MakerDAO Launched Record Bug Bounty Program On Immunefi

MakerDAO launched a record bug bounty program on Immunefi, joining the list of DEFI and Web3 projects that picked it to host their programs as we are reading furhter in our latest cryptocurrency news.

MakerDAO launched a record bug bounty program with Immunefi as a leading crypto security service platform and promised a record payout of $10 million to the whitehat hackers that identify vulnerabilities in the smart contracts. With a maximum single payout of $10 million in DAI MakerDAO’s bug bounty program claims to be not the biggest hosted on Immunefi but the biggest one in the tech space. The head of Protocol Engineering Core Unit at MakerDAO Derek Flossman noted:

“We take the security of our smart contracts and the Maker protocol very seriously and are thrilled to be working with Immunefi.”

Similar to other projects that chose Immunefi to protect their protocols from vulnerabilities and MakerDAO bug bounty program included seaprate scales for the smart contracts, apps, and websites within the ecosystem, taking into consideration the volume of the funds at risk. According to Keith Tracing Keith as the co-founder of Immunefi since the launch of the initaitive and the company engaged with the Maker ecosystem in improving the security around the space and collaborated with most other core units:

“Now, we’re glad to announce one of the key pillars of our mandate, which is to launch and maintain a bug bounty program that will help MakerDAO ensure its safety.”

With a market cap of around $9.8 billion, DAI is the 20^th biggest crypto asset. The first decentralized stablecoin on the ETH blockchain and DAI is also one of the key assets in the booming DEFI sectors that integrated about 1000 decentralized apps including defi platforms, games, and wallets. Immunefi raised $5.5 million in funding last year partnered with MakerDAO in August 2021 to form the Security Core Unit which is a contracted team within the Maker ecosystem and provides security services for MakerDAO.

The crypto projects offer big payouts to the whitehat hackers that identify vulnerabilities in their projects and the previous bug bounty of Immunefi offered payouts of $3.3 million which was launched by OlympusDAO. Up to date, the platform’s biggest payout of $2 million was awarded to the security researcher that found a bug in the Polygon Plasma Bridge in 2021. by comparison, the rewards offered by the traditional tech companies like Intel, Google, Microsoft others but Microsoft recorded in the 2021 year of $200,000.

Immunefi protects over $100 billion in user funds locked in different DEFI protocols and smart contracts. The projects that host their bug bounty programs on Immnefi include Chainlink, PancakeSwap, SushiSwap, Compound, and Bancor. As per the company, since the launch, the platform paid $10 million in bounties to the whitehat hackers.