Your Complete Guide to Decentralized Audit Competitions & Bug Bounties in Hats Finance
Johnny Time
Founder @ Ginger Security | Blockchain Security Engineer and Web3 Security Educator
Have you ever poured hours into auditing contests, only to be rewarded with $0.01 for your high-severity findings? You’re not alone.
The game of auditing contests often feels like a blend of skill and luck, with payouts that can leave participants disappointed.
If you’ve ever felt frustrated by the limitations of traditional auditing contest platforms, or if you’ve dreamt of earning substantial rewards for your bug discoveries, then it’s time to dive into the unique ecosystem of Hats.Finance.
Feel free also to watch this complete video guide:
What is Hats Finance?
Hats.Finance is a Web3 security platform that combines both Bug Bounties and Auditing Competitions. Hats.Finance stands apart from other smart contracts auditing competition platforms. It’s not just a company; it’s a decentralized autonomous organization (DAO) operating on the blockchain, and here’s how it redefines the auditing and bug bounty landscape:
This new approach presents exciting opportunities. There’s no need to pay for duplicate submissions, the reward pot can be distributed differently, and payouts are significantly higher.
For example, there have been numerous cases where white hat hackers received over $1,000 for a single low-severity issue or a single gas optimization report. This is something you don’t typically see in other auditing competition models.
Getting Started with Hats Finance
Now that you understand the game-changing principles behind Hats.Finance, let’s dive into a step-by-step tutorial on how to join the platform and start participating in auditing competitions and bug bounties:
Create Your Profile
Connect your Metamask or any other EVM blockchain wallet to Hats.Finance and create your profile. Add a username, description, and optional social media links to personalize your profile.
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Explore Opportunities
Browse through live auditing competitions and bug bounties on Hats.Finance. Keep an eye out for new opportunities, as they’re regularly updated on the platform, you can also follow Hats.Finance on Twitter, and join their Discord community to get updated on new contests and new bug bounties.
Participate in Contests
Select a competition or bug bounty that interests you and review the scope and rewards. Before submitting your vulnerability, ensure it hasn’t been reported already and read through existing vulnerabilities.
Describe Your Finding
Use the submission form to detail your findings, attach any proof of concept files, and select the severity level. Verify your contact information and submit your report.
Submit Your Finding
Pay the nominal transaction fees using your connected wallet to finalize the submission process. Since your submission will be recorded as a transaction on the Arbitrum blockchain, a small fee (known as “skin in the game”) is required to ensure authenticity. This mechanism prevents spam submissions and provides transparent, decentralized proof on the blockchain that you were the first to report the issue and should receive payment.
Track Your Submission
Keep track of your submission status via Hats.Finance’s dashboard. You’ll receive updates on whether your submission was successful and if any further action is needed. For a quicker feedback loop, you can also check the competition repository to see if your submission was accepted or rejected.
Get Paid
Typically, one week after the contest ends, the rewards will be calculated, and your payout will be sent to the wallet linked to your profile.
Conclusion
Hats.Finance represents a paradigm shift in the smart contract auditing and bug bounties landscape. By leveraging blockchain technology and implementing transparent, first-come, first-served reward mechanisms, it offers a fair and efficient platform for participants to showcase their skills and earn significant rewards.
Feel free to join Hats.Finance, explore the opportunities, and let your web3 security skills shine ?
"Hey You! I Have Never Seen A Secure System" - Blockchain Security Expert - I'm Watching The Downfall Of CentralBanks || Pen-Tester || Source Code Reviewer || Bug Bounty Hunter || Application Security Engineer ||
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