Welp MagazineCode 423n4’s upcoming smart contract code auditing competitions are offering up over $200,000 over multiple pots for security researchers. The Pot will be split between security researchers who best audit the code of smart contracts from MarginSwap, Maple Finance, Vader Protocol, and more…
See our current leaderboard to see our previous payouts: https://code423n4.com/leaderboard/
Competitions
$50,000 USDC MarginSwap contest: Bringing margin trading to on-chain assets
Competition running from Apr 2 – 7. This competition will be judged by Lead developer of ENS & Ethereum Foundation alum, Nick.Eth.
$100,000 USDC Maple Finance contest
Competition running from Apr 7 – 21. This competition will be judged by Zak Cole, CTO/co-founder of Slingshot Crypto, founder of Whiteblock, and lead of the Enterprise Ethereum Alliance.
27 ETH Vader Protocol contest
Competition running from Apr 22 – 28. Judge TBC.
Participate in the auditing or sponsor a competition by joining the discord: https://discord.gg/EY5dvm3evD
HOW DOES IT WORK?
Code 423n4 is an experimental open organization that is building a new method for reviewing the security of smart contracts. C4 reviews code in a competitive process in which participants eat what they kill and vie to become champion of the arena.
The organization was founded in response to the exponential growth of DeFi in recent years. The total value locked in decentralized protocols now exceeds $50 billion, creating an even greater need for smart contract review. In 2020 alone, over $100 million was stolen from DeFi projects as a result of hacks and poorly audited contracts. Code 423n4 aims to create a scalable framework for reputable code auditing with rapid delivery times.
Code 423n4 competitions feature three groups:
- Wardens — smart contract reviewers who hunt for bugs in the smart contracts of decentralized protocols
- Sponsors — DeFi projects who create bounty pools to attract wardens to the contests
- Judges — top Ethereum developers who are responsible for evaluating wardens’ submissions and deciding the winners
Code 423n4 uses a unique system for scoring submissions. Bugs are categorized as low risk, medium risk, or high risk. The reward for discovering a bug is weighted by the severity of the bug and the total number of wardens to identify it. Wardens are rewarded for finding unique bugs, which makes the contest resistant to sybil attacks. The scoring system also incentivizes contestants to form squads and work together.
Contestants are given shares for bugs discovered, and those shares give the owner a pro rata piece of the pot.
- Low Risk Bounty Shares: 1 * (0.9 ^ discoveryCount) / discoveryCount Medium Risk Bounty Shares: 3 * (0.9 ^ discoveryCount) / discoveryCount
- High Risk Bounty Shares: 10 * (0.9 ^ discoveryCount) / discoveryCount
- Each bounty share is redeemable for: Pot / number of Bounty Shares.
HOW CAN I GET INVOLVED?
Want to join in and compete to hack Maple or sponsor your own contest? Give us a howl in Discord: https://discord.gg/EY5dvm3evD
ABOUT Maple Finance
Maple is a decentralized corporate debt protocol that lends capital to corporate crypto entities like funds, market makers, exchanges, and crypto miners. Maple uses a ‘peer-to-pool’ design with loans funded by liquidity pools to offer Investors access to diversified, high-yield corporate and institutional loans. Liquidity pools are managed by experienced delegates.
ABOUT MarginSwap
Marginswap is a decentralized margin and spot trading exchange built on the back of DeFi protocols like Uniswap and Sushiswap. Marginswap allows traders to utilize up to 5x leverage for their trading strategies. Liquidity for margin positions on the platform is financed by bond suppliers (lenders). Traders pay interest on the amount borrowed for a trade, and a percentage of these fees are distributed back to bond suppliers.
ABOUT Vader Protocol
Vader Protocol is a capital efficient liquidity protocol that combines yield-generating stablecoins with impermanent loss protection and slip-based fees.
