August 17, 2022

Bitcoin DeFi platform Sovryn exposes $1.25 M bug bounty; raises $10M in token presale

2 min read

CryptoNinjas” Bitcoin DeFi platform Sovryn exposes $1.25 M bug bounty; raises $10M in token presale

Sovryn, a Bitcoin-based DeFi procedure, has revealed that the Origin presale of its governance token SOV, has raised the equivalent of 10 million USD at a price of 9736 sats per SOV at existing prices.

The presale close takes the overall digital asset funds raised by Sovryn to $16 million. Even more, this raise has actually permitted the leveraging of Immunefi to run among the biggest single bug bounty rewards in history; offering white hat hackers as much as $1.25 million to discover important bugs associating with the Sovryn clever agreement.

Immunefi Co-Founder, Travin Keith”Throughout the proposition drafting procedure for SIP-8, the Sovryn team and neighborhood have actually supplied important feedback and sharing ideas on how to enhance the program. This clear interaction allowed us to achieve a 100% approval rate on our proposal from all in the neighborhood who voted, which was a real honor. We make sure the Sovryn network will become more protected through the existence of this bug bounty program, by incentivizing whitehats to browse the code in addition to incentivizing blackhats to reveal bugs, rather of exploiting them.”
–– Immunefi Co-Founder, Travin Keith

Token Presale

Origin’s presale enabled individuals from the Sovryn community to deposit approximately 0.1 BTC; with over 3,000 Sovryn procedure advocates participating in a sale that was managed to permit maximum involvement. The broad distribution of SOV tokens makes it possible for the realization of the decentralized governance system which is the ultimate goal of the Sovryn job.

The method of the Sovryn procedure to security is among open-source openness or “security by sunlight“. The Sovryn protocol has been exposed to critical assessment throughout its development, in contrast to “security by obscurity” approach preferred by standard organizations.

Bitcoin’s community has constantly positioned a strong focus on security. Where other DeFi tasks just investigate once, at item launch, Sovryn audits on a continuous basis. Sovryn is protected by merge-mining with the Bitcoin blockchain and the attention to security runs through the heart of the Sovryn objective. The most recent release of the bug bounty program on Immunefi with an optimal payment of $1.25 million for disastrous bugs in its very first week builds on an existing regime of rigorous penetration screening and biweekly internal and external innovation audits.

“The Sovryn designer team/community takes security seriously and this effective presale has actually allowed us to take that to the next level, encouraging thousands of hackers to attempt to permeate our decentralized procedure. Forged in the white-hot fire of this testing, the armor of our security will emerge all the more powerful.”
–– Sovryn Co-Founder, Edan Yago

CryptoNinjas” Bitcoin DeFi platform Sovryn reveals $1.25 M bug bounty; raises $10M in token presale