MakerDAO, a well-established decentralized finance (DeFi) lending protocol that created the stablecoin DAI, has introduced a $1.35 million audit contest, marking the largest of its kind. The contest will take place on the Sherlock Platform, a Web3 audit contest provider, and will play a crucial role in MakerDAO’s initial phase of Endgame, scheduled for summer 2024. Beginning on July 8, the contest will run until Aug. 5, with the goal of attracting security experts and up-and-coming researchers to uncover vulnerabilities.
Endgame refers to the final development stage in MakerDAO’s long-term strategy. It seeks to revamp governance to establish a self-sustaining equilibrium known as the Endgame State. Rune Christensen, the co-founder of MakerDAO, stressed the importance of rigorously tested security for the Endgame launch.
In a written Q&A with Cointelegraph, a MakerDAO spokesperson emphasized the significance of the contest in the context of the Endgame launch. Jack Sanford, the co-founder of Sherlock, lauded MakerDAO’s dedication to security by introducing the groundbreaking $1.35 million audit contest. Sanford provided insight into the upcoming four-week bug hunt, highlighting the contest’s details.
The decision to host the contest on Sherlock was discussed with Cointelegraph by a MakerDAO spokesperson. In the week of July 1, the top MakerDAO bug bounty hunters will join forces with the MakerDAO team and “crypto legends” to provide an educational breakdown and a “code walkthrough.” This is in preparation for the contest.