Phase 3: Selective Competition

This phase is primarily focused on reviewing the mitigations of all the findings from the previous phases. Any new vulnerabilities introduced during the mitigation process should be identified in this phase.


All outputs from Phases 1 and 2 are transferred to Phase 3.

A small group of auditors, typically 3-5, including the lead auditor, are chosen as contestants based on their performance in Phase 2 and auditor score.

A new communication channel is opened between the protocol team and the contestants.


This phase is a time-bound selective competition. The Host, in consultation with the lead auditor, estimates the necessary duration for this phase, typically recommended to be between 3 to 7 days. We denote the contest duration as LCL_C, with a default assumption of LC=5L_C = 5. The Host can adjust the contest duration if necessary.


The chosen contestants review the mitigated protocol and aim to find any additional vulnerabilities. The findings are not limited to mitigated issues, and contestants are encouraged to find any vulnerabilities in the protocol. All severity levels are considered in this phase.

The lead auditor continues their involvement in this phase and is incentivized to find more vulnerabilities. The lead auditor's findings are rewarded as part of the contest pool and will affect their performance score.

After the contest concludes, a judging period commences, during which the judges review all findings from the contestants and the lead auditor. They determine the validity and severity of the findings. The judging process is transparent, allowing auditors to appeal their findings.

Once judging begins, any additional submissions (after the public bounty time has concluded) are published, and the contestants collaborate with the judges to evaluate these findings. Contestants are interested in this process as these findings will influence the final distribution of the reward pool.

Once judging concludes, the Host delivers the Audit Report V3.0, containing all findings and recommended mitigation steps. The protocol team must address all findings (either fix or acknowledge them), and deliver the Audit Report V3.1, containing all responses to the findings. The lead auditor then delivers Audit Report V3.2, containing responses to mitigation comments.


The Judge determines the validity and severity of the findings. The judging is started after the contest concludes and the findings are published. Judges are incentivized to complete the judging process on time. We denote the judging duration as LJL_J with a default assumption of LJ=3L_J = 3. The Host can adjust the judging duration if necessary. It's noteworthy that this contest is very likely to involve only a smaller number of findings.


The output of this phase is the Audit Report V3.2, containing all findings and comments regarding the fixes.

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