New MakerDao’s Bug Bounty Program Offers Payout of $10 Million to White Hat Hackers Who Find Bugs in DAI

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MakerDAO has launched a new bug bounty program, with a stated goal of seeking out and responsibly disclosing vulnerabilities within the DAO. 

The MakerDAO Bug Bounty Program seeks to provide security researchers with an incentive for responsibly disclosing vulnerabilities that could potentially have a significant and harmful effect on users. The incentives are designed to be sufficiently motivating so that we can ensure the highest level of security possible across our platform.

Derek Flossman, head of Protocol Engineering Core Unit at MakerDAO, said, “We are thrilled to be working with Immunefi on the security of smart contracts and the Maker protocol.”

The MakerDAO bug bounty program includes separate scales for smart contracts, websites, and apps within the ecosystem, taking into account the amount of funds at risk, just as other projects that have chosen Immunefi to safeguard their protocols.

Keith Travin Keith, cofounder of Immunefi and facilitator of the CU, says the company has engaged with the Maker ecosystem in improving the security around the space as well as collaborated with many other core units since the launch of the initiative.

With a market cap of approximately $9.8 billion, DAI is currently the 20th largest crypto asset in the industry. “Now, we’re pleased to announce one of our core goals, and that is to launch and maintain a bug bounty program which will ensure MakerDAO’s safety,” he said.

In addition to being the first decentralized stablecoin on the Ethereum blockchain, DAI is also one of the key assets in the rapidly growing DeFi sector, having been incorporated into more than 1,000 decentralized apps (dapps) and services, including wallets and DeFi platforms.

The Immunefi Security Core Unit (CU), a contracted team within the Maker ecosystem, will provide security services for MakerDAO. Immunefi raised $5.5 million in funding in October last year.

OlympusDAO Bug Bounty Program: Up To $3.3 Million In Payouts!

In January, OlympusDAO launched a bug bounty program offering payouts of up to $3.3 million to whitehat hackers identifying vulnerabilities in their projects. Immunefi’s previous bug bounty program offered payouts of up to $3.3 million. Security researcher who discovered a critical vulnerability in the Polygon Plasma Bridge last year was awarded $2 million as the platform’s largest payout to date.

Microsoft, Intel, and Google, by comparison, offer rewards orders of magnitude lower; the largest award recorded by Microsoft in its 2021 Year in Review was $200,000.

A variety of projects host their bug bounty programs on Immunefi, such as Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, Cream Finance, Compound, and others. Immunefi protects over $100 billion in user funds locked across multiple DeFi protocols and smart contracts.

According to the company, since the platform was launched, bounties have been paid to whitehat hacker over $10 million.

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Chris Munch

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.