Ripple offers a reward of $200,000! Invites white hat hackers to attack the XRP ledger borrowing protocol.

Ripple partners with blockchain security company Immunefi to hold the first ever XRP ledger "attack marathon," offering a reward of up to $200,000 for finding lending protocol vulnerabilities.

Ripple Takes Action: $200,000 to Find Security Vulnerabilities

Ripple is collaborating with blockchain security company Immunefi to hold an "Attack Marathon" (Attackathon) event for the upcoming XRP Ledger Lending Protocol. This white hat hacker competition will offer up to $200,000 in full rewards to participants who successfully identify critical security vulnerabilities.

RippleX product lead Jasmine Cooper told Decrypt: "The XRPL community is preparing for one of the most important upgrades to date, the proposed lending protocol, which is expected to undergo validator voting later this year. It is crucial to ensure that the code is as safe and reliable as possible before any similar significant revisions move forward."

Operation Mechanism of Attack Marathon

This security competition requires security researchers to delve into the codebase to identify potential flaws, with a particular focus on vulnerabilities that affect fund security and vault solvency. This proactive security strategy is becoming increasingly common in the blockchain industry, especially before the launch of protocols involving fund management.

· Reward Structure

$200,000 full bounty: As long as a valid critical vulnerability is discovered during the project period, the full $200,000 bounty will be unlocked and issued.

$30,000 reserve bonus pool: If no vulnerabilities are found, it will be paid to participants who submit valid insights.

Cooper added, "Collaborating with Immunefi, one of the top on-chain security platforms, enables us to leverage a global network of elite researchers who have protected some of the largest DeFi protocols to date. The Attackathon is just a part of a broader, more layered security process."

XRP Ledger Lending Protocol: Innovative Design Without Smart Contracts

The XRP ledger lending protocol was launched last autumn on the XRP Ledger Apex, a summit hosted by Ripple aimed at promoting the construction of decentralized networks. This protocol represents a significant milestone in the development history of the XRP ledger.

· Technological Innovation: Breaking Free from the Smart Contract Framework

The biggest innovation of the protocol lies in its unique technical architecture. Unlike most DeFi lending platforms, the XRP ledger lending protocol aims to introduce term, unsecured loans directly on the XRP ledger, without the need for smart contracts or wrapped assets.

Core Design Features:

1. Off-chain credit assessment

The protocol deliberately relies on off-chain processes to determine the borrower's creditworthiness, combining traditional financial risk control models with the transparency advantages of Blockchain.

2. On-chain Fund Pool

Funds will be aggregated on the blockchain to ensure transparency and traceability, reducing the risks of centralized custody.

3. Protocol Enforcement

Repayment terms are enforced directly by the protocol, without relying on third-party arbitration or complex smart contract logic.

This design avoids common risks of smart contract vulnerabilities, but also introduces new security challenges, which is the core reason why Ripple is hosting an attack marathon.

Key Target of the Attack Marathon

Participants will focus on the following key security areas:

1. Clearing Logic Flaw

Check whether the clearing mechanism has any logical flaws that can be maliciously exploited, ensuring that the collateral liquidation process is fair and efficient.

2. Interest accumulation error

Look for potential reward errors or code errors that cause deviations in interest calculations.

3. Manage Attack Vectors

Identify potential management-level attack vectors that may allow unauthorized changes to protocol records.

4. Threats to Vault Solvency

Evaluate the systemic risks that may jeopardize the overall security and solvency of the capital pool.

Attack Marathon Schedule and Participation Criteria

To encourage broader participation, Ripple and Immunefi have lowered the entry barrier, allowing security researchers without XRP ledger experience to join.

· Two-week training period: Knowledge Empowerment

Before the official competition begins, these companies will open a two-week training period for interested participants. During this time, researchers can obtain:

1. Direct support from Ripple engineers

2. Access permissions for developing network guidelines

3. Testing Environment Usage Rights

4. XRP ledger technical documentation

This education-first approach not only broadens the participant base but also cultivates more security experts for the XRP ledger ecosystem.

· Official Competition Schedule

Training period: From now until October 26

Attack Marathon: From October 27 to November 29 (approximately five weeks long)

Sufficient competition time ensures that researchers can conduct in-depth code reviews and multiple rounds of testing, increasing the probability of discovering critical vulnerabilities.

Clarifying the Relationship between Ripple and the XRP Ledger

Although the payment company Ripple is closely related to the native token XRP of the XRP ledger and is a major contributor to the XRP ledger, it is important to understand that most of the validators of the Ripple and XRP ledger have no direct connection.

· The Reality of Decentralized Governance

In August of this year, David Schwartz, the former Chief Technology Officer of Ripple, told Decrypt that the company "manages about 1% of the XRP ledger." This figure highlights the decentralized nature of the XRP ledger, with the validator network consisting of independent nodes from around the world.

This structure means that even if Ripple proposes an upgrade to the lending protocol, the final decision still rests with the validator community. The validator vote expected later this year will determine whether the protocol is officially deployed.

· Importance of Security Certification

In August, research firm Kaiko ranked the security of the EOS network at the bottom among 14 other blockchains. However, the developers of the ledger refuted this claim and emphasized the security endorsements from companies like CertiK, Halborn, and FYEO.

This event highlights the importance of third-party security audits and white hat hacker competitions. Ripple's decision to collaborate with Immunefi to hold an attack marathon is precisely to establish a credible security certification foundation for the XRP ledger lending protocol.

Why is this upgrade crucial for the XRP ledger?

The launch of the XRP ledger lending protocol will mark the strategic transformation of the network from a purely payment network to a fully functional DeFi platform.

Market Influence:

The current trading price of XRP is about $2.609, down 12.67% in the past 24 hours, reflecting the volatility of the overall cryptocurrency market. The successful deployment of the lending protocol may bring new value capture mechanisms to the XRP ledger, attracting more institutional-grade applications.

Ecosystem Expansion:

The uncollateralized loan feature will open up new use cases for enterprise financing, supply chain finance, and more, expanding the application scenarios of the XRP ledger beyond traditional cross-border payment fields.

Demonstration of Safety First:

Ripple actively organized an attack marathon before the protocol went live, setting a benchmark for secure development in the Blockchain industry. This responsible attitude helps enhance institutional confidence in the XRP ledger.