Euler allocates $4 million for v2 protocol security, conducts 29 audits
Euler allocates $4 million for v2 protocol security, conducts 29 audits Euler allocates $4 million for v2 protocol security, conducts 29 audits
The protocol also conducted a mammoth-scale code audit competition managed by Cantina, with $1.25 million in rewards for identifying post-audit bugs.
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DeFi lending protocol Euler has supplied the completion of a comprehensive security process for its upcoming Euler v2 protocol, which eager a $4 million funding distributed by Euler DAO.
This gigantic budget highlights the protocol’s dedication to security in the DeFi sector, critically thru its modular have, which objectives to slash abet dangers and fortify reliability.
Euler has designed v2 with classes realized from a $200 million exploit that hit the protocol in March 2023. The protocol stated its main purpose is to rebuild have faith and location new requirements for security in the DeFi sector thru its intensive efforts to reinforce security.
Audits
Per the Aug. 12 post, Euler v2’s modular structure turn into once designed to isolate dangers and simplify the auditing process. Key parts such because the Ethereum Vault Connector (EVC), Euler Vault Equipment (EVK), and Euler Rate Oracle (EPO) had been created to operate particular solutions with precision.
This attain facilitated each and each inner and exterior audits, with 29 separate code audits conducted by 12 prime security companies to rigorously test and stable the platform.
By doing so, Euler objectives to have its v2 platform one among the most stable in the DeFi home, demonstrating its dedication to retaining user assets and guaranteeing the platform’s reliability.
As well to regular security practices, Euler Labs engaged with Certora and diversified experts all the contrivance thru the have allotment to take care of attainable vulnerabilities. The protocol also utilized bespoke fuzz testing suites and formal verification the style to have particular code robustness.
Global overview
A serious aspect of Euler’s security technique turn into once its decision to behavior a mammoth-scale code audit competition managed by Cantina, with $1.25 million in rewards for identifying post-audit bugs.
The competition drew over 600 contributors globally, none of whom stumbled on any excessive or medium-severity disorders â a necessary final result for this kind of mammoth-scale overview.
Despite these intensive measures, Euler Labs continues to emphasise that security is an ongoing process. The protocol can even rob pleasure in extra initiatives, equivalent to computer virus bounties and user interface penetration tests, to preserve its security posture previous the delivery.
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his talents worldwide for over a decade. Specializing in monetary journalism, he now focuses on crypto reporting.
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CryptoSlate is a comprehensive and contextualized supply for crypto files, insights, and data. Specializing in Bitcoin, macro, DeFi and AI.
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Euler is a capital-efficient permissionless lending protocol that helps users to manufacture interest on their crypto assets or hedge towards unstable markets without the necessity for a relied on third salvage collectively.
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