Aave Protocol, a leading decentralized lending platform, has just teamed up with Immunefi to launch a $1 million bug bounty program.
The bug bounty program invites hackers and security researchers to find and report vulnerabilities in the protocol’s smart contracts and web interface.
With rewards ranging from $1,000 to $1 million, depending on the severity and impact of the vulnerabilities in the protocol’s smart contracts, many individuals have declared interest in the program.
The bug bounty program is part of Aave DAO’s efforts to enhance the security and reliability of the protocol, which currently has over $7 billion in total value locked (TVL) across seven networks.
Immunefi will provide security services such as audits, monitoring, and incident response to the protocol. Immunefi will also contract with Aave Companies and BGD Labs, two technical experts who contribute to the protocol, to review and qualify valid bug reports.
Emilio Frangella, Vice President of Engineering at Aave Companies, said: “We are excited to partner with Immunefi, who brings a successful track record in security services. The Aave DAO recognizes the importance of continuously remaining vigilant in protecting against the evolving security environment.”
Mitchell Amador, Founder and CEO of Immunefi, said: “We’re excited to support the Aave community in strengthening its ecosystem security against potential vulnerabilities. Aave Protocol is one of the most successful projects in decentralized finance. Their commitment to security has been remarkable and is reflected in the trust of its users.”
The bug bounty program was proposed by Immunefi in April earlier this year and approved by the Aave DAO later this October.
For now, the program is open to anyone who wants to participate and contribute to the security of the protocol. Interested parties can find more details about the program on Immunefi’s website.
Interested users can also learn more about the protocol on its official website or join its community on X.