Ripple and blockchain security platform Immunefi have launched an event called “Attackathon” to test the security of a new credit protocol developed with XRPL.
According to a joint statement from the two companies, the program will invite security researchers from around the world to conduct vulnerability testing of the XRPL lending protocol.
Ripple, a provider of enterprise blockchain solutions, is a major contributor to the XRP Ledger (XRPL). Immunefi, on the other hand, claims that its on-chain security platform has protected $180 billion in user funds and prevented over $25 billion in attacks across over 650 protocols.
“We are excited to work with RippleX to implement an attack-a-thon model to secure the XRPL lending protocol. This effort not only strengthens XRPL’s infrastructure, but also supports Immunefi’s mission to secure the Web3 ecosystem,” said Mitchell Amador, CEO and Founder of Immunefi.
The XRPL lending protocol is seen as the next major step in the enterprise DeFi vision within the XRPL ecosystem and will be submitted to validator voting towards the end of the year. If approved, the protocol will automate the lending process by providing pool-based lending and collateralized lending services natively on XRPL. This will enable developers and financial institutions to digitize the loan cycle from issuance to repayment, allowing borrowers to access global liquidity and investors to generate profits from 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. As lending protocols are integrated into networks, this security element becomes even more important,” said Jasmine Cooper, head of product at RippleX.
“This initiative ensures that protocols are thoroughly tested by leading security researchers before launch, paving the way for developers and organizations to build with confidence.”
*This is not investment advice.
