Swaylend Smart Contracts IOP Reward Terms

Whitehat Reward Pool Size

The reward pool is $45,000 USD and will be fully distributed among whitehat participants in the form of USDC. For this IOP, duplicates and private known issues are valid for a reward. 

Reward Pool Distribution

The rewards pool is partly distributed with the following formula, and partly at Immunefi’s discretion. The portion at Immunefi’s discretion is to reward high-quality whitehat contributions, such as valuable but technically invalid bug reports which are called Insights. More information about Insight reports can be found in this Help Center article. 

If 1 bug is found = 90% of the rewards pool is distributed at Immunefi’s discretion.

If 2 bugs are found = 80% is

If 3 bugs are found = 70% is

If 4 bugs are found = 60% is

If 5 bugs are found = 50% is

If 6 bugs are found = 40% is

If 7 bugs are found = 30% is

If 8 bugs are found = 20% is

If 9 or more valid bugs are found = up to 10% or a maximum of $50k, whichever is lower.

As far as possible Immunefi intends to distribute rewards according to the following “distribution formula”. The reason for keeping more of the rewards at Immunefi’s discretion based on the number of bugs found is so that Immunefi can distribute rewards in a way that appropriately compensates skilled whitehats for their work in case unusual situations arise.

Distribution Formula:

A whitehat’s portion of the rewards pool is equivalent to their percentage of all whitehat points earned.

Whitehat_A_RewardsPoolPortion = (Whitehat_A_Points / AllWhitehatsPoints) * (RewardsPool)

Whitehat points are earned based on the severity of each bug found, in a Sybil-resistant manner. Bonus points are awarded to the chief finder of each bug.

The chief finder of a bug is the first person to prove the highest severity level of it. This mechanic exists to incentivize submitting bugs sooner without compromising on proving the bug’s impact.

For example, if two people submit the same bug demonstrating a severity of High, then whoever submitted it first would be the chief finder. But if one of those two people demonstrated a severity of Critical, then they’d be the chief finder even if they didn’t submit it first.

CriticalBugPoints = 32.4 * (0.9 ^ (NumberOfFinders - 1)) / NumberOfFinders

ChiefFinder_CriticalBugBonus = 3.6 * (0.9 ^ (NumberOfFinders - 1))

HighBugPoints = 8.1 * (0.9 ^ (NumberOfFinders - 1)) / NumberOfFinders

ChiefFinder_HighBugBonus = 0.9 * (0.9 ^ (NumberOfFinders - 1))

MediumBugPoints = 2.7 * (0.9 ^ (NumberOfFinders - 1)) / NumberOfFinders

ChiefFinder_MediumBugBonus = 0.3 * (0.9 ^ (NumberOfFinders - 1))

LowBugPoints = 0.9 * (0.9 ^ (NumberOfFinders - 1)) / NumberOfFinders

ChiefFinder_LowBugBonus = 0.1 * (0.9 ^ (NumberOfFinders - 1))

Final Notes

• Whitehats may provide more info to upgrade the severity of their bug reports until the Boost ends.

• If a bug found during the event requires an immediate fix then that bug will be considered a publicly known issue as soon as the fix is deployed. Future submissions of the same bug will be considered invalid. 

• Rewards will be distributed all at once after the Boost has ended. No rewards are distributed during the Boost.

• Boost reward distribution terms may change at Immunefi’s discretion to prevent unintended results and abuse by not-so-whitehats.