Decentralized lending protocol Cream Finance is backing one other main effort to enhance the safety of decentralized finance.On Tuesday, Cream Fina
Decentralized lending protocol Cream Finance is backing one other main effort to enhance the safety of decentralized finance.
On Tuesday, Cream Finance introduced a brand new safety marketing campaign in collaboration with a number of DeFi platforms like Immunefi, Armor.fi and DeFiSafety to deliver stronger safety to its protocol and the broader DeFi ecosystem.
As a part of the marketing campaign, Cream Finance is launching a $1.5 million bug bounty program with blockchain bounty platform Immunefi to strengthen Cream’s protocol, API and web site safety.
The brand new bug bounty will deal with Cream Finance’s good contracts and prevention of potential exploits on person funds, belongings and knowledge breach vulnerabilities. The bounty rewards might be distributed in accordance with a five-level scale described in Immunefi’s vulnerability severity classification system.
Alongside the bug bounty, Cream Finance will even work with the DeFi good cowl aggregator, Armor.fi, to supply customers with the power to insure their funds towards a hack.
“Safety is the important thing to maturing the decentralized finance ecosystem and bringing rising monetary know-how to extra customers throughout the globe. We’re delivering elevated mission transparency by DeFiSafety, stopping hacks with Immunefi, and offering a transparent path for customers to purchase insurance coverage protection with Armor.fi,” Cream Finance co-founder and mission lead Leo Cheng said.
Cheng stated that it’s unattainable to keep away from vulnerabilities in new applied sciences like DeFi, however it’s vital to reduce the dangers:
“There are dangers, eggs might be and have been damaged. We’re decided greater than ever to hunt out improvements on each capital effectivity and security measures. As with all new applied sciences, there might be extra vulnerabilities alongside the best way. The secret’s to reduce the impacts that these bumps on the highway will deliver whereas maximizing the advantages.”
The DeFi sector was a significant goal for cryptocurrency hacks final 12 months, accounting for 50% of complete losses from thefts and hacks within the crypto trade within the second half of 2020. Attributable to its decentralized nature and unregulated standing, the DeFi ecosystem is extra engaging to hackers than centralized crypto exchanges, with non-DeFi crypto crimes dropping almost 60% in 2020.