Cream Finance is now looking to minimize vulnerabilities as a major effort to improve the DeFi security or decentralized finance security. The decentralized lending protocol on Tuesday announced a new security campaign in collaboration with several DeFi platforms. The collaboration with Immunefi, Armor, and DeFiSafety aims to bring stronger security to its protocol and the wider DeFi ecosystem.
Cream Finance to Minimize Vulnerabilities with New DeFi Security
Cream Finance is launching a $1.5 million bug bounty program as part of the campaign. The bug bounty aims to prevent potential exploits against user funds, assets and data breach vulnerabilities and focus on Cream Finance’s smart contracts. Blockchain bounty platform Immunefi strengthens Cream’s protocol, API, and website security.
As illustrated in Immunefi’s vulnerability severity classification system, the bounty rewards will be issued in terms of a five-level scale.
Collaboration with Armor to Ensure Users their Funds Against the Hack
A statement from Cream Finance co-founder and project lead Leo Cheng reads;
“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,” “it’s impossible to avoid vulnerabilities in new technologies like DeFi, but it’s important to minimize the risks,” he added,
“There are risks, eggs will be and have been broken. We’re determined more than ever 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.”
The DeFi sector accounting for 50% of total losses from thefts and hacks in the crypto industry is a major target in the second half of 2020. Due to its decentralized nature and unregulated status, the DeFi ecosystem is far more captivating to hackers than any centralized crypto exchange.