Polygon Launches $2 Million Bug Bounty on Immunefi To Strengthen Smart Contract and Dapp Security
Polygon, an Ethereum scaling platform onboarding millions to the Web3, announces the launch of a $2,000,000 bug bounty program to root out and eliminate potential security flaws in its already audited network. The bounty program is now live on the DeFi-focused bug bounty platform, Immunefi.
The bounty program is an open invitation to security researchers to uncover and report potential vulnerabilities in Polygon’s smart contracts and decentralized applications (Dapps) — ensuring projects developing on Polygon and their users remain protected and funds intact. Whitehat hackers who partake will be rewarded for their work based on the severity of the vulnerability they discover.
Bounties for smart contract and blockchain bug reports range from $1,000 for low-level threats and up to $2,000,000 for critical threats. Reports on Dapp vulnerabilities, meanwhile, will yield rewards between $2,500 and $15,000. Payouts will be made by the Polygon team in ETH, MATIC, or a stablecoin.
Rewards for the Polygon bug bounty are distributed based on the Immunefi Vulnerability Severity Classification System, which ranks threats according to the impact of the vulnerability. In order to be considered for a reward, bug reports will need to include the following details: A summary, a step-by-step guide to reproduce the threat, and supporting documents such as screenshots and logs.
As capital continues to flow into the decentralized finance (DeFi) and non-fungible token (NFT) sectors, ensuring against exploits or hacks has become a matter of utmost importance. According to a report by crypto research firm Messari, since 2019, DeFi protocols have suffered over $284.9 million in damages resulting from hacks and other exploits — much of which could be avoided via appropriate audits and bug bounties.
Mitchell Amador, Founder and CEO of Immunefi, said: “Bug bounty programs continue to be an essential part of the security stack for protecting crypto protocols and user funds locked in their contracts. We’re proud Polygon chose us among other platforms to ensure the safety of its protocol, and look forward to our collaboration.”
The Polygon network has already undergone a successful smart contract audit from renowned CyberSecurity firm Certik and ranks #17 on Certik’s security leaderboard.
Sandeep Nailwal, Co-Founder of Polygon, said: “User security is at the forefront of Polygon’s ethos. This substantial bounty offering aims to solidify what we know to be an extremely secure network.”
Polygon boasts the largest number of crypto exchange and wallet users outside of the Ethereum main chain, empowering developers to drive innovation in the industry by giving them access to these users. Polygon’s reputation has attracted industry heavyweights such as SushiSwap, Curve, and Kyber to build with Polygon. A developer-first approach also streamlines their onboarding process and offers access to Venture Capitals, as well as exchange and wallet introductions from the get-go.
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