Yearn Finance, a group of products managing more than $3.75 billion worth of capital that allow users to “optimize” their earnings on crypto-assets via lending and trading services, revealed on July 1, 2021, that it has launched its bounty program with Immunefi, which is one of the leading bug bounty and security services platform protecting over $25 billion in users’ assets.
Yearn Finance consistently ranks among the top DeFi projects in terms of overall adoption and total value locked (TVL). The platform unites several different products including a lending aggregator, a collection of investment strategies “designed to generate the highest returns from other DeFi projects,” as well as insurance that enables users “to obtain coverage against financial loss.”
Now, Yearn Finance is introducing its bug bounty program with bounties “ranging from $100 to a $200,000 bounty for critical issues,” the announcement noted while adding that the size of the bounty payout “depends on the assessment of the severity of the exploit.”
The team will be studying and looking into the likelihood this bug could have a “meaningful impact on availability, integrity, and/or loss of funds, and only then will make a final decision on the payout amount,” the announcement explained. It also mentioned that all the payouts are “handled by the Yearn Finance team directly and are denominated in USD.”
Immunefi is a bug bounty platform for smart contracts and DeFi initiatives. It has been designed to enable security researchers “to review code, disclose vulnerabilities, and get paid doing so, and further allows companies to secure their projects with DeFi’s leading security talent,” the announcement noted.
Immunefi was the first on the market “to introduce a scaling bug bounty standard and has built the largest community of security talent in the crypto space.” Since its launch, it has paid more than $3 million in bounties to “whitehat hackers,” the update revealed.
Mitchell Amador, Founder and CEO of Immunefi, stated:
“Vulnerabilities in smart contracts represent a possibility of a direct loss of funds, meaning companies need to come up with the most cost-effective way to ensure their safety. One of those ways is launching a bug bounty, and we’re excited to see more companies turning to this option. We’re proud Yearn Finance chose us among other platforms, and look forward to our collaboration.”
Prior to Yearn Finance, Immunefi has managed to onboard several other BSC projects to its bug bounty platform, including PancakeSwap, Zapper, ApeSwap, PantherSwap, Value DeFI, DODO, among others.