MakerDAO Unveils Record $1.35M Audit Contest in Preparation for 2024's Endgame Initiative
Summary:
MakerDAO, the DeFi lending protocol and developer of DAI stablecoin, has launched a $1.35 million audit contest, the largest of its kind. Hosted on the Sherlock Platform, the contest seeks to engage security experts and researchers to identify any security vulnerabilities ahead of the initial phase of MakerDAO’s Endgame in summer 2024. The contest underscores MakerDAO's commitment to security while allowing integrators and developers to familiarize themselves with Endgame. Top bug bounty hunters will provide an educational breakdown in a code walkthrough the week leading up to the contest.
MakerDAO, a prominent decentralized finance (DeFi) lending system and the developer of DAI stablecoin, has unveiled a $1.35 million audit competition — the biggest ever. This competition will be organized through the Sherlock Platform, a web3 audit contest provider, and will become a major component of the early stage of MakerDAO's Endgame, slated for summer 2024. The contest is expected to kick off on July 8 and run until August 5, with the goal of involving security professionals and budding researchers to detect potential weaknesses.
Endgame is the final progression phase in MakerDAO's strategic road map, seeking to revamp governance to attain a self-maintaining balance dubbed the Endgame State. This plan focuses on converting the intricate decentralized workforce ecosystem to newly formed self-reliant DAOs, referred to as 'MetaDAOs.'
Rune Christensen, MakerDAO's co-founder, emphasized the vital role of extensive security testing ahead of the Endgame roll-out. Consistent, high-standard security has been at the core of MakerDAO's modus operandi, eventually becoming a distinguishable trait of the project. The collaboration with Sherlock, a market front-runner, to run a programme to stress-test the system is in line with Maker's move toward Endgame.
According to a spokesperson for MakerDAO during a Q&A session with Cointelegraph, the Endgame products have undergone multiple audits by several credible auditing firms. This audit competition is yet another strategy to put the system under scrutiny. It accentuates Maker's dedication to open source and safety, while offering integrators and developers an opportunity to familiarize themselves with Endgame ahead of its debut.
Jack Sanford, co-founder of Sherlock, recognized MakerDAO's dedication to safety. For this contest, Sherlock has enlisted some of the most esteemed global security experts, although Sanford anticipates that many newcomers will make their mark and demonstrate significant skills in this ground-breaking competition.
The MakerDAO spokesperson explained the decision to use Sherlock for the competition, stating Sherlock's reputation as an innovative leader in conducting audits contests for crypto projects. With their extensive network of trusted security researchers, MakerDAO naturally chose to partner with them.
In the lead-up to the contest, top MakerDAO bug bounty hunters will carry out an educative analysis, collaborating closely with the MakerDAO team and established crypto figures for a 'code walkthrough' during the week commencing July 1.
Published At
6/25/2024 2:59:00 PM
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