Blockchain security platform Immunefi has launched an on-chain system for bug bounties, according to a Sept. 26 announcement. The new system, called “Vaults,” allows Web3 developers to escrow funds in an on-chain address and use them to pay out bug bounties to white hat hackers.
Immunefi believes the new system will help projects “demonstrate to whitehats [...] that they have allocated sufficient funds to pay bounties,” which it hopes will result in “more top-tier bug reports” being submitted.