Ripple and Immunefi: the launch of Attackathon for the protection of XRPL Lending Protocol
Ripple and Immunefi launched today, October 13, the “Attackathon” aimed at protecting the XRP Ledger (XRPL) Lending Protocol.
In practice, the Attackathon is a community-driven blockchain security model that unites Immunefi with XRPL to establish a new standard for secure DeFi innovation.
On one hand, Immunefi presents itself as the leading on-chain security platform that protects 180 billion dollars of user funds. On the other hand, there is XRPL by Ripple, the top-tier blockchain known for its speed and scalability.
The Attackathon involves the best security researchers from around the world to thoroughly test the XRPL lending protocol and ensure it is as robust and reliable as possible.
Not only that, starting from October 13, the Attackathon Academy also begins to train security researchers on the relevant technology. They will be able to compete for a prize pool of $200,000 for identified vulnerabilities. The bug research period starts on October 27 and lasts until November 29.
Ripple and Immunefi: Security for the XRP Ledger (XRPL) Lending Protocol
The new native lending protocol on XRP Ledger is expected to be put to a vote by validators by the end of the year.
The goal of the protocol is to introduce pooled lending and secured credit natively on the XRP Ledger.
This would allow developers and financial institutions to automate the loan lifecycle, from issuance to repayment, while simultaneously connecting borrowers to global liquidity and enabling lenders to earn returns on otherwise unused assets.
In this regard, Jasmine Cooper, product lead at RippleX, stated:
“XRPL was designed to support secure and real financial applications, and this is particularly important with the introduction of lending on the network. This initiative aims to ensure that the proposed lending protocol is thoroughly tested and resilient before launch, so that developers and institutions can build with confidence.
The partnership with Immunefi allows us to work with some of the best researchers in the field of security to help strengthen this new layer of the XRPL DeFi infrastructure.”
The collaboration with Immunefi involves the engagement of a growing community of over 60,000 security researchers.
Immunefi already protects $180 billion of user funds and has prevented over $25 billion in hacking across more than 650 protocols.
The experience of its security researchers ensures that high-profile DeFi projects like the XRPL Lending Protocol can identify and fix vulnerabilities before they impact users, consolidating trust and credibility in emerging blockchain ecosystems.
The Landing in Bahrain and the Descent of XRP in the Crypto Rankings
Recently, Ripple made headlines for its expansion in Bahrain, thanks to a strategic partnership with Bahrain Fintech Bay.
The common goal is to work together in the fields of blockchain, cross-border payments, digital assets, stablecoins, and tokenization.
Bahrain Fintech Bay is the leading fintech incubator and ecosystem builder in the Kingdom of Bahrain. Not only that, BFB also collaborates with government entities and other parties to accelerate the development and adoption of blockchain and crypto in Bahrain.
Another recent news concerning XRP is its drop to the fifth position in the overall crypto ranking. In fact, since October 8th, it seems that XRP has been overtaken by BNB and Tether (USDT) due to their increase in market capitalization.
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Author: NixCoin