MakerDAO and Sherlock team for historic $1.35M security audit competition
MakerDAO, the long-standing decentralized finance (DeFi) credit protocol and creator of the stablecoin DAI, announced a $1.35 million audit competition – the largest of its kind.
The tournament will be hosted by Sherlock Platform, a web3 audit tournament provider, and will be a key part of MakerDAO's first phase final game scheduled for Winter 2024.
The competition, which is set to begin on July 8 and will continue until August 5, aims to identify vulnerabilities for security professionals and budding researchers in the field.
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Start the final game
Endgame marks the final stage of development in MakerDAO's long-term plan. It aims to improve governance to create a self-sustaining equilibrium called the Endgame State.
The plan revolves around reorganizing much of the existing complex decentralized human resource ecosystem into new self-sustaining DAOs called ‘SubDAOs'.
MakerDAO co-founder Rune Christensen explained the importance of well-tested security for the game's launch:
“Rock-solid security has always been a priority for MakerDAO. Over time, it has become one of the project's defining features. It makes sense for the team to partner with market leader Sherlock to test the system we're building as Maker moves toward the endgame.”
A MakerDAO spokesperson said in a Q&A with Cointelegraph:
“End game products and features […] It has been audited many times by many reputed auditing firms. Audit competition is an additional way to test the system. It highlights the developer's commitment to open source and security, giving integrators and developers a chance to familiarize themselves with Endgame before launch.
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Sherlock cooperation
Based on Sherlock founder Jack Sanford's record-breaking $1.35 million audit tournament opening, MakerDAO has expressed its commitment to security.
Sanford talked about the details of the upcoming four-week bug hunt:
“Sherlock has fielded some of the world's top security professionals for this competition, but there are no doubt many climbers will make a name for themselves and put on a strong performance in this historic competition.”
Discussing the decision to host the tournament at Sherlock, a MakerDAO spokesperson told Cointelegraph:
“Sherlock is a pioneer in auditing crypto projects and has a deep network of reputable security researchers. It makes sense that a developer would want to work with the best in the space.”
Related: MakerDAO and Aave's DeFi Conflict Reopens Over DAI's Perceived Risk Growth
Pre-race correction
During the week of July 1st, the top MakerDAO bug bounty hunters will present an educational briefing and a “code walkthrough” of “crypto legends” with the MakerDAO team.
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