Euler Partners with Sherlock for Decentralized Exploit Protection
Euler is excited to announce a partnership with risk management platform Sherlock Protocol in a $10M collaboration that will increase the protection and security of Euler protocol users.
Sherlock has audited Euler’s smart contracts and is also providing insurance coverage for the Euler platform, having started from the very first day of launch.
Sherlock is designed to offer affordable, reliable coverage against smart contract exploits through its unique security focused ecosystem. The Euler community benefits greatly from Sherlock’s skilled security team (Watsons) and their experienced leadership over the 3 months that led up to the Euler mainnet launch.
Sherlock Audit Report
As the Euler community looks forward to continued collaboration with Sherlock, their expert team has already delivered Euler protocol’s fourth audit report which is now available on Github.
Sherlock’s audit report concluded that no critical issues were found that would lead to an unexpected loss of funds for reasonable usage of the Euler protocol. The report added that the developers’ code was of high quality as the contracts used a complex approach to offer a number of novel protocol features and to save gas for our users.
Exploit Protect & Bug Bounty Program
In addition to the audit report, Euler will gain from Sherlock’s $10M smart contract coverage, a $1M ImmuneFi bug bounty, and additional help and expertise that has already aided in the guarded mainnet launch.
As Sherlock’s team mentioned in their announcement of the partnership, advanced DeFi security and protection is crucial as a number of protocols have been heavily affected by exploits where millions of dollars worth of crypto were drained from smart contracts this year. However, Euler’s focus and dedication to creating a secure permissionless lending platform is wholly enhanced by Sherlock’s services.
Sherlock’s ecosystem entails three main participants, including protocols such as Euler, along with Stakers and Watsons who provide top level security services. Stakers are a unique part of Sherlock as the insurance coverage is written against the capital provided by the Stakers who gain some of the highest and most sustainable APYs in DeFi for their part.
Sherlock’s in-depth coverage also presents a fair claims process as they manage to remove bias through a partnership with UMA where coverage holders can challenge claims decisions by escalating them to UMA’s Data Verification Mechanism.
Sherlock officially launched their $30M guarded mainnet in September and Euler joins the ranks of Nifty Options by Teller and Primitive as part of Sherlock’s first cohort.
Keep up to date with Sherlock by joining their Discord, follow their Twitter, learn more from their docs, and anticipate their V2 launch in early 2022!
Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party. Euler features a number of innovations not seen before in DeFi, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans and much more. For more information, visit euler.finance.
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