DeGate's ZK-Rollup DEX Initiates $1.11m Bug Bounty Program on Immunefi to Enhance Security Measure

DeGate- An Order Book DEX built with ZK-Rollup on Ethereum is announcing a Bug Bounty program with Immunefi for hackers to identify vulnerabilities. The program will pay out $1.11 million to a hacker who identifies a critical vulnerability in DeGate smart contract.

DeGate DEX protocol, which is powered by ZK-Rollup and secured by Ethereum, is preparing to launch its Mainnet Beta on Ethereum Mainnet. DeGate has already started a Zero-Knowledge Trusted Setup ceremony that is necessary to launch a ZK-powered protocol.

DeGate, which operates as a DAO, is a permissionless, trustless and decentralized protocol. The tech team that developed DeGate takes security very seriously and in order to ensure this, the trust mechanism is guaranteed by three factors: ZK-Rollup data availability, the fact that there is no Admin Key and DeGate “Exodus Mode”. The intuition behind trustlessness in a protocol is to design it such that a malicious actor can “do no evil”. With trustless features, users can be assured that their money is safe, no one can steal them and they can withdraw the funds whenever they want.

DeGate has already completed a full audit with Secbit. The audit report can be accessed here. DeGate’s smart contract and circuit code is open sourced and DeGate is now asking for bug bounty hunters and whitehat hackers to help find bugs before the launch.

The bug bounty program includes separate sections for DeGate smart contract, Zero Knowledge Proof (ZKP) Circuit, websites and applications as well as API and SDK. DeGate will reward $1.11 million to a hacker who finds a critical vulnerability and also will reward others according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System.

The security of DeGate comes from the interaction between the ZKP circuit and the smart contract. Therefore, the importance of the security of the circuit is equivalent to that of the smart contract.

Timeline and Details:

The bug bounty programme starts on April 7 and runs till after the launch of DeGate Mainnet Beta.

Whitehat hackers will be awarded $1.11 million for a critical vulnerability and $100,000 for high-level vulnerabilities. Medium and low-fix vulnerabilities will also be awarded. More details about DeGate bug bounty can be found here: https://immunefi.com/bounty/degate/

Immunefi, a leading crypto security services platform, has previously run record-breaking bug bounty programs for Maker DAO, Olympus DAO, Synthetics and Chainlink, to name a few. It protects over $100 billion in users’ funds locked across DeFi protocols and smart contracts and has already paid over $10 million in bounties to whitehat hackers.

DeGate Order Book DEX protocol aims to make decentralized orderbook trading seamless and efficient, similar to the experience of centralized exchanges, but with much higher security and decentralization. Users can expect super low gas fees as a result of DeGate’s special Efficient Gas Saving technology and also set up an innovative decentralized grid trading strategy.

With a strong focus on security, user experience and trustless measures in place, trading on DeGate lets users Trade easy, Sleep easy.