NFTX V3 now on Immunefi

This initiative, in collaboration with top-tier cybersecurity platform Immunefi, seeks to engage developers and ethical hackers in identifying and addressing potential vulnerabilities.

By offering significant rewards for various levels of bug severities, NFTX V3 aims to mitigate risks such as loss of funds, unauthorised minting of tokens, and other security threats.

The program emphasizes the importance of community-driven security efforts in enhancing the robustness of DeFi protocols, showcasing NFTX V3's commitment to safeguarding its platform and users against emerging cyber threats.

Who is Immunefi?

Immunefi stands as a premier bug bounty hub in the Web3 space, renowned for connecting white hat hackers with projects in need of security audits. It has notably safeguarded over $1 billion in user assets by facilitating over $3 million in rewards for ethical hackers.

The platform hosts a diverse array of bug bounties, currently exceeding $26 million in value, and has attracted significant collaborations with industry giants like Sushi Swap, The Graph, Binance and Chainlink, thanks to its comprehensive approach to project security and hacker engagement.

Why change the Bug Bounty program?

NFTX has run a bug bounty program since V2 on the protocol and paid out two separate critical bugs. One might wonder, why do we need a bug bounty program in the first place? Is it not enough and more feasible to have independent third-party audits? Not really.

Bug bounties make protocols more robust than a run-of-the-mill code verification because bounties incentivize entire communities of code reviewers, rather than typical audits which engage a single audit firm.

Despite widespread use of audits, DeFi hacks have amounted to over $285 million since 2019. In light of this, Mitchell Amador, Founder and CEO of ImmuneFi, has said, “Last year more than $200 million were stolen by hackers through DeFi exploits and hacks that indeed question the effectiveness of traditional security methods.”

He went on to add, “We at Immunefi strive to protect projects against smart contract hacks by helping create, run, and promote best practice bug bounty programs. We’re excited about this historic collaboration with The Graph.”

What is the new bug bounty program?

Rather than duplicate the details here we invite you to head over to the bounty page on Immunefi.

The basic details which are not expected to change include

1. Critical Level: $50,000 — $150,000 Payout, PoC Required
2. HighLevel: $5,000 — $40,000, PoC Required

Is V2 covered under this as well?

No. The bounty for NFTX is still managed through the DAO itself and details can be found on https://docs.nftx.io/v/main/smart-contracts/bug-bounty