Ripple puts XRPL Lending Protocol to the test with Immunefi
Ripple and Immunefi have launched a $200,000 “Attackathon” to test and secure the upcoming XRPL Lending Protocol.
- Ripple partnered with Immunefi to test the security of the XRPL Lending Protocol
- Two organizations will launch $200,000 “Attackathon” to test the security of the protocol
Lending protocols are historically high-value, high-risk targets in DeFi. On Monday, Oct. 13, Ripple and Immunefi launched a $200,000 “Attackathon” to test and secure the upcoming XRPL Lending Protocol. This protocol is a key part of XRP Ledger’s expanding DeFi roadmap.
The initiative will invite global security experts to identify vulnerabilities in the protocol before it goes live. Experts who find critical vulnerabilities will receive bounties from the $200,000 rewards pool. The program is currently in its training phase, with active bug hunting set for Oct. 27 to Nov. 29.
“This initiative not only strengthens XRPL’s infrastructure but also reinforces Immunefi’s mission to protect the most critical ecosystems in Web3,” said Mitchell Amador, CEO and Founder of Immunefi, adding that it leverages “the expertise of the world’s best security researchers.”
XRPL Lending Protocol key to Ripple’s DeFi pivot
The goal of the hackathon is to stress test the XRPL Lending Protocol before launch, reducing the risk of critical failures. It also aims to build confidence in a protocol that will form the backbone of the XRPL’s DeFi ecosystem.
“This initiative is about making sure the proposed Lending Protocol is thoroughly tested and resilient before launch, so developers and institutions can build with confidence. Partnering with Immunefi allows us to work with some of the top security researchers to help strengthen this new layer of XRPL’s DeFi infrastructure,” said Jasmine Cooper, Head of Product at RippleX.
XRP, the smart-contract-enabled section of the Ripple (XRP) ecosystem, is known for its speed and cheap transactions. However, it has so far not supported lending, a key element in DeFi. This is what the XRPL Lending Protocol aims to enable.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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