MakerDAO, a pioneering decentralized finance (DeFi) lending protocol and the creator of the stablecoin DAI, has announced a groundbreaking $1.35 million audit contest. This is the largest audit contest ever conducted in the DeFi space.
The contest will take place on the Sherlock Platform, a Web3 audit contest provider, and is an integral part of MakerDAO’s Endgame project, which is slated to begin in summer 2024.
Starting on July 8 and running until August 5, the contest aims to engage top security experts and new researchers to uncover potential vulnerabilities.
Endgame represents the final development stage in MakerDAO’s strategic plan. Its goal is to reform governance to achieve a self-sustaining balance, known as the Endgame State.
Rune Christensen, co-founder of MakerDAO, emphasized the importance of robust security for the Endgame launch:
“Rock solid security has always been a priority for MakerDAO. Over time, it’s become one of the defining features of the project.
“It only makes sense that the team would work with the market leader, Sherlock, to create a program to pressure test the system we’re building as Maker moves toward Endgame.”
A MakerDAO spokesperson, in a written Q&A with Cointelegraph, highlighted the rigorous security measures already in place:
“The Endgame products and features […] have been audited numerous times by multiple reputable auditing firms.
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The audit contest is an additional way to test the system. It underscores Maker’s commitment to open source and security while giving integrators and builders a chance to get familiar with Endgame before it gets launched.”
Jack Sanford, co-founder of Sherlock, acknowledged MakerDAO’s dedication to security with this record-breaking contest. He elaborated on the contest’s setup:
“Sherlock has reserved some of the top security experts in the world for this contest, but many up-and-comers will undoubtedly make a name for themselves and show a strong performance in this historic contest.”
The decision to host the contest on Sherlock was strategic, as the MakerDAO spokesperson explained:
“Sherlock is a pioneer in auditing contests for crypto projects and they have a deep network of reputable security researchers. It only makes sense that Maker would seek to work with the best in the space.”
Before the contest begins, the top MakerDAO bug bounty hunters will provide an educational breakdown during the week of July 1.
This will include a code walkthrough with the MakerDAO team and “crypto legends.”
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