Welcome to Hats, Jelly Protocol
We are happy to announce our bug bounty partnership with Jelly protocol!
Jelly has committed 2M $JELLY as an initial deposit towards vulnerability disclosure. We are happy to see their ongoing commitment towards smart contract security and community trust. Our bug bounty vault will allow community members to contribute to the protection of Jelly smart contracts by depositing $JELLY and receiving $HATS once they become available.
For more information regarding the vault, please visit the Hats Finance dApp.
About Jelly Protocol
Jelly Protocol is a set of smart contract template recipes for token reward distribution. Powered by a contract factory and out of the box UI, Jelly makes it easy for projects to create their own Airdrops, Staking and Farming programs. The vision for Jelly is to be a place for aggregated discovery and distribution of Rewards across multiple projects, including multiple chains and dexes.
Jelly is the first project to release a permissionless Recipe for Airdrops, an open way for anyone to create an Airdrop and claim their own token. Jelly Airdrops come with some unique features like an Airdrop for vested claims, updatable Whitelists using merkle proofs and secure claim for wallets. The template for the Airdrop Recipe is the first contract from Jelly to be covered on Hats.
Why Bug Bounties: The Hats Solution
DeFi exploits prove that audits are not enough. Ongoing exploits in the crypto space demand that projects implement different security methods simultaneously to minimize risk. While there are many ways projects can manage protocol security risk, hacker cleverness shows that projects must implement different security methods simultaneously to minimize risk. We believe decentralized bug bounties are a great addition to every project that wants to maximize their security efforts and incentivize hackers to do the right thing, even if they decide to stay anonymous.
Hats is the first bug bounty of its kind. True to the Web3 ethos, Hats facilitates decentralized vulnerability resolution between white hats and projects in a fully permissionless manner. Because hacks and exploits can affect all project stakeholders, Hats creates a way for all users to get involved in the protection of protocols by providing liquidity to bug bounty vaults, and in return earn $HATS (not live yet). Community-owned bug bounties are transparent due to their permissionless and on-chain resolution capabilities. This adds a scalable aspect to bug bounties, in which rewards grow with the project’s success, token appreciation, and users’ trust.
We thank Jelly for trusting our vision, and we look forward to future partnerships with them. Stay updated of future vaults and partnerships by following Hats Finance on Twitter.
