MakerDAO and Sherlock Collaborate for a Historic $1.35 Million Audit Contest

MakerDAO and Sherlock Collaborate for a Historic $1.35 Million Audit Contest

MakerDAO, the renowned decentralized finance (DeFi) lending protocol and creator of the stablecoin DAI, has unveiled an unprecedented $1.35 million audit contest, marking the largest initiative of its kind in the industry. This contest, set to run from July 8 to August 5, 2024, will be hosted on the Sherlock Platform, a leading Web3 audit contest provider. It aims to ensure top-tier security for MakerDAO’s Endgame phase, a critical step in the platform’s long-term development strategy.

Endgame Phase and Security Focus

The Endgame phase represents the culmination of MakerDAO’s ambitious plans to revamp its governance system and achieve a self-sustaining equilibrium, known as the Endgame State. This overhaul involves reorganizing the current complex decentralized workforce into new, self-sustainable DAOs called ‘MetaDAOs.’

Rune Christensen, co-founder of MakerDAO, emphasized the paramount importance of security in this phase:

“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.”

The Role of Sherlock

Jack Sanford, co-founder of Sherlock, highlighted MakerDAO’s dedication to security through the launch of this record-breaking audit contest. He shared insights on the four-week bug hunt, noting:

“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.”

MakerDAO’s decision to partner with Sherlock reflects a commitment to excellence in security auditing. A MakerDAO spokesperson elaborated:

“Sherlock is a pioneer in auditing contests for crypto projects and they have a deep network of reputable security researchers. It only makes sense that Maker would seek to work with the best in the space.”

Pre-Contest Preparations

In preparation for the contest, MakerDAO’s top bug bounty hunters will join forces with the MakerDAO team and industry legends for a week of pre-contest debugging, starting July 1. This initiative includes an educational breakdown and a comprehensive code walkthrough, offering valuable insights for both seasoned and emerging security researchers.

Commitment to Open Source and Security

Throughout the Endgame phase, MakerDAO has consistently prioritized thorough security testing. According to a spokesperson in a written Q&A with Cointelegraph:

“The Endgame products and features […] have been audited numerous times by multiple reputable auditing firms. The audit contest is an additional way to test the system. It underscores Maker’s commitment to open source and security while giving integrators and builders a chance to get familiar with Endgame before it gets launched.”

This historic collaboration between MakerDAO and Sherlock sets a new standard for security and innovation in the DeFi space, promising to engage and challenge the best minds in the field while ensuring the robustness of MakerDAO’s future developments.