Decentralized finance protocol Cream Finance wants to strengthen its security system to ensure the peace of mind of users and their funds and the stability of the protocol in the future, which is why it is offering a $1,5 million bug bounty program.
After falling victim to a DNS domain spoofing attack a month ago, cream finance, a decentralized lending protocol in DeFi, announced the launch of a $1,5 million bug bounty program, in collaboration with DeFi product platforms, Immunofi, Armor.fi y DeFiSafety.
The bounty program is designed to motivate programmers, white-collar hackers and other cybersecurity enthusiasts to discover bugs, vulnerabilities and security flaws in the protocol that may put investors' and users' deposited funds at risk.
Cream Finance is focusing its efforts on strengthening its protocol, ensuring its future growth and success. Cream developers, together with the working teams at Immunefi, Armor.fi and DeFiSafety, will help reinforce and optimize the project’s security system, strengthening the API, website and its CREAM application.
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Security: A team effort
Leo Cheng, co-founder and head of mission at Cream Finance, stated that ensuring security is the most important thing for the work team, in order to mature the Cream ecosystem and decentralized finance in general, and provide valuable opportunities to all users and investors in these growing spaces. Likewise, Cheng pointed out that a highly secure and reliable protocol will open the doors for thousands more investors around the world, who do not dare to operate currently within these spaces for fear of possible risks.
“We are providing elevated risk transparency through DeFiSafety, stopping attacks with Immunefi, and offering a seamless path for customers to purchase insurance coverage protection with Armor.fi.”
DeFiSafety provides a comprehensive list of risks for the various protocols that exist in the DeFi space. Its main function is to verify the code and assign a score, which will serve as a guide and guidance to investors on how secure a protocol is. Let us remember that decentralized finance is based on smart contracts (smart contracts), and therefore do not depend on a company or individual, so investors must trust that the contracts will function properly.
DeFiSafety helps users and investors understand how each contract was developed and tested, rating the results. For Cream Finance, DeFiSafety shows a score of 83%, which can be taken as a sure thing, and places it in third place on the list.
For its part, Immunofi, as its creators define it, “is the leading bug bounty platform for smart contracts and DeFi projects”.
This platform provides the necessary resources for security researchers to review code and reveal existing vulnerabilities, earning a reward for doing so, while helping protocols eliminate security risk to offer high-quality decentralized financial products to users, boosting their growth and development in the future.
Armor.fi complements the work team, with its insurance and coverage products for DeFi contracts and assets.
Safe contracts at Cream Finance
The teamwork of these platforms will ensure that CREAM is safe for all its investors and users.
Bug bounty funds will be primarily focused on the protocol's smart contracts. Thus, security researchers and white-collar hackers must focus on finding exploits and flaws within the contracts that could put users' funds at risk.
To rate bugs and vulnerabilities, and collect rewards, the protocol will use Immunefi's simplified 5-tier scale, described in its Vulnerability Severity Rating SystemIn this, the platform describes levels ranging from: None, Low, Medium, High and Critical, the last being the highest risk.
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