DeFi lending protocol Euler has introduced the completion of a complete safety course of for its upcoming Euler v2 protocol, which concerned a $4 million funding allotted by Euler DAO.
This substantial price range highlights the protocol’s dedication to safety within the DeFi sector, significantly by means of its modular design, which goals to scale back dangers and enhance reliability.
Euler has designed v2 with classes realized from a $200 million exploit that hit the protocol in March 2023. The protocol stated its major purpose is to rebuild belief and set new requirements for safety within the DeFi sector by means of its intensive efforts to boost safety.
Audits
In accordance with the Aug. 12 put up, Euler v2’s modular structure was designed to isolate dangers and simplify the auditing course of. Key elements such because the Ethereum Vault Connector (EVC), Euler Vault Package (EVK), and Euler Worth Oracle (EPO) had been created to carry out particular capabilities with precision.
This strategy facilitated each inner and exterior audits, with 29 separate code audits carried out by 12 prime safety companies to carefully take a look at and safe the platform.
By doing so, Euler goals to make its v2 platform some of the safe within the DeFi house, demonstrating its dedication to defending consumer property and guaranteeing the platform’s reliability.
Along with commonplace safety practices, Euler Labs engaged with Certora and different consultants through the design section to deal with potential vulnerabilities. The protocol additionally utilized bespoke fuzz testing suites and formal verification strategies to make sure code robustness.
World assessment
A big facet of Euler’s safety technique was its resolution to conduct a large-scale code audit competitors managed by Cantina, with $1.25 million in rewards for figuring out post-audit bugs.
The competitors drew over 600 contributors globally, none of whom found any excessive or medium-severity points — a notable consequence for such a large-scale assessment.
Regardless of these intensive measures, Euler Labs continues to emphasise that safety is an ongoing course of. The protocol will even profit from further initiatives, resembling bug bounties and consumer interface penetration exams, to take care of its safety posture past the launch.
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