MakerDAO, the decentralized organization behind the DAI stablecoin, is launching a bug bounty program with leading cryptographic security services platform Immunefi, promising to pay up to $10 million to white hat hackers who find vulnerabilities in smart contracts.
MakerDAO’s Bug Bounty program has a single max prize set at $10 million, and the project claims to be the largest host not only on Immunefi, but the entire tech space.
Derek Flossman, Head of MakerDAO Protocol Engineering Core, told us: “We take the security of smart contracts and the Maker Protocol very seriously, and are delighted to be working with Immunefi.”
Similar to other projects that have chosen Immunefi to protect their protocols from vulnerabilities, the MakerDAO Bug Bounty program includes separate sizing of smart contracts, websites, and applications within the ecosystem, primarily considering the amount of venture capital.
According to Immunefi co-founder and CU facilitator Keith Travin Keith, since the program started, the company has partnered with the Maker ecosystem to improve security with many other core collaborations .
Keith Travin Keith said, “Now, we are pleased to announce a key pillar of our mission to launch and maintain a bug bounty program to help MakerDAO secure it. ”
DAI has a market capitalization of approximately $9.8 billion and is currently the 20th largest crypto asset in the industry. DAI is the first decentralized stablecoin on the Ethereum blockchain and one of the key assets of the booming DeFi industry, integrated in over 1,000 decentralized applications (DAPPs) and services, including wallets , DeFi platforms, games, etc.
FielEFI, which raised $5.5 million last October, partnered with MakerDAO in August 2021 to form the FieleFi Security Core Unit (CU), a team contracted within the Maker ecosystem to provide security services to MakerDAO .
The crypto project offers huge payouts to white hat hackers who identify project vulnerabilities, and Immunefi’s last record-breaking bug bounty program was launched by Olympia University in January this year, offering up to $3.3 million in prize money. The platform’s largest bounty to date, $2 million, went to a security researcher who discovered a critical vulnerability in cross-chain bridges like POLYGAN last year.
By comparison, traditional tech companies such as Microsoft, Intel or Google offer orders of magnitude lower returns. One of Microsoft’s biggest awards for 2021 is $200,000. Today, Immunefi protects more than $100 billion in user funds, These funds are locked through multiple DeFi protocols and smart contracts. Projects hosting the BUG reward program on Immunefi include Synthetix, Chainlink, SushissSwap, PancakeSwap, Bancor, Cream Finance, Compound, and more.
Since its launch, the platform has paid out more than $10 million in bounties to white hat hackers, according to the company.