Synthetix allows users to create and issue synthetic assets on the Ethereum blockchain. The synthetic commodities it supports include gold and silver, cryptocurrencies, cryptocurrency indexes, and fiat currencies.
By using Synthetix, users can:
⭐️ Issue synthetic assets or “Synths.”
⭐️ Trade and swap Synths across a variety of DeFi protocols.
⭐️ Stake SNX as collateral and receive rewards, including fees generated by Synth trades.
“Encouraging responsible reporting of possible vulnerabilities is a crucial step for contributors to any DeFi protocol who care about its users, and Armor and Immunefi’s generous supplement to Synthetix’s bug bounty ensures that people are further incentivised to practise responsible disclosure.”
– Garth Travers, Head of Communications at Synthetix
Synthetix has become one of the largest and most integrated protocols across DeFi, so it’s crucial that engineers and bounty hunters are correctly incentivized to practice responsible disclosure if they find anything that needs to be fixed.
By joining the Armor Alliance Big Bug Bounty Challenge, Synthetix will boost the bug bounty reward for the most critical vulnerability to $200,000.
Bug bounty payouts will be related to the severity of the smart contract bugs discovered:
- Critical: $200,000
- High: $40,000
- Medium: $5,000
- Low: $1,000
Synthetix is primarily interested in preventing loss of user funds through its smart contracts. Payouts will be handled by Synthetix directly. Payouts up to $100,000 can be made in either sUSD or SNX. For payments above $100,000, the ArmorFi team will pay the remainder in $ARMOR as part of the Armor Alliance Bug Bounty Challenge with a vesting period of up to 24 months.
This is another major milestone in Armor’s quest to make DeFi safer for investors everywhere.
Read details about the bug bounty here: