Markets were taken by surprise when MakerDAO, the decentralized organization (DAO) behind DAI stablecoin, announced that it would offer a bounty of up to $10 million to ethical hackers and cybersecurity experts able to demonstrate valid security threats.
MakerDAO + Immunefi = Record Bounty Payout
MakerDAO and Immunefi, a leading crypto security platform, will launch a bug bounty program, promising a record payout of $10 million to whitehat hackers. Frontrun attacks on the platform’s smart contracts will be the largest bounty in DAI history, with a payout of up to $10 million.
Thus, MakerDAO claims not only to host the largest bug bounty program on Immunefi, but it is also the largest across the entire tech industry.
Interestingly, Immunefi’s website claims that the bugs found have prevented damages of up to $20 billion.
At the moment, according to Immunefi reports, Whitehat hackers can earn up to $10 million for finding critical vulnerabilities in Maker’s smart contracts. A $3.3 million bug bounty offered by Olympus DAO, which launched in January, is the next largest bounty on Immunefi. Security researcher who discovered a critical vulnerability in Polygon Plasma Bridge last year won the platform’s largest payout of $2 million.
The Latest News On MakerDAO And What It Means For MKR Holders
MakerDAO’s token MKR has often responded well to larger market runs as well as ecosystem-centric developments. After MakerDAO was in the news for its latest bug bounty program, MKR holders expected the token to go up in value. MKR experienced over 5% daily losses during the week, and close to 10% price drop by the end of it, as a result of Bitcoin’s rejection at the $44.5K mark. Maker’s large market dependence could be observed by the token’s recent trade at $2,113. Notably, MKR has good long-term growth prospects with developer incentives such as the bug bounty program recently announced. Nevertheless, the MKR price trajectory may be influenced by BTC and the larger marker in the short term.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
