Balancer Labs is offering a reward of 1000 ETH or $2 million to anyone who discovers critical vulnerabilities in the second version of its DeFi protocol.
Balancer Labs is offering the biggest bug bounty in history — up to 1,000 ETH or $2,000,000 (whichever is higher) — for critical bugs that allow attackers to drain the Balancer V2 Vault.
More details on the program 👇https://t.co/BKxHtOW1zY
— Balancer Labs (@BalancerLabs) April 20, 2021
Under the Bug Bounty program, developers ranked code flaws by severity from critical to low. The top reward targets vulnerabilities that allow attackers to drain ‘significant funds’ from the Vault or block them.
For low-severity issues the project offers 5 ETH or $10 000.
A more substantial reward is offered for reports of bugs that potentially allow attackers to ‘steal funds that exceed gas or fees’ and to ‘slowly manipulate the balance in the attacker’s favour’.
“Beyond the fact that our reward is the largest in history, it is innovative in that it scales with the price of Ethereum, in step with the broad crypto market and, probably, with the total value locked in the protocol,” said Fernando Martinelli, CEO of Balancer Labs.
The Bug Bounty launch came alongside the deployment of Balancer v2 smart contracts on the Ethereum mainnet.
The developers will launch the user interface on April 28. The weekly window gives project partners time to integrate the second version of the protocol before it is rolled out for widespread use by users.
In November, Balancer Labs attracted a ‘seven-figure sum’ through the sale of BAL tokens. In February, the project said it sold investors BAL another $5 million, and the total funding raised to develop Balancer v2 amounted to $12 million.
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