Spectra is an EVM-centric protocol for interest rate derivatives with an easy-to-use flagship app. The Spectra protocol is permissionless, meaning its services are entirely open for public use. Anyone can create new markets at will, swap yield derivatives, or become a liquidity provider.
For more information, please visit about Spectra Finance
Evaluating
Triaged by Immunefi
Step-by-step PoC Required
This Audit Competition Is Under Evaluation
Rewards
Rewards by Threat Level
Reward pool:
The following reward terms are a summary. For the full details read our Standardized Competition Reward Terms.
A reward pool of $40,000 USD will be distributed among participants, if any valid bugs are found.
If not a single bug is found (Insights do not count as bugs) the reward pool is $15% of $40,000 USD rewards → $6,000
Duplicates and private known issues are valid for a reward.
Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System V2.3.
Rewards will be distributed all at once based on Immunefi’s distribution formula after the event has concluded and the final bug reports have been resolved.
Insight Rewards Payment Terms
Insight Rewards: Portion of the Rewards Pool
*The "Insight" severity was introduced on Boost (Audit Competitions) & Attackathon programs to recognize contributions that extend beyond identifying immediate vulnerabilities. "Insights" underscores our commitment to valuing all types of contributions that contribute to a more secure environment. View more information about Insights
Duplicates of Insight reports are not eligible for a reward.
Proof of Concept (PoC) Requirements
For this program, runnable PoC code is not required. Whitehats are instead required to write a step-by-step explanation of the PoC and impact. For unclear reports or to resolve disputes Immunefi may still require a runnable PoC.Read more about it in Audit Competition Proof-of-Concept Rules
Program Overview
Spectra is an EVM-centric protocol for interest rate derivatives with an easy-to-use flagship app.
The Spectra protocol is permissionless, meaning its services are entirely open for public use. Anyone can create new markets at will, swap yield derivatives, or become a liquidity provider.
Protocol Primitives Spectra's Yield Token and Principal Token, minted on top of ERC-4626 interest-bearing tokens, are core protocol primitives. Spectra separates the right to principal from future yield via a process called yield tokenization. This process unlocks new financial possibilities beyond standalone interest-bearing tokens.
Core Use-Cases
- Permissionless Pool Creation
- Fixed Rates
- Yield TradingThese key use cases can be abstracted into other narratives, such as upfront yield, discounted tokens, fixed savings, or fixed lending activities.
Key Objectives
- Empowering DeFi with a permissionless protocol for interest rate derivatives
- Delivering cutting-edge solutions that can be seamlessly incorporated, built upon, and utilized by builders and other platforms in the DeFi ecosystem.
- Upholding decentralization as a fundamental value, promoting community-driven growth via a DAO while the core team diligently and sustainably progresses the protocol
This Audit Competition is running on mainnet. The following conditions apply:
- Spectra team will freeze the codebase during the duration of the Audit Competition
- Concurrently Immunefi has cloned and frozen the repositories for the duration of the Audit Competition
- Duplicates are rewarded
- Bugs that aren't disclosed in the private audit report are valid for rewards.
- The project commits to keeping private all info related to bug findings until this program is over. This means the project will not leak info about any bug findings or planned bug fixes, including bug findings found independently by the project or from concurrent private audits.
Spectra provides rewards in USDC, denominated in USD on Ethereum.
For more information, please visit about Spectra Finance
Audits
Known Issues
KYC not required
No KYC information is required for payout processing.
Proof of Concept
Proof of concept is always required for all severities.
Prohibited Activities
- Any testing on mainnet or public testnet deployed code; all testing should be done on local-forks of either public testnet or mainnet
- Any testing with pricing oracles or third-party smart contracts
- Attempting phishing or other social engineering attacks against our employees and/or customers
- Any testing with third-party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks)
- Any denial of service attacks that are executed against project assets
- Automated testing of services that generates significant amounts of traffic
- Public disclosure of an unpatched vulnerability in an embargoed bounty
- Any other actions prohibited by the Immunefi Rules
Feasibility Limitations
The project may be receiving reports that are valid (the bug and attack vector are real) and cite assets and impacts that are in scope, but there may be obstacles or barriers to executing the attack in the real world. In other words, there is a question about how feasible the attack really is. Conversely, there may also be mitigation measures that projects can take to prevent the impact of the bug, which are not feasible or would require unconventional action and hence, should not be used as reasons for downgrading a bug's severity.
Therefore, Immunefi has developed a set of feasibility limitation standards which by default states what security researchers, as well as projects, can or cannot cite when reviewing a bug report.