Polynomial Protocol is launching its latest product, Power Perps (P³), on the Optimism network soon. To ensure the security and stability of the platform, we’re setting up an audit competition with Code4rena.
The objective of the competition is to guarantee the security and faultless operation of the Polynomial Power Perp contracts. These smart contracts are accountable for the design of the AMM and Power Perp trading. Let's delve deeper to understand the details of this contest and increase your chances of winning a portion of the 72,500 USDC prize pool.
Key Takeaways
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Polynomial is partnering with Code4rena to launch an audit competition on the Polynomial Power Perp Smart Contracts.
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The total prize pool is $72,500 USDC to be distributed to competition participants who successfully report issues and bugs.
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The competition begins on Monday, March 13th at 8:00 PM UTC and ends on Monday, March 20th at 8:00 PM UTC.
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The competition is an excellent opportunity for developers to showcase their skills and contribute to the development of a secure and reliable DeFi platform.
Competition Overview
The Polynomial Power Perp audit competition will be hosted on Code4rena’s platform. Code4rena has a streamlined auditing system where participants can become Wardens and compete to find bugs in a codebase. Wardens submit their findings and, if successful, receive compensation. The upcoming competition will focus on analysing the Polynomial Power Perp Smart Contracts, and competing Wardens will identify bugs in this codebase.
Polynomial, as the sponsor, has committed to providing 72,500 USDC to be distributed among participating Wardens based on the severity and ranking of their findings.
Contest details
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Total prize pool: $72,500 USDC
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HM awards: $54,500 USDC
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QA report awards: $6000 USDC
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Gas report awards: $0 USDC
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Judge + Presort awards: $12,000 USDC
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Scout awards: $500 USDC
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*Official Judges overseeing all Warden performance will determine the payout allocation for each qualified finding.
Note for C4 wardens: Gas optimizations are out of scope for this competition. The Polynomial team will not be awarding prize funds for gas-specific submissions. The contest is only open to certified wardens.*
How to get involved:
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Join C4 Discord to register
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Submit findings using the C4 form
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Starts : March 13, 2023 20:00 UTC
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Ends : March 20, 2023, 20:00 UTC
Polynomial Power Perp (P³)
Polynomial Protocol is introducing Power Perpetuals on Optimism. Power Perpetuals are derivatives that provide convexity without expiry and strike prices such as ETH², BTC² and others.
With Polynomial Power Perps, the traders can take long and short positions against a delta-neutral AMM.
The AMM uses Synthetix perps V2 under the hood for the perps market to achieve delta neutrality.
Passive users can provide liquidity to the Liquidity Pool to earn exchange fees.
The system also introduces a ‘Kangaroo Vault’, which makes a delta-neutral position by making a short Power Perp position and longing equal amount of delta worth of Perpetuals of the underlying asset.
Conclusion
In conclusion, the audit contest conducted by Polynomial with Code4rena is an essential step in ensuring the security and reliability of the Power Perps platform. It provides an opportunity for developers and security experts to contribute to the development of a secure and reliable DeFi platform. With the launch of Power Perps on the Optimism network, Polynomial is taking the next big step towards offering a better trading experience for traders and investors.