On-chain security platform Immunefi and enterprise blockchain company Ripple launched a collaboration to secure the proposed XRP Ledger (XRPL) Lending Protocol. The initiative, an “Attackathon,” invites security researchers to test the protocol for vulnerabilities ahead of a validator vote later this year.
The partnership will offer a $200,000 prize pool to security experts who identify potential bugs and security flaws in the new protocol. The event represents a community-driven approach to security, aiming to battle-test the infrastructure before its potential launch.
A new standard for pre-launch security
The collaboration establishes a public and transparent process for auditing the new lending protocol. The Attackathon includes an “Attackathon Academy,” which will train security researchers on the relevant technology before the bug-hunting period begins on 27 October. The initiative is designed to leverage the expertise of Immunefi’s community of over 60,000 security researchers.
“We are excited to team up with RippleX to secure the XRPL Lending Protocol through our Attackathon model, which trains and leverages the expertise of the world’s best security researchers,” said Mitchell Amador, chief executive officer and founder of Immunefi. “This initiative not only strengthens XRPL’s infrastructure but also reinforces Immunefi’s mission to protect the most critical ecosystems in Web3.”
Immunefi’s platform is used by a wide range of protocols, including Chainlink and the Ethereum Foundation, and the company reports that it has protected over $180billion in user funds and prevented over $25billion in hacks.
Building institutional DeFi on the XRP Ledger
The XRPL Lending Protocol is a significant development in the XRPL’s institutional DeFi roadmap. The protocol is designed to introduce pooled lending and underwritten credit natively on the XRP Ledger, which would enable developers and financial institutions to automate the entire loan lifecycle, from issuance to repayment.
By connecting borrowers to global liquidity and allowing lenders to earn yield, the protocol aims to make credit markets more efficient and transparent.
“XRPL was designed to support secure, real-world financial applications, and that’s especially important as lending is introduced to the network,” said Jasmine Cooper, head of product at RippleX. “This initiative is about making sure the proposed Lending Protocol is thoroughly tested and resilient before launch, so developers and institutions can build with confidence. Partnering with Immunefi allows us to work with some of the top security researchers to help strengthen this new layer of XRPL’s DeFi infrastructure.”
The XRP Ledger, launched in 2012, is a decentralised layer 1 blockchain known for its low-cost transactions and reliability in tokenising and exchanging assets. The proposed lending protocol aims to build on this foundation to support more advanced financial services.
The Attackathon will run until 29 November, and will include a live X Spaces AMA with security leads from Immunefi and developers from the XRPL Foundation to provide real-time insights into the project.
