MakerDAO, an established decentralized finance (DeFi) lending protocol and the creator of the stablecoin DAI, has unveiled a $1.35 million audit contest, which stands as the largest of its kind.
The contest is to take place on the Sherlock Platform, a Web3 audit contest provider, and will serve as a crucial component of MakerDAO’s initial phase of Endgame, scheduled for the summer of 2024.
Scheduled to commence on July 8, the contest will run until August 5, with the goal of engaging security experts and up-and-coming researchers in the identification of vulnerabilities.
Endgame, as mentioned earlier, marks the final stage of development in MakerDAO’s long-term plan. Its aim is to revamp governance in order to establish a self-sustaining equilibrium known as the Endgame State.
Rune Christensen, co-founder of MakerDAO, emphasized the importance of thoroughly tested security for the Endgame launch, stating:
In a written Q&A with Cointelegraph, a MakerDAO spokesperson underscored the significance of the audit contest for the Endgame launch:
Sherlock co-founder Jack Sanford praised MakerDAO’s commitment to security, citing the launch of the record-breaking $1.35 million audit contest as an example.
Sanford provided details about the upcoming four-week bug hunt, saying:
Regarding the decision to host the contest on Sherlock, a MakerDAO spokesperson informed Cointelegraph:
In the week of July 1, top MakerDAO bug bounty hunters will deliver an educational breakdown in collaboration with the MakerDAO team, providing a “code walkthrough” alongside “crypto legends.”
MakerDAO collaborates with Sherlock for groundbreaking 135M security audit competition