We're excited to announce the largest security competition done in history with $1,250,000 in rewards up for grabs. The Euler v2 Code Audit Competition will be conducted in collaboration with Cantina, an industry-leading security marketplace incubated by Spearbit. As the largest audit competition in crypto history, this marks a significant milestone ahead of the upcoming launch of Euler v2 in the Ethereum mainnet.

In the development of Euler V2, we are elevating the standards in every aspect when compared to its predecessor, Euler V1, with a particular focus on enhancing security measures. To ensure the utmost security, the Euler V2 codebase will be subjected to an extensive series of audits. These will include traditional security evaluations conducted by industry-leading firms such as OpenZeppelin, Spearbit, Certora, Zellic, Trail of Bits, Ottersec, Omniscia, yAudit, and ChainSecurity. In addition, a formal verification process will be carried out by Certora to further validate our security framework.

Moreover, we have engaged in specialised audits with Hunter Security and Team Omega, bringing an additional layer of scrutiny. Our collaborative efforts extend to code reviews with notable entities in the field, including Alcueca, co-founder of Yield, and comprehensive vCISO advisory services conducted at the pre-deployment level by experts such as cmichel and StErMi from Spearbit. These reviews have been instrumental in identifying architectural and security enhancements.

Furthermore, our partnership with Victor Martinez (vnmrtz.eth) in developing a fuzzing test suite specifically for our vaults exemplifies our commitment to adopting innovative approaches to security.

This multi-faceted and rigorous examination of Euler V2 not only underscores our dedication to security but also positions Euler V2 as one of the most meticulously vetted protocols in DeFi.

Therefore, this competition is a natural extension of this process. In partnership with Cantina and Spearbit, we're launching the largest code audit challenge in the world. With a total of $1.25 million in rewards, we invite developers and auditors to stress-test the Euler v2 code, subjecting it to the highest level of scrutiny.

The Competition At A Glance

• Public Code Release: The Euler v2 code will be made publicly available in April, ahead of the competition.
• Key Dates: The competition kicks off on May 20th, giving participants nearly a month to explore the code and report their findings by June 17th.
• Competition pot: We've allocated up to $1 million just for high vulnerabilities alone. The bounty distribution is structured as follows:
  • High Vulnerabilities: Acknowledgement within 48 hours, resolution within 14 days from escalation, payment due 7 days from Cantina's request.
  • Medium Vulnerabilities: Acknowledgement within 96 hours, with specific resolution and payment details to be communicated.
  • Low Vulnerabilities: Acknowledgement and resolution within 7 days from escalation.
• Evaluation and Participation: Submissions will be reviewed by Euler as well as judges from Spearbit and Cantina. You can visit Cantina’s website to sign up and learn more details about the competition at cantina.xyz

Our Security Strategy

Aligned with our thorough audit process for the EVC, which has undergone four audits with zero critical findings, along with two security reviews and an ongoing $200,000 bug bounty, this competition serves as a cornerstone in our multi-layered security strategy for v2. The decision to adopt a modular design for v2 is also rooted in the fact that modularity streamlines components, facilitating more efficient audits and improved vulnerability isolation. In the upcoming weeks, we'll further explore our comprehensive security strategy, prioritising the ongoing integrity and safety of Euler v2.