- In addition, the protocol ran a massive code audit competition run by Cantina, offering $1.25 million in prizes for finding post-audit flaws.
DeFi lending guidelines With a $4 million investment from Euler DAO, Euler has announced the completion of a thorough security process for its future Euler v2 protocol.
This significant budget demonstrates the protocol’s dedication to security in the DeFi industry, especially in light of its modular design, which tries to lower risks and increase dependability.
Using the $200 million hack that affected the protocol in March 2023 as a lesson, Euler created v2. Through its considerable efforts to strengthen security, the protocol stated that its major goal is to reestablish confidence and create new norms for security in the DeFi sector.
Examinations
The post from August 12 states that the modular architecture of Euler v2 was created to isolate hazards and streamline the auditing procedure. Important parts including the Euler Vault Kit (EVK), Euler Price Oracle (EPO), and Ethereum Vault Connector (EVC) were designed to carry out particular tasks precisely.
With the use of this strategy, 12 prestigious security organizations carried out 29 distinct code audits to thoroughly verify and safeguard the platform, facilitating both internal and external audits.
By doing this, Euler hopes to show that it is committed to safeguarding user assets and guaranteeing the network’s dependability by making its v2 platform among the most secure in the DeFi industry.
During the design process, Euler Labs worked with Certora and other experts in addition to typical security methods to address any vulnerabilities. To guarantee code robustness, the protocol also made use of formal verification techniques and custom fuzz testing suites.
Worldwide Assessment
Euler’s choice to have a massive code audit competition run by Cantina, with $1.25 million in prizes for finding post-audit defects, was a key component of its security plan.
With over 600 participants worldwide, the competition produced an impressive result for such a large-scale review: none of them found any high- or medium-severity concerns.
Euler Labs maintains that security is a continuous process in spite of these stringent procedures. In order to sustain the security posture of the protocol after launch, extra efforts like bug bounties and user interface penetration tests will be beneficial.
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