Before Alchemix deployed its first contracts, we contracted Immunify for a $50k bug bounty program. This bounty program awards $50k for critical bugs that could result in users losing funds, $7500 for high severity bugs, $4k for medium severity bugs, and $1k for low severity bugs. The Immunify team has found a few medium level bugs and one high level bug since we have started this program, and overall, we are very pleased with their community’s reviews of our code.
When we first launched, we never imagined the level of success Alchemix would reach, and now we have over 1bln TVL across our alUSD and alETH products and our respective farms. For such a staggering TVL, we feel it is in the best interest of the protocol and all interested parties that we increase the value of our bug bounty program so that we can attract more white-hat hackers to examine our current and future code for bugs.
The new proposed bug bounty will have the following rewards:
Critical: 500,000 USDC
High: 25,000 USDC
Medium: 5000 USDC
Low: 1000 USDC
By adopting this new big bounty reward schedule, we believe it will help us to secure the protocol and be sufficient enough to deter any would-be hacker from exploiting our protocol in the future.
A “for” vote signals that you accept these changes
An “against” vote signals that you are fine with the current bug bounty reward structure.