Port Finance Partners with ImmuneFi for $500k Bug Bounty

The Solana-based protocol has announced the bug bounty program to make the platform more secure for its users.

Rewards For Web3.0 Developers

Port Finance has partnered with Immunefi, a bug bounty protocol, for its own bug bounty program in a bid to enhance security.

The decentralized money market protocol on Solana has announced its bug bounty program on January 12 via a Twitter post in partnership with Immunefi. This bug bounty program is focused on the protocol’s smart contracts and to prevent any loss of users’ funds & insolvency of the platform.

The bounty program has rewards of up to $0.5 million, and they will be distributed according to the impact of the vulnerability highlighted, based on Immunefi’s Vulnerability Severity Classification System. Immunefi’s system is a simplified 5-level scale with separate scales for websites/apps, smart contracts, and blockchains. The critical vulnerabilities are capped at 10% of economic damage, but there is a minimum bounty of $50,000 for critical bug reports. Payouts would be denominated in USD but could be done in USDC, PORT, or a combination of the two, based on what the team decides.

Source: Port Finance Twitter

The protocol has also highlighted several conditions and vulnerabilities that are out of the scope of the bounty programs, including those that have been discovered in previous audits.

As previously reported by Solana.News, Port Finance launched its own decentralized autonomous organization (DAO) called PortDAO on January 6. This development enables users of the platform to stake their PORT tokens and create a governance proposal or participate in proposals made by other members of the DAO.

What is Port Finance?

Port Finance is an interest rate money market protocol built on the Solana blockchain network. The protocol intends to take a 3 step approach for its value proposition:

Provide a baseline lending protocol akin to Compound/Aave on the Ethereum network

Provide a fixed-rate lending protocol using Serum’s central limit order book (CLOB)

Provide an interest rate swap market that uses Serum’s order book

Find more about Port Finance here:

Website | Twitter | Telegram | Medium | Discord |

Source : solana.news

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