StaFi and Immunefi Partner to Launch A Bug Bounty For rDex Testnet

Alaka Olalekan
3 min readFeb 27, 2022

Introduction

The blockchain and cryptocurrency space has become so popular today because of one of its most outstanding features which is security. The blockchain technology makes it difficult for data to be hacked or tampered with.

All crypto projects are built using the blockchain technology and as these projects attempt to express their utilities, they release products that will help them bring their use cases to the fore. For users to interact with these products they need to expose some of their relevant data and sometimes commit their funds to these products.

However, there have been cases of data vulnerabilities and exposure of users relevant information to hackers, so as a result, nascent crypto projects carry out various tests and checks on their products before they are officially launched. These tests are carried out to ensure that these projects are reliable, secure and free from any factors that can make it malfunction, the products needs to be safe for users to interact with, the users of these products need to be rest assured that the chances of their data and funds being tampered with are very minimal.

The stage where cryptocurrency projects carry out tests on products before they are released officially is known as the testnet stage. In the testnet stage, the product is made accessible to developers and potential users to check for potential issues or factors that may make the products function inappropriately, these factors are referred to as bugs, so in cases where bugs are discovered in the testnet stage, feedback is given to the team to make corrections before the product goes live. Having gotten an idea of how testnets work, this article will be discussing the testnet program for one of StaFi Protocol’s product; rDEX.

The rDEX Bug Bounty Overview

rDEX is an Automated Market Maker (AMM) DEX developed by StaFi that is designed specifically to solve the liquidity problems associated with rTokens, the reward tokens are tokens issued by StaFi in return for staking native tokens. With the rDEX app, minted reward tokens can be directly traded for more adequate liquidity. Although, there has already been security audit delivered by PeckShield for rDEX, StaFi is still determined to taking extra steps to ensure rDEX’s security by partnering with Immunefi to introduce a bug bounty program as part of the testnet.

This partnership is borne out of Immunefi’s track record of carrying out successful bug bounties, being a bug bounty platform for smart contracts and projects seeking to protect their products from exploitation. The StaFi rDEX bug bounty program in collaboration with Immunefi will reward anyone who discovers any critical issues with rDEX with $25,000 worth of FIS tokens as everyone is welcome to participate.

How To Report Bugs

In case of any bug discovery, the participant will hit the “Submit bug report” button on Immunefi’s rDEX Bug Bounty Program page, they will be redirected to bugs.immunefi.com where they will be guided through the process of creating a bug report.

It is however important to note that rewards will only be distributed according to the impact of the bugs based on the Immunefi Vulnerability Severity Classification System. This classification system is a 5-level scale with separate scales for websites/apps and smart contracts/blockchains, which comprises everything from consequence of exploitation to likelihood of a successful exploit. All bug reports must come with suggestions for possible fixes to be considered for a reward.

Conclusion

Security of funds is always top priority for StaFi, that’s why the rDEX Bug bounty program is being rolled out in order to make sure that rDEX is fully secure before its final mainnet launch. The rDEX promises to be an exciting addition to the StaFi ecosystem as it tackles the issues of liquidity of rTokens.

About StaFi Protocol

StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. rToken is a synthetic staking derivative issued by StaFi to users when users stake PoS tokens through StaFi rToken App . rTokens are anchored to the PoS tokens staked by users and the corresponding staking rewards. rTokens can be transferred and traded at any time.
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Alaka Olalekan

Blockchain Enthusiast | | Community Manager | | Digital Marketer.