MakerDAO, the longest-standing DeFi lending protocol and creator of DAI, the original decentralized stablecoin, has announced a record-breaking $1.35M audit contest. The audit contest will be hosted on the Sherlock Platform, a leading audit contest provider in Web3, having run more than 70 audit contests in 2024 with leading L1s and L2s. The record-breaking $1.35M Sherlock audit contest is a crucial component of MakerDAO’s Launch Season, the first phase of the Endgame scheduled for later this summer.
Emphasizing the importance of the Endgame launch, Rune Christensen, co-founder of MakerDAO, said, “Rock solid security has always been a priority for MakerDAO. Over time, it’s become one of the defining features of the project. It only makes sense that the team would work with the market leader, Sherlock, to create a program to pressure test the system we’re building as Maker moves toward Endgame.”
As an open-invite bug-finding competition, the goal is to encourage top security experts and upcoming researchers to find vulnerabilities within record time. Scheduled between July 8th and August 5th, 2024, the contest aims to leverage the collective skill of the global security community to battle-test the codebase ahead of the launch, allowing participants four weeks to pore over every codebase line.
Speaking on the Audit Contest, Jack Sanford, co-founder of Sherlock, said, “Nothing demonstrates MakerDAO’s unwavering commitment to security like launching the largest audit contest in history. Sherlock has reserved some of the top security experts in the world for this contest, but many up-and-comers will undoubtedly make a name for themselves and show a strong performance in this historic contest.”
In the run-up to the contest, the week of July 1st will feature educational content such as tips and breakdowns from top MakerDAO bug bounty hunters, as well as a code walkthrough from the MakerDAO team and crypto legends. Participants are encouraged to sign up and reserve their spot in the contest now at www.sherlock.xyz/endgame.
About MakerDAO
MakerDAO is the decentralized autonomous organization (DAO) that powers the longest-standing DeFi lending protocol and enables the creation of DAI, the original decentralized stablecoin.
The governance of MakerDAO is entirely decentralized, with proposals tabled and voted on by the Maker Community, which comprises people from all over the world. Utilizing an embedded governance mechanism, the decentralized and self-sustaining Maker Community holds sole authority to enact changes to the Maker Protocol through on-chain voting using the native governance token, MKR.
For more information about MakerDAO, visit makerdao.com, its community portal, official forum, and Twitter.
About Sherlock
Sherlock is one of the world’s leading web3 security companies, providing audits and smart contract coverage to over 100 companies including repeat customers like Optimism, GMX and LooksRare.
Sherlock’s hybrid audit contest model attracts hundreds of top-performing security experts to every audit. Sherlock’s smart contract coverage allows teams to keep their users safe and offer bug bounties to whitehats that are much higher than the industry average.
Sherlock is backed by leading Web3 investors like CoinFund, Alliance, Archetype, Lattice, Spartan and more.
For more information, please visit https://sherlock.xyz.