- Yearn Finance has issued an open challenge to the world’s top hackers to test the resilience of its v3 vault security.
- Following an earlier exploit resulting in a $10 million loss, the decentralized finance (DeFi) protocol is now striving to enhance its security features.
In an audacious move, Yearn Finance, a Decentralized Finance (DeFi) protocol, has called upon the most proficient hackers to test their v3 vault security. This unconventional invitation comes as the protocol aims to demonstrate the robustness of its security systems following a previous exploitation that led to significant loss.
🚨We want you to hack us.🚨
Yep, really…
Yearn v3 has gone through multiple audits and internal reviews, but it's time for the real battle test – Crypto Twitter.
If you can take the funds from the v3 Vault and strategy below, they're yours.
[See next tweet for contracts] pic.twitter.com/kqb5tXiXub
— yearn (@yearnfi) July 25, 2023
Yearn Finance Puts Security to the Test
Yearn Finance has boldly stated,
“We want you to hack us. Yep, really.”
This provocative declaration aims to put their v3 vault’s security resilience to the test, following multiple audits and internal reviews. The protocol wishes to engage the global hacking community, also referred to as ‘Crypto Twitter,’ in what can be considered a real-world, high-stakes security drill.
Addressing the hacker community, Yearn Finance stated,
“If you can take the funds from the v3 vault and strategy below, they’re yours.”
To further this, they have revealed almost all permissioned functions on the vault, exhibiting a high level of confidence in their security measures.
Their v3 vault’s popularity is highlighted by the Curve TriCryptoUSDC vault, which has $108 million locked and claims to yield 13.94%. However, Yearn Finance’s journey hasn’t been without setbacks. It suffered an exploit in April due to a ‘misconfigured’ yUSDT token, leading to a loss of around $10 million.
A Steep Road to Recovery
From being one of the leading DeFi protocols, Yearn Finance has witnessed a decline in its standing due to high fees and high gas costs. The protocol’s total value locked (TVL) stands at just $431 million, a staggering 94% fall from its peak of nearly $7 billion in late 2021.
The protocol’s native token, YFI, has been equally affected. The token, which was considered a hot asset in DeFi in 2021, is now 93% down from its all-time high. As of now, the token is trading at $6,541, reflecting a 6% decline over the past week, in line with the broader crypto market retreat.
By extending an open invitation to the world’s best hackers, Yearn Finance is striving to showcase the strength of its security measures, hoping to regain user confidence and revive its position in the DeFi space.
