Key Takeaways
- Euler invested $4 million in safety, far exceeding business requirements.
- The v2 code underwent 29 audits by 12 totally different safety corporations.
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Euler, a decentralized lending protocol, immediately introduced the completion of an unparalleled safety course of for its v2 platform. Euler DAO invested roughly $4 million in safety measures, together with the hiring of prime safety consultants, rigorous testing strategies, and in depth audits with 29 code audits from 12 totally different corporations.
The safety funding was a considerable sum in comparison with different DeFi initiatives which usually allocate a lot decrease budgets within the low six figures, the corporate said. The efforts intention to make Euler v2 one of the safe DeFi protocols ever constructed.
Euler mentioned high-profile safety consultants have been concerned from the early levels of growth to assist determine and tackle potential vulnerabilities, together with safety engineers from Certora, ERC-4626 pioneer and developer of the Yield protocol Alberto Cuesta Cañada, in addition to Cmichel, StErMi, main safety engineers from Spearbit.
As soon as every module was accomplished, it underwent rigorous inside and exterior audits. Euler v2’s strong safety framework features a modular structure that isolates potential vulnerabilities, enhancing auditability.
The audit course of was complemented by superior testing methodologies, together with fuzz testing and formal verification, which have been developed in collaboration with safety consultants.
The corporate famous that the protocol underwent 29 audits performed by 12 top-tier corporations. Euler’s multi-layered method ensures that the protocol’s core capabilities stay safe underneath all circumstances.
As a part of its dedication to safety, Euler engaged Cantina to arrange the biggest code audit competitors ever held. The occasion attracted over 600 members globally, with researchers competing for a $1.25 million prize pool.
Modular method
Euler is about to launch its revamped model, Euler v2, within the second quarter of 2024, the group shared in a press launch. Euler v2 adopts a modular construction, introducing elements just like the Euler Vault Package (EVK) for customizable lending vaults and the Ethereum Vault Connector (EVC) for integrating with ERC-4626 vaults.
Euler v2 goals to supply elevated flexibility for customers to create customized lending markets and methods. The new model additionally seeks to rebuild belief after the $200 million exploit final March.
The group mentioned beforehand they’d discovered from the assault within the earlier model, prioritizing flexibility and scalability in v2.
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