For all the auditors getting scared by this contests market shift - let me walk you through bugonomics history 🐛🪨⏬
1⃣9⃣9⃣5⃣ Netscape (old browser) paid researchers for bugs which was radical at the time
2⃣0⃣1⃣2⃣
@Hacker0x01 and
@Bugcrowd dominated the bounty space and no notion of contests
they had private invite-only events which is close, but a contest model didn't fit large web2 companies e.g. Uber Airbnb etc - don't want 500 hackers hammering their servers at a single week
2⃣0⃣2⃣1⃣
@code4rena realized that contests are of different nature:
- Smart contracts store loads of money directly, and get hacked like crazy
- Smart contracts are "immutable" - once deployed must find bugs before launch
- Open source means auditor can fully understand logic, not just probe blindly
- More auditor attention, better results
For protocols - contests costs more than bounty
Let's think like a protocol for a second 🤔
contest = coverage, more eyes, pre-launch safety net
- Pay $200k pool upfront
- Runs 1-4 weeks
- Payout regardless of findings quality (money still gone)
bounty = sparse coverage, reactive not proactive
- Pay $0 until valid bug reported
- Only pay on confirmed severity
- Treasury preserved until hit
in bull markets - protocols don't want to get hacked, they spend what they can (contests bounty after)
in bear markets - same, but now protocols have no funds - bounty is cheaper
2⃣0⃣2⃣5⃣ bear market gets worse, AI spamming submissions left and right making triaging costs increase exponentially
2⃣0⃣2⃣6⃣ even worse - still bear market, MORE (way more) AI and there are less new protocols on top of it all
That's why today we are back to web2-style bounties. The protocols that make real money, real impact.
In 2015 people made a living of web2 bounties, this ain't different
@immunefi @HackenProof @xyz_remedy all are live and kicking, and there's money on the table for you to take, harder than before, true - but since when hard stopped us?