euler labs: News of Euler (EUL) - August 2024 Price Update - 10.78% Breakout Crypto News and Analysis

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With the upcoming launch of Euler v2, the team has dedicated countless hours to making Euler as secure as possible. With v2’s development, security was at the forefront of how Euler would be designed. No shortcuts. No cost-cutting. 29 audits. Over a year of audits and testing. Hosted one of the largest code contests ever. Euler v2’s modular design, hiring Erik as Euler Labs’ Head of Security, and working together with some of the industry’s leading security engineers are just some of the steps that the team has undertaken to secure Euler…

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Euler Prepares for v2 Launch with Unprecedented $4M Security Upgrade. Lending protocol Euler has secured $4 million to enhance the security of its upcoming v2 protocol, incorporating extensive audits, modular design, and expert collaboration to set new safety standards in the DeFi industry. Major Security Upgrade for Euler v2 Euler, a decentralized finance (DeFi) protocol, has allocated $4 million for a comprehensive security overhaul of its upcoming v2 platform. This move, backed by the Euler DAO, involves extensive code audits and the introduction of a modular architecture to reduce risks. The v2 platform, set for release in the second quarter of 2024, will adopt a modular structure and will feature components like the Euler Price Oracle, Euler Vault Kit (EVK), and the Ethereum Vault Connector (EVC), which are designed to offer users greater flexibility in creating lending markets. The push for enhanced security comes in the wake of a $200 million exploit that Euler suffered in March 2023. The incident has driven the protocol's developers to prioritize safety in the new version. The $4 million budget for security represents a significant increase compared to typical DeFi projects, which often allocate much lower amounts to security measures. Euler v2’s security framework's modular structure is conducive to isolating risks and simplifying the auditing process to ensure any vulnerabilities are identified and addressed promptly. Euler's security initiative has involved collaboration with several high-profile security experts, including engineers from Certora and the developer of the Yield protocol, Alberto Cuesta Cañada, and Cmichel, StErMi, leading security engineers from Spearbit. These experts have been involved in the project's early stages to help detect potential vulnerabilities. The development team also employed advanced testing methodologies such as fuzz testing and formal verification to complement the extensive audits. The protocol enabled extensive internal and external audits, with 29 code audits conducted by 12 top security firms. In addition to these efforts, Euler Labs organized a global code audit competition with $1.25 million in rewards for identifying bugs in the v2 codebase. The competition attracted over 600 participants, and no high or medium-severity issues were discovered. This further underscores the protocol’s emphasis on creating a secure platform for its users.

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Announcement of the upcoming launch of Euler v2, that the team has dedicated countless hours to making Euler as secure as possible. With v2’s development, security was at the forefront of how Euler would be designed. No shortcuts. No cost-cutting. 29 audits. Over a year of audits and testing. Hosted one of the largest code contests ever. Euler v2’s modular design, hiring Erik as Euler Labs’ Head of Security, and working together with some of the industry’s leading security engineers are just some of the steps that the team has undertaken to secure Euler This is part of many several announcement made today others include Code competition, a $1.25M audit competition that involved 602 global researchers. Candidates challenged the codebase with their unique experiences and techniques.

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