- Ripple is launching a bug bounty program for its upcoming lending protocol on the XRP Ledger blockchain.
- The program, in partnership with Immunefi, offers up to $200,000 to security researchers who find vulnerabilities before launch.
- The initiative will run from October 27 to November 29, aiming to spot critical code issues before the protocol goes live.
- Earlier this year, the XRP Ledger faced a security breach and received a low security score from blockchain research firm Kaiko.
- The new protocol, which allows institutions to borrow from XRP holders, will be put to a community vote and could launch early next year if approved.
Ripple has announced a bug bounty program for its soon-to-launch lending protocol on the XRP Ledger blockchain. The company is working with Immunefi, a security platform, to offer rewards of up to $200,000 for researchers who discover bugs before the protocol’s official release.
The program will run from October 27 to November 29. Software bugs have led to significant financial losses across the decentralized finance (DeFi) sector. Ripple is taking preventive action to avoid similar setbacks and ensure the security of its new product.
Jasmine Cooper, Director of Product at Ripple, stated that the partnership with Immunefi is designed to “strengthen this new layer of XRPL’s DeFi infrastructure.” She added, “Partnering with Immunefi allows us to work with some of the top security researchers to help strengthen this new layer of XRPL’s DeFi infrastructure.” The lending protocol is part of Ripple’s new institutional DeFi roadmap. It allows institutions to borrow assets from XRP holders and create lending markets directly on the blockchain.
Unlike most DeFi lending protocols, Ripple’s planned market will support uncollateralized loans, with options for overcollateralized agreements through off-chain processes. This approach aims to unlock yield opportunities for XRP holders, a user base often referred to as the “XRP Army.”
The need for tight security follows a recent incident in April, when a Hacker breached the XRP Ledger by compromising software used by developers, targeting private keys. In August, blockchain firm Kaiko gave the XRP Ledger a security rating of 41 out of 100—the lowest among 15 blockchains it reviewed.
Past incidents across DeFi highlight the stakes: decentralized exchanges and lending protocols have lost billions to bugs and hacks, such as the $223 million stolen from Cetus and a $197 million theft from Euler (though the latter was returned). Bounty programs like Ripple’s are intended to encourage ethical reporting of vulnerabilities instead of exploitation.
The lending protocol is almost ready and will go to a vote among XRP Ledger validators this month. If approved, deployment could happen as soon as early next year.
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