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Sherlock has simplified coverage pricing substantially.
Now, every protocol that goes through a Sherlock public audit contest will get a 4.0% price (assuming they meet all other coverage criteria such as a successful fix review, etc.)
If a protocol opts to do a private audit contest, then the coverage price will be 4.75% instead of 4.0%. This is because Sherlock believes public audit contests are the #1 way to secure a codebase, but a private audit contest can go a long way as well. Sherlock usually requires a month or so of upfront payment before coverage can be activated. From there, it's up to the protocol team in terms of paying bi-weekly, monthly etc. All Sherlock monitors is that the balance of payment does not reach zero. If it reaches zero (technically if it reaches 500 USDC) a protocol will be auto-removed from coverage by an arb bot.