They seek to identify vulnerabilities in the new native lending protocol of the XRP Ledger.
Ripple has announced a strategic collaboration with Immunefi, the leading bug bounty platform for Web3. The purpose of this partnership is to launch an "Attackathon."
They explained that it is a white-hat hacking contest designed to rigorously test the resilience of their upcoming native lending protocol on the XRP Ledger (XRPL) before its potential implementation on the mainnet.
The initiative seeks to leverage the talent of the global cybersecurity community to proactively identify and correct potential vulnerabilities. With a total prize pool of $100,000, security researchers will compete to find critical flaws in the protocol's code.
The grand prize of $50,000 will be awarded to whoever discovers a maximum-severity vulnerability, demonstrating the high value Ripple places on the XRPL lending protocol's security.
This new protocol, which still needs to be approved by the network's validators for activation, is designed to allow users to lend and borrow digital assets like XRP, wBTC, and wETH directly on the ledger's base layer. This native approach aims to avoid many of the vulnerabilities associated with smart contracts that have caused millions in losses on other DeFi platforms.
By subjecting the protocol to such intense scrutiny before its launch, Ripple aims to build trust and ensure a robust and secure environment for future users. This move underscores a firm commitment to the security of the XRPL lending protocol, positioning it as a key piece in the expansion of decentralized finance (DeFi) capabilities within the Ripple ecosystem and setting a precedent for the responsible launch of critical new features in the blockchain industry.