunity cost: lack of token staking rewards. Composable has thus created a mechanism for earning DOT/KSM that maximally rewards contributors; contributors deposit tokens (initially, USDC, USDT, and DAI) in our vaults, which are yield farmed while converted to DOT/KSM on the backend, with half of yield rewarding users.
Stay tuned for more updates about Composable, our upcoming vault strategy launch, and our other interoperability tools by checking out the following: