OlympusDAO Rolled Out $3.3M Bug Bounty Program With Immunefi

OlympusDAO rolled out its $3.3 million bug bounty program with the help of Immunefi as we can see more today in our latest blockchain news.

The defi project OlympusDAO rolled out its $3.3 million bug bounty program that will underpin the cryptocurrency called OHM. OHM is marketed as a free-floating reserve currency which means it is backed by a basket of different assets rather than a fiat currency. This “free-floating” feature means that the OHM token is subject to extreme bouts of volatility that are seen in traditional cryptocurrencies like BTC or ETH despite some doubts as the project gained traction since its inception of 2021. Backed by meme culture, OlympusDAO stands out among other DEFI projects thanks to its tokenomics that aims to control the supply expansion in a variety of solutions.

These include protocol-managed treasury of assets, protocol-owned liquidity, and staking rewards structure with more than 4640% APY and bonding mechanism. The latter is designed to offer OHM at a discount to the current market value in exchange for liquidity pool tokens that are issued to participants providing liquidity to DEXs like Uniswap and SushiSwap. The bug bounty manager noted:

“Olympus has a goal of becoming the reserve asset for all of DeFi. To achieve that, we need to ensure its security, and that’s exactly why the community authorized this bug bounty program with Immunefi.”

Immunefi raised $5.5 million in funding last year and it became quite the popular bug bounty program for smart contracts and DEFI. The projects whcih choose Immunefi to host their bug bounty programs include Chainlink, SushiSwap, Synthetix, Bancor, PancakeSwap, Cream Finance, Alchemix, and Compound among others. To date, the company paid over $8 million in rewards to white hat hackers that work on discovering vulnerabilities in protocols and the platform’s biggest payout was $2 million awarded to a security researcher who found a vulnerability in the Polygon Plasma Bridge in 2021.

With the bug bounty program launch, OlympusDAO will prevent the loss of treasury and bond funds and also wants to splash out $3.3 million in rewards for those that help. Mitchell Amador as the founder of Immnefi said:

“Well-run bug bounty programs continue to be the most proven and effective solution for protecting crypto protocols and user funds locked in their contracts.”

He added that OlympusDAO shares Immunefi’s mission of shaping the DEFI industry towards bigger transparency and security. Just like other projects, the OlympusDAO bug bounty is created to rank vulnerability threats based on various severity criteria like identifying the consequence of the exploitation of another successful exploit.