Ethena
Bounty Range
$2,500 - $3,000,000
external program
Ethena
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'.
Ethena's synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully backed and free to compose throughout DeFi.
USDe peg stability is supported through the use of delta hedging derivatives positions against protocol-held collateral.
The 'Internet Bond' combines yield derived from staked Ethereum as well as the funding & basis spread from perpetual and futures' markets, to create the first onchain crypto-native 'bond' that can function as a dollar-denominated savings instrument for users in permitted jurisdictions.
For more information about Ethena, please visit https://www.ethena.fi
Ethena provides rewards in USDC on Mainnet, denominated in USD.
Smart Contract
Websites and Applications
For critical smart contract bugs, the reward amount is 10% of the funds directly affected up to a maximum of USD $3 Million. The calculation of the amount of funds at risk is based on the time and date the bug report is submitted. However, a minimum reward of USD $100,000 is to be rewarded in order to incentivize security researchers against withholding a critical bug report.
If the smart contract where the vulnerability exists can be upgraded or paused, only the initial attack will be considered for a reward. This is because the project can mitigate the risk of further exploitation by upgrading or pausing the component where the vulnerability exists. The reward amount will depend on the severity of the impact and the funds at risk.
For critical repeatable attacks on smart contracts that cannot be upgraded or paused, the project will consider the cumulative impact of the repeatable attacks for a reward. This is because the project cannot prevent the attacker from repeatedly exploiting the vulnerability until all funds are drained and/or other irreversible damage is done. Therefore, this warrants a reward equivalent to 10% of funds at risk, capped at the maximum critical reward.
High vulnerabilities concerning theft/permanent freezing of unclaimed yield/royalties are rewarded within a range of $10k to $75K depending on the funds at risk, capped at the maximum high reward.
In the event of temporary freezing, the reward doubles from the full frozen value for every additional [1h] that the funds are temporarily frozen, up until a max cap of the high reward. This is because as the duration of the freezing lengthens, the potential for greater damage and subsequent reputational harm intensifies. Thus, by increasing the reward proportionally with the frozen duration, the project ensures stronger incentives for bug disclosure of this nature.
For critical web/apps bug reports will be rewarded with $50,000, only if the impact leads to:
All other impacts that would be classified as Critical would be rewarded a flat amount of $20,000. The rest of the severity levels are paid out according to the Impact in Scope table.
Payouts are handled by the Ethena team directly and are denominated in USD. However, payments are done in USDC on Mainnet.
The calculation of the net amount rewarded is based on the average price between CoinMarketCap.com and CoinGecko.com at the time the bug report was submitted. No adjustments are made based on liquidity availability.
Ethena will be requesting KYC information in order to pay for successful bug submissions. The following information will be required:
Ethena adheres to the Primacy of Impact for the following impacts:
Primacy of Impact means that the impact is prioritized rather than a specific asset. This encourages security researchers to report on all bugs with an in-scope impact, even if the affected assets are not in scope.
When submitting a report on Immunefi's dashboard, the security researcher should select the Primacy of Impact asset placeholder. If the team behind this project has multiple programs, those other programs are not covered under Primacy of Impact for this program. Instead, check if those other projects have a bug bounty program on Immunefi.
If the project has any testnet and/or mock files, those will not be covered under Primacy of Impact.
All other impacts are considered under the Primacy of Rules, which means that they are bound by the terms and conditions set within this program.
Bug reports covering previously-discovered bugs (listed below) are not eligible for a reward within this program. This includes known issues that the project is aware of but has consciously decided not to "fix", necessary code changes, or any implemented operational mitigating procedures that can lessen potential risk.
SOFT_RESTRICTED_STAKER_ROLE can be bypassed by user buying/selling stUSDe on the open market
maxRedeemPerBlock does not limit redemption in case of REDEEMER_ROLE key compromise unlike maxMintPerBlock, as the attacker can redeem all collateral held in the contract for 0 USDe, which does not increment maxRedeemPerBlock. This is by design, as limiting unlimited mints was the primary attack vector we wish to eliminate on key compromise and losing all funds currently in minting contract (which will be a small amount taking the total TVL as a reference) is an acceptable outcome.
The vesting period for sUSDe is hardcoded to 8 hours while the sUSDe rewards distribution occurs once every week. This means that an experienced user could buy usde => stake right after we transfer => hold for a few hours => sell. We already addressed this issue with the help from the Staking Rewards Distributor smart contract and an offchain component in the form of a cron job, which triggers every 8 hours and sends a slice of the total staking rewards in every run. Distributing the whole amount evenly throughout the week.
FULL_RESTRICTED Stakers can bypass restriction through approvals
Ethena's completed audit reports can be found at https://ethena-labs.gitbook.io/ethena-labs/resources/audits. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.
Proof of concept is always required for all severities.
Category 3: Approval Required
Any testing on mainnet or public testnet deployed code; all testing should be done on local-forks of either public testnet or mainnet
Any testing with pricing oracles or third-party smart contracts
Attempting phishing or other social engineering attacks against our employees and/or customers
Any testing with third-party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks)
Any denial of service attacks that are executed against project assets
Automated testing of services that generates significant amounts of traffic
Public disclosure of an unpatched vulnerability in an embargoed bounty
Any other actions prohibited by the Immunefi Rules
The project may be receiving reports that are valid (the bug and attack vector are real) and cite assets and impacts that are in scope, but there may be obstacles or barriers to executing the attack in the real world. In other words, there is a question about how feasible the attack really is. Conversely, there may also be mitigation measures that projects can take to prevent the impact of the bug, which are not feasible or would require unconventional action and hence, should not be used as reasons for downgrading a bug's severity.
Immunefi has developed a set of feasibility limitation standards which by default states what security researchers, as well as projects, can or cannot cite when reviewing a bug report, including Chain Rollbacks, Pre-Impact Bug Monitoring, Attack Investment Amount, Attacks With A Financial Risk To The Attacker, and When Is An Impactful Attack Downgraded To Griefing.