Sovryn, a bitcoin-based DeFi protocol, is offering a $1.2 million bug bounty after raising $10 million in a token presale.
This London-based project raised Bitcoin funds through the presale of its governance token SOV for 9,736 satoshis (the smallest unit of BTC, equivalent to one hundred millionth of Bitcoin).
Co-founder Edan Yago told The Block that the blockchain platform raised 200 bitcoins through this transaction. Given the fluctuations in the price of Bitcoin, the amount they have gotten may go up or down in the future.
Currently, the DeFi protocol has raised a total of $16 million in digital assets, according to an announcement made jointly with CoinDesk.
Sovryn also launched a bug bounty program worth up to $1.25 million through a bug bounty platform called Immunefi. The protocol aims to reward white hat hackers for identifying “serious vulnerabilities” related to their smart contracts.
Sovryn claims that the bounty, offered in partnership with bug bounty platform Immunefi, is the largest ever.
Travin Keith, co-founder of Immunefi, believes the program will “incentivize white hats to look through the code as well as incentivizing black hats to disclose bugs, instead of exploiting them.”
The platform’s page for the bounty states:
“The final reward amount is capped at 10% of the funds at risk based on the vulnerability reported.”
The bounty is paid in Bitcoin or SOV tokens.
Sovryn is a decentralized on-chain protocol that is provided on the Bitcoin sidechain. The Sovryn Protocol is controlled by its community and stakeholders. There is no company, organization or person that represents or controls the Sovryn Agreement.
Yago told The Block that Sovryn went online last December and currently has 4,000 valid addresses. The number and total value of the contractually blocked data are not yet clear. Yago said analytics tools around Sovryn’s data are currently being rolled out.