Bancor Offers Upto $54,000 For Finding v2 Bugs, Releases Source Code

The Bancor team released the source code of the highly anticipated Bancor v2 project and announced a long running bug bounty on July 17. The official press release states that the bug bounty program is designed and being implemented to support the formal verification and security audit of the Bancor v2 project. The team is paying a significantly higher bounty for the bugs and vulnerabilities, discovered by the community and developers in the first two weeks (July 16 – July 30), however the bug bounty and rewards will continue after July 30 also. The Bancor v2 will be deployed on the Ethereum’s Ropsten testnet in the coming days.

The team is offering a reward of $54,000 for critical bugs discovered during July 16 – July 30 and $45,000 after July 30. For high severity bugs, $14,400 is being offered from July 16 – July 30 and $12,000 after July 30. Similarly, for medium level severity bug, the amount is $4,800 from July 16 – July 30 and $4,000 after July 30. The “CVSS Risk Rating” mechanism will be used to determine the severity of bugs.

As the launch of #BancorV2 approaches, we are excited to announce the open-sourcing of Bancor V2 contracts with a public bug bounty.

💰 Bounty:
📃 Docs:
⚙️ Dynamic Automated Market Makers (DAMMs) Explained:— Bancor (@Bancor) July 17, 2020

The Bancor team is aiming for Bancor v2 to be the most audited project till now, with multiple professional teams working on it and general developer community being asked to security review it. First to review Bancor v2 were ConsenSys and 1inch teams, which reported their findings, upon which the code issues were rectified. The bug bounty is running for now, which will be followed by another audit from a firm, reviewing the code base again. All of these audits and security reviews will ensure Bancor v2 security and enhance user’s confidence in the project.

About Bancor v2

Bancor v2 is the next major upgrade for the DeFi focused automated liquidity provider project, expected to be released, in the month of July 2020. It will feature advancements such as single token liquidity provision, sourcing data oracles from Chainlink to eliminate impermanent loss, reduced slippage design, liquidity amplification (for both stable and non-stable coins) and support for lending pools.

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