Bancor Network (BNT) Alerting Bounty Hunters for Identifying Vulnerabilities $54,000 Maximum Payout

The Liquidity Pool also known as the Dynamic Automated Market Maker (DAMM) has been introduced in BancorV2.

The staking feature of this new pool permits automated market making. However, the staked asset should be supported by a reliable oracle.  Eventually, the value of the liquidity provider will be sustained. The Liquidity Provider in the pool will be able to withdraw the same amount which they staked along with a fees which the pool earned during their staking period.

The Medium article describes the core concepts of V2 pools: 

1. Single Reserve Pool Tokens. 
2. Staked Balance and current Balance. 
3. Dynamic Weights. 
4. Price Feeds.

Every v2 pool is anchored to two pool tokens.  Thus every pool will have one token for reserve.  The staked balance is the total amount of tokens staked by the liquidity providers.  The current balance is the amount of tokens in the reserve.  The pool updates the reserve weights.  The reserve weights is used to incentivize market participants, thus equalizing the current balance with staked balance.  The price feeds which are used to calculate the weights in a way to ensure that the price becomes equal to the market price after arbitrage.

Bancor tweeted:  “As the launch of #BancorV2 approaches, we are excited to announce the open-sourcing of Bancor V2 contracts with a public bug bounty.”

Sydney Ifergan, the crypto expert tweeted:  “The Bancor network is all talks about the liquidity pool and the Bancor V2. Bounty Hunters are all excited as they are getting rewarded for identifying vulnerabilities.”

Bancor Network (BNT) Third Party Audits

The launch of Bancor V2 is has come close.  The team have already invited the community look in to their code to help identify any vulnerabilities that they may find.  The code for the Bancor V2 smart contract is already released. 

The code features several improvements, which will be of used to both the users and the liquidity providers of the protocol. Third party audits are ongoing.  The bounty is to ensure that maximum numbers of eyes are beginning to look in to the code to help identify vulnerabilities.

Until, July 30^th the rewards are set to boost by 20% up to a $54,000 maximum payout.  The bounty is set to continue after the two-week period; however, the maximum reward will be lower to $45,000.  The bounty is V2 specific.  It follows similar programs launched during different times after the Bancor’s initial release in 2017.