Immunefi Launches On-Chain Vaults System for Bug Bounties
Immunefi, a bug bounty platform, is introducing an on-chain vaults system to decentralize the web3 bug bounty space. The aim is to enhance transparency and trust among participants in the platform. This new feature allows crypto projects to deposit assets into their own sovereign vaults, which will be used to pay bug bounty rewards to security researchers. Immunefi hopes that this upgrade will encourage greater community participation and improve the overall bug-hunting experience. The Vaults System, built using the Safe multisig smart contract, has undergone internal and external audits. Projects can deposit stablecoins, ether, or any asset listed on Uniswap into their vaults.
How Immunefi’s On-Chain Vaults Work
The on-chain vaults are constructed using the Safe multisig smart contract and have been audited by both Immunefi and Ourovoros externally. Projects have exclusive access to their vaults and can make bug bounty deposits using stablecoins, ether, or any asset listed on Uniswap. Immunefi provides rewards in USDC. Users can connect their web3 wallets to manage the bounty payout securely through the Immunefi Dashboard, including platform fees. Before submitting bug reports, users can verify if the funds allocated for bounties are sufficient.
SSV Network Deposits $1 Million into Sovereign Vault
The SSV Network, an ether staking infrastructure project, and Ref Finance, a Near-based decentralized exchange, are already utilizing Immunefi’s vaults system. SSV Network has deposited $1 million into its sovereign vault. This system will provide reassurance for researchers participating in the bounty program and strengthen the security efforts of these projects. Immunefi claims to have paid out over $80 million in bounties and protected more than $25 billion in user funds across various protocols.
Hot Take: Immunefi Revolutionizes Bug Bounty Space with On-Chain Vaults
Immunefi’s introduction of on-chain vaults for bug bounties is a significant step towards decentralizing the web3 bug bounty space. By allowing crypto projects to maintain their own sovereign vaults, Immunefi fosters transparency and trust among participants. This upgrade aims to enhance community participation and improve the bug-hunting experience. The Vaults System, built using the Safe multisig smart contract, has undergone rigorous audits to ensure security. With the ability to deposit various assets into their vaults, projects have greater flexibility in rewarding security researchers. Immunefi’s success in paying out millions in bounties and safeguarding billions in user funds showcases its reliability and impact on the crypto industry.
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