Bitcoin-Based DeFi Protocol Sovryn Raises $10M, Offers $1.2M Bug Bounty

The London-based DeFi project raised the equivalent of $10 million in bitcoin through the presale of its governance token.

Mar 3, 2021 at 12:49 p.m. UTC
Updated Sep 14, 2021 at 12:20 p.m. UTC

Sovryn, a bitcoin-based DeFi protocol, is offering a $1.2 million bug bounty after raising $10 million in a token presale.

  • The London-based project raised the funds in bitcoin through the presale of its governance token SOV at a price of 9,736 satoshis (the smallest BTC unit, equivalent to a 100 millionth of a bitcoin) per token.
  • The total digital assets Sovryn has raised now stands at $16 million, according to an announcement shared with CoinDesk.
  • The funds will partly be invested in the protocol's bug bounty program, now offering white hat hackers up to $1.25 million if they can spot critical flaws in the Sovryn smart contract.
  • Sovryn claims bounty, offered in partnership with bug bounty platform Immunefi, is the largest ever.
  • Immunefi co-founder Travin Keith believes the program will "incentivize white hats to look through the code as well as incentivizing black hats to disclose bugs, instead of exploiting them."
  • The platform's page for the bounty states: "The final reward amount is capped at 10% of the funds at risk based on the vulnerability reported."
  • The bounty would be paid out in bitcoin or the SOV token.
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