Immunefi, the cryptocurrency bug bounty and security services platform that protects more than $25 billion in users’ funds, is establishing the Immunefi Security Core Unit (CU), which is a contracted team within the Maker ecosystem.
According to a release shared with CI, the team will be offering security services for MakerDAO. Immunefi Security CU is reportedly being incubated by the Sustainability Ecosystem Scaling CU, the MakerDAO team “mandated to further scale the ecosystem in a sustainable manner.”
As previously reported, MakerDAO acts as a “decentralized” organization that is well-known for Dai, the world’s first cryptocurrency-backed stablecoin launched on the Ethereum blockchain.
Maker, established back in 2015, is one of “the oldest and most respected projects in the space,” the announcement noted while adding that its underlying protocol and USD soft-pegged stablecoin, “are financial primitives that enabled the emergence of decentralized finance (#DeFi) movement.”
Maker Foundation, a “temporary” entity with the goal to bootstrap MakerDAO, has achieved its goal and is currently undergoing “a complete dissolution,” as confirmed by the co-founder of the Maker Foundation CEO Rune Christensen.
As noted in the update:
“From now on, further development is conducted through purpose-driven CUs of contributors that are being approved by the project’s decentralized governance consisting of MKR token holders.”
Travin Keith, Co-founder at Immunefi, will reportedly be leading the Immunefi Security CU team “to hone the best in class security standards, including proactive and reactive measures and procedures, to further safeguard the Maker ecosystem.”
Immunefi CU will aim to create an “industry-leading” bug bounty program “to adequately incentivize independent security researchers to look for vulnerabilities in the MakerDAO codebase, as well as disclosing vulnerabilities instead of exploiting them.”
Juan Guillen, SES CU Facilitator remarked:
“SES’ mission is to enable MakerDAO to scale, ensuring the operational security of all the stakeholders. We are excited to welcome Immunefi into the Incubation Program, as their focus perfectly fits our objective. Immunefi has an impressive track record of working with some of the largest DeFi protocols, and we are keen to have their expertise on board. Furthermore, Immunefi is one of the first external teams that we are onboarding, and we are looking forward to implementing this new model that enables third-party service providers to work in MakerDAO through the Core Unit Framework.”
Travin Keith noted that they’re quite impressed with MakerDAO and the SES CU and their approach to taking “decentralized governance” and “community organization” forward. Keith also mentioned that they’re excited “to contribute to the ecosystem with our expertise in crypto security.”