The time has come to finally make it official. Abachi, your favourite DeFi lending protocol aiming to bridge real-world B2B lending over to DeFi, has been awarded the first-ever Bug Bounty by OlympusDAO!
During our work implementing OlympusDAO’s rebase model for token emissions, our team of brilliant engineers identified a bug that could impact the workings of Olympus V2 smart contract. Our team tested it extensively and modelled the impact, before submitting it to Olympus team as a critical issue in January 2022 via Immunefi, the leading blockchain bug bounty platform. This led to Olympus DAO creating a brand new tier in their bug bounty program via community vote and retroactively awarded the bounty to Abachi valued at $33,333. You can read more about this tier for rebasing bugs here.
OlympusDAO clearly takes the integrity of their protocol very seriously, to the point where they offer the 4th largest bounty in cryptoverse at the moment, a whopping $3.3 million for a critical bug or exploit! Although Abachi’s bug bounty reward is on the smaller end of the range, we will also be receiving OlympusDAO’s first-ever White Hat NFT! This NFT recognizes Abachi for its ethical “white hat” hacking to uncover potential vulnerabilities.
“We’re happy to see that the OlympusDAO bug bounty program, one of the largest on our platform, has provided value for our client as well as a great reward for Abachi,” said Travin Keith, co-founder of Immunefi.
Different from most other Olympus forks and DAOs, the team at Abachi strongly believes in helping make the Olympus protocol stronger and understands the power of its underlying fully decentralised currency $OHM, which it holds in its treasury and has been accumulating through the recent market downturn.
The Abachi team is really grateful to the Olympus team for their acknowledgement of our efforts. We believe this payout will encourage more teams & individuals to act in good faith and come together to make the overall ecosystem more safe & strong. Furthermore, details of the bug and the remedy have not been published by Abachi upon request.
3,3 all the way!