DeFi lending protocol Euler has introduced the completion of a complete safety course of for its upcoming Euler v2 protocol, which concerned a $4 million funding allotted by Euler DAO.
This substantial price range highlights the protocol’s dedication to safety within the DeFi sector, significantly via its modular design, which goals to cut back dangers and enhance reliability.
Euler has designed v2 with classes realized from a $200 million exploit that hit the protocol in March 2023. The protocol stated its major goal is to rebuild belief and set new requirements for safety within the DeFi sector via its in depth efforts to boost safety.
Audits
In accordance with the Aug. 12 put up, Euler v2’s modular structure was designed to isolate dangers and simplify the auditing course of. Key parts such because the Ethereum Vault Connector (EVC), Euler Vault Package (EVK), and Euler Value Oracle (EPO) had been created to carry out particular features with precision.
This method facilitated each inner and exterior audits, with 29 separate code audits carried out by 12 high safety companies to scrupulously check and safe the platform.
By doing so, Euler goals to make its v2 platform one of the vital safe within the DeFi area, demonstrating its dedication to defending consumer property and guaranteeing the platform’s reliability.
Along with commonplace safety practices, Euler Labs engaged with Certora and different specialists through the design part to deal with potential vulnerabilities. The protocol additionally utilized bespoke fuzz testing suites and formal verification strategies to make sure code robustness.
International evaluation
A big facet of Euler’s safety technique was its determination to conduct a large-scale code audit competitors managed by Cantina, with $1.25 million in rewards for figuring out post-audit bugs.
The competitors drew over 600 individuals globally, none of whom found any excessive or medium-severity points — a notable final result for such a large-scale evaluation.
Regardless of these in depth measures, Euler Labs continues to emphasise that safety is an ongoing course of. The protocol will even profit from further initiatives, resembling bug bounties and consumer interface penetration exams, to take care of its safety posture past the launch.
