Ripple Labs and cybersecurity platform Immunefi have joined forces to strengthen the security of the upcoming XRPL Lending Protocol. The two companies are launching an attackathon, a global bug-hunting event where security experts can test the system for weaknesses.
The goal is to fix any issues early and make sure the new lending protocol is strong, secure, and ready for developers and financial institutions.
Global Hackathon to Strengthen XRPL’s New Feature
The attackathon will bring together top security researchers from around the world to test the XRPL Lending Protocol for possible flaws. Participants will first take part in training sessions to learn how the protocol works. After that, they can join a bug bounty challenge with a total of $200,000 in rewards. The training will start on October 13, and the bug bounty will run from October 27 to November 29.
If approved by validators later this year, the XRPL Lending Protocol will bring lending and borrowing directly to the XRP Ledger. It will allow institutions and developers to automate the entire loan process, from issuance to repayment. Borrowers will also gain access to a pool of global liquidity while also earning interest on their assets.
Ripple Partners with Immunefi to Bolster DeFi Expansion and XRPL Security
Ripple, the main force behind the XRPL, is focused on building enterprise solutions and expanding its role in decentralized finance (DeFi) for institutions. It has been making big moves lately to truly become a full-stack financial company, not just a blockchain payments outfit.
On the other hand, Immunefi is a major blockchain security platform that has helped protect more than $180 billion in user funds. The firm has also stopped over $25 billion in potential hacks across 650 projects.
CEO and Immunefi founder Mitchell Amador expressed enthusiasm about working with RippleX. He explained that the attackathon program strengthened the overall infrastructure of the XRPL network.
XRPL Gains Momentum as Ripple Expands Real-World
XRPL was built to support, secure, and practical financial applications for real-world use. The decentralized blockchain is already seeing stronger adoption than ever. Recent data from Dune Analytics shows that more people and institutions are using the platform for large transactions. This came after XRPL added a new feature that allows multiple transactions to be carried out at once in a single bundle.
In the United Arab Emirates, Ripple has partnered with Ctrl Alt to modernize real estate transactions using the XRP Ledger.
The fintech company is also becoming developer-friendly. It is working with Peersyst to deploy an Ethereum Virtual Machine (EVM)-compatible sidechain for the XRP Ledger. This will allow developers familiar with Ethereum-based tools to build on XRPL. In a recent statement, Jasmine Cooper, Head of Product at RippleX, explained that Ripple’s partnership with Immunefi will give developers and institutions more confidence to build on the XRPL.