Code 423n4 — yAxis Smart Contract Audit contest

yAxis is thrilled to announce the upcoming start of a week-long Code 423n4 Smart Contract Audit competition which will run September 9th through 15th.

Introduction

Today’s cybersecurity threat landscape is dynamic, intelligent, and, most of all, ruthless. With the incentives for successfully carrying out exploits on Decentralized Finance projects being so high, protocol exploits are becoming ever more prevalent and ever more sophisticated.

At yAxis the safety of our users’ funds is paramount. We approach protocol security in a multi-faceted and constantly evolving manner, which is why we have teamed up with Code 423n4 to leverage their novel approach for reviewing the security of Smart Contracts.

Who are Code 423n4 and what do they do?

Code 432n4 (C4) is an open organization that consists of security researchers, auditors, developers and individuals with domain expertise in the area of smart contracts. C4 organizes contests in which community participants, referred to as wardens, review, audit, and analyze smart contract logic in exchange for a bounty provided by sponsoring projects.

How do C4 contests work?

There are three main “players” forming the backbone of each C4 contest:

Sponsors — sponsors create bounty pools to attract wardens to their contests. The yAxis contest pool consists of $30,000 USDC plus $30,000 in YAXIS tokens.

Wardens — wardens hunt for bugs in the smart contracts of decentralized protocols.

Judges — judges are responsible for allocating bounty pools to wardens based on their performance. At the conclusion of a contest, the allocated C4 bounty pool is divided up among wardens based on their findings. The more bugs found and the greater the risk, the higher the total share of awards.

Why is C4’s approach to Smart Contract Auditing so distinctive?

C4 contests feature many novel approaches to the challenge of carrying out Smart Contract Audits.

C4 contests are Time Flexible — C4 can accommodate multiple concurrent audits, with wardens free to participate in multiple overlapping Reviews. This increases the eyes on code per audit.

C4 contests are also Cost Flexible — sponsoring teams can determine the size of their bounty pot. The larger the pot, the more attention the contest will attract.

Incentive-based — C4 Security Reviews are ideal for highly specialized security researchers as wardens are incentivized based on the number of bugs found, the risk of the bugs found, and the fewer unique wardens finding the same bugs. This incentivizes the most exhaustive reviews by wardens.

Conclusion

Traditional financial services have always been built upon trust. As DeFi matures, it is apparent that this is equally relevant for this sector. The most successful protocols in DeFi are rapidly becoming the ones that people trust the most.

By running a C4 audit competition, yAxis will add another level of trust and security to our already prodigious list of security features, and will further enhance yAxis’ reputation as having one of the most robust, dynamic cybersecurity solutions in the DeFi industry.

For more information on C4, how to be become a warden or to participate in the upcoming yAxis contest visit their website at https://code423n4.com/

For more information on yAxis, visit our website https://www.yaxis.io/