Cream Finance’s decentralized lending protocol supports another important effort to improve the security of decentralized financing.
Cream Finance announced a new security campaign on Tuesday in partnership with several DeFi platforms such as Immunefi, Armor and DeFiSafety to strengthen protocol security and the broader DeFi ecosystem.
As part of the campaign, Cream Finance is launching a $ 1.5 million bug-bounty program with the Immunefi blockchain rewards platform to improve Crem’s protocol, API and web security.
The new debugging bonus will focus on Cream Finance smart contracts and prevent potential attacks on user funds, assets and vulnerabilities in data breaches. The rewards are distributed according to a scale of five levels, as shown in the immune system.
In addition to rewarding mistakes, Cream Finance will also work with the DeFi Armor smart deck pool to give users the opportunity to secure their money against piracy.
“Security is the key to developing the decentralized economic ecosystem and introducing new financial technology to more users worldwide.” We provide increased project transparency with DeFiSafety, prevent hacking with Immunefi, and give users a clear opportunity to purchase insurance coverage with Armor.fi, said co-founder of the company. Cream Finance and project manager Leo Cheng.
It is impossible to avoid weaknesses in new technology such as DeFi, Cheng said, but it is important to minimize the risk:
There is a risk, eggs will crack. We are more determined than ever to seek innovation in both investment efficiency and security. As with any new technology, there will be more vulnerabilities. The most important thing is to reduce the effect that these shocks will have on the road, and at the same time get maximum benefit. ”
The DeFi sector was the main target for cryptocurrency hacking last year, accounting for 50% of the total losses from theft and hacking in the crypto industry in the second half of 2020. Due to its decentralized nature and unregulated state, the DeFi ecosystem is much more attractive. For hackers compared to key cryptocurrency exchanges, with non-DeFi crime down almost 60% by 2020.