Ripple and Immunefi collaborate to secure the XRPL Lending Protocol. This partnership launches an Attackathon for $200,000 in rewards.
In a major move, Ripple and Immunefi have officially teamed up for a new initiative. They are launching an “Attackathon” to enhance security greatly. This work focuses on the up-coming native XRPL Lending Protocol. Furthermore, this collaboration was announced by both teams on Monday. The aim is to future-proof the protocol prior to its public debut 100%.
Global Researchers Invited to Test XRPL Security Protocol
As part of the Attackathon, global security researchers are invited. The proposed XRPL Lending Protocol will be actively tested. This testing is looking for vulnerabilities in the whole system. Specifically, the participants will first be trained on the technology. They will then be competing for a substantial reward pool of $200,000.
The training phase of the competition began immediately on October 13th. Subsequently, the primary bug bounty program will be executed for more than a month. It is planned from October 27th to November 29th. Both platforms are completely based on the decentralized Web3 infrastructure. This safe method ensures a trusted payment method for all users.
Related Reading: Ripple News: Ripple Meets Luxembourg Minister to Advance European Expansion | Live Bitcoin News
The XRPL institutional decentralized finance (DeFi) roadmap is fast approaching. The most famous recent achievement is the release of this native Lending Protocol. Therefore, it is anticipated that the protocol will soon go to a validator vote. This crucial vote will occur after the end of this year.
The protocol is designed for automating the entire loan lifecycle in an efficient manner. This is for both developers and existing financial institutions. Moreover, it establishes the pooled lending and the covered credit on the native. This is an important functionality that will run directly on the XRP Ledger.
This system is intended to put borrowers in touch with worldwide pools of liquidity. At the same time, it enables authorized lenders and earn yield effectively. This yield is from otherwise indolent or static assets. In essence, the system is intended to make the credit markets more transparent. They will also be more efficient, scalable and accessible on the XRPL as a whole.
Ripple Enhances XRPL DeFi Security via Global Researcher Collaboration
Jasmine Cooper, product head at RippleX, commented on the collaboration. Afterwards, she said the XRPL was designed to serve secure applications. This is particularly important when lending was being introduced onto the network. Thus, the initiative makes the protocol resilient before launching.
This extensive testing enables developers and institutions to build with confidence. Furthermore, the partnership with Immunefi is a strategic one. It is enabling Ripple to work with the best security researchers in the world. This helps in strengthening this new layer of XRPL DeFi infrastructure a huge deal.
The collaboration with Immunefi is carried out with their huge community. This is an increasing community of more than 60,000 security researchers worldwide. Immunefi has already secured a whopping $180 billion of user funds overall. In fact, the firm has prevented over $25 billion in loss from hacking. This is a proven track record of over 650 different protocols.
The Attackathon training phase began on October 13th. It focuses on educating the participants well about the protocol architecture. Active vulnerability testing will take place during the next month. Researchers can make money from the $200,000 prize pool during this phase. Immunefi’s participation ensures that security standards are high.
This bug bounty model serves to mitigate risks proactively and well. It also focuses on full transparency before mainnet deployment. As a result, Immunefi’s method turns blockchain security into a shared effort that is accessible to anyone all over the world. The XRPL Lending Protocol will be an immediate beneficiary of this high level of scrutiny.
Read more on Live Bitcoin News
