Cream Finance, the decentralized lending protocol, has announced a new security campaign for its DeFi ecosystem in collaboration with several DeFi platforms like Immunefi, Armor, and DeFiSafety.
It has been reported that it has launched a $1.5 million bug bounty program with blockchain bounty platform Immunefi to strengthen Cream’s protocol, API, and website security.
However, the new bug bounty will focus on Cream Finance’s smart contracts and the prevention of potential exploits against user funds, assets and data breach vulnerabilities. The bounty rewards will be distributed in accordance with a five-level scale described in Immunefi’s vulnerability severity classification system.
DeFi security is getting a shot in the arm from @CreamdotFinance as it funds a massive bug bounty program. Is the market maturing faster than anticipated? https://t.co/DHl6CfsVF5 — Cointelegraph (@Cointelegraph) April 21, 2021
The report said that alongside the bug bounty, Cream Finance will also work with DeFi smart cover aggregator Armor to provide users with the ability to insure their funds against a hack.
Leo Cheng, the Co-Founder and Project Lead of Cream Finance, said:
“Security is the key to maturing the decentralized finance ecosystem and bringing emerging financial technology to more users across the globe. We are delivering increased project transparency through DeFiSafety, preventing hacks with Immunefi, and providing a clear path for users to buy insurance coverage with Armor.fi.”
Cheng added that it’s impossible to avoid vulnerabilities in new technologies like DeFi, but it’s important to minimize the risks.
Thus, he concluded:
“There are risks, eggs will be and have been broken. We’re determined more than ever to seek out innovations on both capital efficiency and safety measures. As with all new technologies, there will be more vulnerabilities along the way. The key is to minimize the impacts that these bumps on the road will bring while maximizing the benefits.”