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September 20th, 2022

Great news!!

Sherlock has decided to make the September APY rewards even sweeter!

If you staked as a part of the Double-Digit APY Round or if you stake before Sherlock’s staking pool hits $22M of TVL, then you’ll receive:

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September 1st, 2022

Sherlock is excited to announce that its 15% APY incentive program for stakers starts right now!!

Sherlock is now targeting a 10% USDC APY with an extra 5% in SHER tokens, for a combined ~15% APY. Hurry though: the pool is capped at 25M USDC and there’s only ~4.5M USDC of capacity left!

Note: The USDC APY in frontend may be slightly above or below 10% at any given time (as stakers enter and exit), but Sherlock will make sure to target a 10% USDC APY over the course of the 6 month staking period. To ensure this, the pool will be capped at 25M USDC.

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August 29th, 2022

Sherlock is thrilled to announce the launch of our new auditing platform!

Sherlock is officially rejecting the legacy audit model where 2-3 auditors look at a codebase for a few weeks. In its place, Sherlock is pioneering a brand new approach to audits, which looks like a hybrid between a Capture-The-Flag (CTF) competition and a legacy audit.

We’ve just gone live with our first audit using the new approach today, partnering with Sentiment to secure their codebase:

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August 26th, 2022

This is the quick start guide for security experts interested in competing for $50k+ prize pools in Sherlock’s next-generation audit model.

For the full details, check out the Audit section of the Sherlock docs.

Good news: If you’ve competed in Code Arena in the past, this experience will be quite familiar.

However, there are some differences:

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August 26th, 2022

Sherlock is excited to announce its 15% APY incentive program for stakers!

Starting September 1st, 2022, Sherlock will offer a 10% USDC APY with an extra 5% in SHER tokens, for a combined 15% APY!

The staking rounds from March and April have been hugely successful, and Sherlock has decided to keep the momentum going.

If the performance of the Sherlock’s March and April staking pools continue as they have so far with no payouts, then each staker from those rounds will earn a ~37% APY!!!

August 25th, 2022

Sherlock is excited to announce its latest audit of Hook Protocol, and will support their launch on mainnet by providing Hook users with up to $10M of smart contract coverage.

This coverage will provide recourse for Hook Protocol users who write covered calls on their NFTs.

Sherlock is a risk management platform built to help protect crypto end-users by uniquely aligning incentives with protocol teams by auditing their smart contracts and providing recourse through smart contract and bug bounty coverage in the event of an exploit.

Hook is an oracle-free, on-chain option protocol for non-fungible tokens (NFTs). Unlike many popular approaches to NFT DeFi, Hook does not sacrifice the non-fungible nature of NFTs by requiring that they are converted into fungible tokens.

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August 17th, 2022

Sherlock Yield Strategy Bug Bounty Post-Mortem

NOTE FOR SHERLOCK LIQUIDITY PROVIDERS: This type of bug bounty payout does not impact any of the staking pool, and all staked funds used for Sherlock coverage remain unaffected.

Overview

  • On July 14th, 2022, GothicShanon89238 reported an issue to Sherlock through Immunefi concerning Sherlock's yield strategy integration with Euler. The issue has since been fixed.
  • No funds were immediately at risk, but the issue could eventually have resulted in a material amount of Sherlock's staking pool being drained if a 6-month waiting period and other conditions had been met.
  • The exploit was only possible on withdrawal, meaning a hacker would first be required to lock up millions of dollars in Sherlock's staking pool for 6 months to execute the exploit. In addition, the hacker would need access to billions of dollars in flashloans on withdrawal to make the hack possible.
  • The hack is a sophisticated cross-protocol reentrancy and involves intimate knowledge of contracts in 3 protocols: Sherlock, Euler and 1inch.
  • The Sherlock integration contract involved had recently been audited by Trail of Bits.
  • The Euler swap function involved was audited by Sherlock and Certora.
  • Sherlock is very thankful to GothicShanon89238 and has paid out a $250k bounty as a reward, shy of the maximum payout due to the amount of time required (>6 months), non-flashloan capital required (>$2M), flashloan capital required (>$1Bn) and specific market conditions (detailed below) required to enable a profitable exploit.
  • Sherlock is also thankful to WatchPug and Chris Michel, two Sherlock "Watsons" who helped the Sherlock core team better understand the exploit.
June 30th, 2022

Sherlock is excited to announce its long-awaited partnership with Lyra to write $10M of smart contract coverage directly behind Sherlock’s audit of Lyra’s latest Avalon release.

This coverage will provide recourse for users of Lyra’s Avalon platform based on their pro-rata share of Lyra’s TVL.

Sherlock is a risk management platform built to help protect crypto end-users by uniquely aligning incentives with protocol teams by auditing their smart contracts and providing recourse through smart contract and bug bounty coverage in the event of an exploit.

Lyra is an open protocol for trading options built on Ethereum, allowing traders to buy and sell options that are accurately priced with the first market-based, skew adjusted pricing model. Lyra also quantifies the risks incurred by liquidity providers and actively hedges them, encouraging more liquidity to enter the protocol.

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June 15th, 2022

Sherlock is excited to announce its latest collaboration with LiquiFi to write $10M of smart contract coverage directly behind Sherlock’s audit.

This coverage will provide recourse for LiquiFi’s end users up to their pro-rata share of LiquiFi’s TVL.

Sherlock is a risk management platform built to help protect crypto end users by uniquely aligning incentives with protocol teams by auditing their smart contracts and providing recourse through smart contract and bug bounty coverage in the event of an exploit.

LiquiFi is building the “Carta for crypto”, providing protocols with token vesting and token cap table management solutions. With LiquiFi, protocols can automate their token vesting, manage compliance, and provide token holders greater visibility into their ownership.

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April 6th, 2022

**TL;DR We’ve heard from a ton of community members that they missed the Early Adopters LP Round last week, so we are re-opening it on Thursday!

Same 3x multiplier on SHER incentives vs. the early March round. This is the last opportunity for rewards at this level before incentives must decrease. There is a hard cap at $20M of staker capital. See you Thursday, April 7th at 4pm UTC!!**

For New Stakers

This Thursday, April 7th at 4pm UTC, you’ll have a chance to participate in the same staking deal that the first early adopters round received.

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March 28th, 2022

TL;DR As a thank you to early supporters, Sherlock is adding roughly 3x more SHER token incentives to the positions of anyone who participated in the early March LP opportunity!!

If you missed the earlier LP opportunity, you may still have a chance to participate! Starting Wednesday, March 30th at 4pm UTC, new stakers will get the same increased staking incentives until the pool hits 10M USDC.

For Participants in the Special Liquidity Event

Thank you for your support!!

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March 21st, 2022

What is Sherlock?

Sherlock is a new type of security solution for protocol teams.

Sherlock provides teams with all the tools they need to securely launch decentralized apps:

  • Audits from leading security experts
  • Bug bounty paid for by Sherlock
  • Smart contract coverage against exploits
0xE400
February 17th, 2022

Hey everyone!

Thanks again for your support in helping Sherlock get the mainnet launch off of the ground.

The last 5 months have been extremely successful and Sherlock would not have been able to do it without all of your support. We are very grateful!

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February 16th, 2022

Bootstrapping and maintaining liquidity in Sherlock’s staking pool is one of the keys to Sherlock’s long-term success. Sherlock cannot contribute to repaying exploits at covered protocols without this pool.

On March 7th at 4pm UTC, Sherlock is launching a 5-day, $100M Special Liquidity Event to bootstrap Sherlock’s staking pool. The secondary purpose of this event is to bootstrap Sherlock’s on-chain treasury.

For an overview of how Sherlock works, please check out ”What is Sherlock?” For a better understanding of the SHER token’s role in the ecosystem, please see “Introducing Sherlock DAO.” And for a breakdown of planned token allocations, please see “Guide to SHER Tokenomics.”

To calculate potential APY scenarios from participation in this event, please use the Illustrative Investor APY Calculator.

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February 16th, 2022

Tokens are a way for anyone to contribute to a network and gain exposure to the long-term value creation of that network. In this way, a tokenholder can be thought of as someone who is looking to use their specific skillset and knowledge to participate in the construction and governance of a given ecosystem.

The SHER token is the backbone of the Sherlock protocol and it will exist to ensure the long-term sustainability and success of the protocol. The goal is for the Sherlock protocol to continue to exist and function in a useful way in the future. This requires continuous participation in the network over time and is why the SHER token supply is planned to be inflationary in the future. Decades from now, new contributors should be able to access token rewards and those who no longer contribute or participate will incentivize these newcomers.

The SHER token has been designed from the ground up, but many inspirations were taken from the creative minds who designed other governance systems. Specifically, the creators of the SHER token were inspired by the progressive decentralization approach taken by The Graph creators as well as the voting mechanisms designed by the Curve team.

Beyond this, SHER tokenholders will always be an essential part of a properly functioning Sherlock ecosystem. The roles of SHER tokenholders include:

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February 16th, 2022

TL;DR

Sherlock is committed to a fully decentralized future.

Tokenholders will play a direct role in the most crucial activities of the protocol including managing the security team.

Why Decentralization?

0xE400
February 16th, 2022

TL;DR

Sherlock is a new type of security solution for protocol teams.

Sherlock provides teams with all the tools they need to securely launch decentralized apps:

  • Audits from leading security firms and independent security experts
  • Bug bounty paid for by Sherlock
  • Smart contract coverage for on-chain exploits
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February 14th, 2022

Sherlock is excited to announce its latest $10M partnership with Tempus to provide smart contract coverage for all Tempus users, regardless of when a user has deposited funds.

Sherlock has been working closely with the team at Tempus to provide a comprehensive solution which will allow users to more safely interact with its platform, while their core team continues to provide innovative solutions to the fixed-rate space.

Tempus prioritizes the security of their users' funds, and as a result has purchased coverage through Sherlock. In addition to $10M of smart contract coverage, Tempus received a vulnerability assessment from Sherlock’s team of security experts, focused on identifying any critical exploits in the Tempus smart contracts.

Driven by Sherlock’s view that bug bounties are a critical component to a comprehensive security solution, Sherlock will also implement a $1M bug bounty on Tempus contracts through Immunefi. As Tempus expands its reach with users, Sherlock is committed to growing the size of its smart contract coverage and bug bounty in tandem.

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January 11th, 2022

The Sherlock and Opyn teams are excited to announce a collaboration to provide $10M of smart contract coverage for the launch of Squeeth, which will apply pro rata to all users of Squeeth at no cost. Both Sherlock and Opyn care deeply about taking the burden of security off of the user’s shoulders as much as possible, and this type of integration is another step towards making decentralized finance a more user-friendly place.

In addition to the $10M in smart contract coverage, Squeeth received a security assessment from top Sherlock security experts, and a $1M ImmuneFi bug bounty provided by Sherlock. Both teams see these amounts growing over time as Sherlock’s capacity increases and Squeeth becomes a critical part of DeFi infrastructure.

Sherlock is a risk management platform built on Ethereum and designed to keep end users protected by providing affordable and scalable coverage to protocols.

Opyn is building DeFi-native derivatives and options infrastructure. Opyn invented Squeeth, a derivative that has perpetual exposure to ETH². Squeeth launched on Ethereum mainnet on January 10th, 2022.

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December 21st, 2021

Sherlock is excited to announce a long-awaited $10M collaboration with Euler Finance to protect Euler users from smart contract risk starting on the first day of launch. The Sherlock team has worked shoulder-to-shoulder with the talented devs at Euler over the last 3 months to get ready for the much anticipated launch. 

Euler is part of the first cohort of protocols during Sherlock’s guarded launch. Each protocol gets access to $10M in smart contract coverage, a security assessment from top auditors, and a $1M ImmuneFi bug bounty provided by Sherlock. 

Sherlock is a risk management platform built on Ethereum and designed to keep end users protected by providing affordable and scalable coverage to protocols.

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December 9th, 2021

Sherlock is excited to announce its $10M collaboration with Primitive Finance to protect Primitive users from smart contract risk starting on the first day of launch. The Sherlock team has worked shoulder-to-shoulder with the talented devs at Primitive over the last 5 months to get ready for the much anticipated launch.

Primitive is part of the first cohort of protocols during Sherlock’s guarded launch. Each protocol gets access to $10M in smart contract coverage, a security assessment from top auditors, and a $1M ImmuneFi bug bounty provided by Sherlock.

Sherlock is a risk management platform built on Ethereum and designed to keep end users protected by providing affordable and scalable coverage to protocols.