Venus Cantina Competition Proposal
Venus and Cantina are ready to launch a security competition, hosted on Cantina.xyz, to protect the Venus Protocol and spread awareness in an aligned manner.
The scope of the review will be the following:
- https://github.com/VenusProtocol/governance-contracts/pull/21
- https://github.com/VenusProtocol/governance-contracts/Governance/TimelockV8.sol
About Cantina
Website: https://cantina.xyz/
Portfolio: https://cantina.xyz/portfolio
Cantina, incubated by Spearbit, is a marketplace of over 100+ leading security researchers and firms providing web3 security. Cantina gives protocols the flexibility to easily book a security review, spin up a security competition, start a bug bounty program, and identify competent solo-reviewers. Cantina provides the extensibility for protocols to achieve true end-to-end security.
Cantina Competitions:
- Cantina Competitions are crowdsourced security reviews designed to be efficient, high-signal, and comprehensive to provide maximum code coverage for web3 protocols seeking mass-scale reviews from the best security researchers across the ecosystem.
- Competitions are conducted on the Cantina platform through Cantina Code, our security code review interface allowing a seamless process for competitions.
- Cantina Code efficiently analyzes your scope, streamlines your communications, and conducts quality control for submissions along with spam detection and LLM-based deduplication.
Examples:
-
Launched Blast - the largest security competition in Crypto: https://x.com/cantinaxyz/status/1750926669131440519?s=20
-
Launch of Curvance competition:
https://x.com/cantinaxyz/status/1760678482252853496?s=20 -
Results of Morpho competition:
https://x.com/cantinaxyz/status/1757516104740593790?s=20
We will produce a marketing campaign for Venus. Here is an example of marketing results from a few of the protocols that have worked with Cantina.
Morpho Competition
374K Organic Impressions
7.11% Engagement Rate (high engagement rates hover around 2%) which is an indicator of very high-signal engagement.
Viral Marketing Campaigns and Strategy
https://x.com/cantinaxyz/status/1717277234531045395?s=20
Strategic Technical Engagement from High Signal Followers: https://x.com/cantinaxyz/status/1721508029831446539?s=20
Custom Graphic and Video Design to Maximize Engagement:
https://x.com/cantinaxyz/status/1721980201154863110?s=20
Structure of Venus competition:
Scope:
https://github.com/VenusProtocol/governance-contracts/pull/21 and
https://github.com/VenusProtocol/governance-contracts/Governance/TimelockV8.sol
Competition Bounty: $58,000
Marketplace Fee (20%) : $17,000
Judging Fee: $10,000
Total Cost: $85,000
Payment Due Date: Upon Competition Start Date
Competition Start Date: TBC
Competition Duration: 2 Weeks
*90% of the Competition Bounty will be refunded to Client in the event there are no findings of a tier medium or higher.
The marketplace fee is what goes to keep Cantina’s lights on and for facilitating the competition.
We are charging 20% which is competitive to other platforms which charge in the range of 25% - 40%. We separate out the judging fee, which goes to an independent researcher for the competition. To align incentives, we also refund 90% of the competition bounty if no medium or high issues are found.
Our intention is to get as much security coverage for Venus protocol, leveraging our network of researchers on the Cantina platform.
We believe that our proposal aligns both economic and operational wise, as the competition is price competitive and structuring the competition were Venus will be refunded the bounty if there are no medium or higher findings during the competition.
Excellent initiative from the Venus Protocol in partnership with Cantina to promote the safety, efficiency and sustainable environment of the DeFi