MakerDAO Announces $1.35M Security Audit Contest, Invites Experts and Newbies to Participate

MakerDAO, the leading DeFi lending protocol behind the DAI stablecoin, has announced a $1.35 million security audit contest. This event is the **largest** of its kind in the crypto industry.

**DeFi** lending protocol **MakerDAO** has announced a **$1.35 million security audit contest, the largest in the crypto industry. The contest will begin on July 8 and run through August 5. Sherlock**, a Web3 audit contest platform, will host this bug bounty event.

From seasoned experts to newbies—all are invited in MakerDAO’s Audit Contest. This month-long event will see MakerDAO testing its systems thoroughly as it prepares for its highly anticipated “Endgame” phase. The contest invites both seasoned security experts and up-and-coming researchers to participate and get a chance to identify potential vulnerabilities in MakerDAO’s infrastructure.

The Endgame phase is the final step in MakerDAO’s long-term development plan, a project that involves reorganizing MakerDAO’s existing decentralized workforce into new, independent units called “MetaDAOs.” Rune Christensen, co-founder of MakerDAO, highlighted the critical importance of security in this venture.

“Rock-solid security has always been a priority for MakerDAO,” Christensen stated. “Over time, it’s become one of the defining features of the project.” This commitment to security is what led MakerDAO to collaborate with Sherlock.

The Endgame project aims to overhaul MakerDAO’s governance, creating a self-sustaining equilibrium called the Endgame State. This plan involves reorganizing much of the existing complex decentralized workforce ecosystem into new self-sustainable entities called “MetaDAOs.” By doing so, MakerDAO hopes to streamline its operations and enhance its resilience.

Jack Sanford, co-founder of Sherlock, shared his excitement about the upcoming event. He revealed that some of the world’s top security experts are already participating in the contest. However, Sanford also highlighted the opportunity for newcomers, saying, “Many up-and-comers will undoubtedly make a name for themselves and show a strong performance in this historic contest.”

Pre-Contest Debugging Session

To prepare participants for the main event, MakerDAO is organizing a pre-contest debugging session during the week of July 1. This session will feature educational breakdowns by top MakerDAO bug bounty hunters. Additionally, the MakerDAO team and respected figures in the crypto community will provide comprehensive code walkthroughs.

Following the security contest announcement, MakerDAO’s governance token, Maker (MKR), experienced a price surge. At the time of this writing, MKR is trading at $2,336**, a 7.9% increase in the last 24 hours. This uptick has pushed MakerDAO’s market capitalization to **$2.16 billion, with a 24-hour trading volume of $98.11 million.

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