Ripple and blockchain security platform Immunefi launched an event called “Attackathon” to test the security of the new credit protocol developed on XRPL.
According to a joint statement from the companies, this program invites global security researchers to conduct vulnerability testing on the XRPL Lending Protocol.
Ripple, a provider of enterprise blockchain solutions, is a major contributor to the XRP Ledger (XRPL). Meanwhile, Immunefi claims to have protected $180 billion in user funds and prevented over $25 billion in attacks across more than 650 protocols with its on-chain security platform.
“We are excited to implement our Attackathon model to secure the XRPL Lending Protocol alongside RippleX. This initiative not only strengthens XRPL's infrastructure but also supports Immunefi's mission to protect the security of Web3 ecosystems,” said Mitchell Amador, CEO and founder of Immunefi.
The XRPL Lending Protocol, seen as the next major step in the enterprise DeFi vision within the XRPL ecosystem, will be submitted for validator voting towards the end of the year. If approved, the protocol will automate lending processes by offering pool-based lending and collateralized lending services natively on XRPL. This will enable developers and financial institutions to digitize the lending cycle from issuance to repayment, allowing borrowers to access global liquidity and investors to generate returns on their stranded assets.
The protocol is designed to integrate with existing risk and compliance frameworks and aims to make credit markets on XRPL more transparent, efficient, and accessible.
“XRPL is designed to provide a secure infrastructure for real-world financial applications. This security element becomes even more important as the lending protocol is integrated into the network,” said Jasmine Cooper, Head of Product at RippleX.
“This initiative will ensure the protocol is thoroughly tested by top security researchers before launch, paving the way for developers and organizations to build with confidence.”