Mound Ltd, the team behind Pancake Bunny, is looking to slow developments and vertically integrate to prevent exploits.
Three Steps Forward, Two Backwards
Security has become the top priority in the Pancake Bunny ecosystem. The team is resulting in more diligent audits, bounty programs and vertical integration to curb future exploits.
The scrutinized development process is a result of the two recent flash loan exploits according to the Bunny Finance Medium blog posted on July 21st . These were experienced on the PancakeBunny and PolyBunny yield optimizer platforms.
Pancake Bunny consists of an entire ecosystem, owned by Mound Ltd. The team at Mound are responsible for developing PancakeBunny, Qubit and PolyBunny.
“Increasing ecosystem security is our top priority. In response to the attack, we have completely revised our release protocols for all future products stated the Mound CEO.
He continued on to mention that “we will use vertical integration to increase ecosystem security — for example, Qubit does not support flash loans — and combined with our aggressive audit and bounty programs, we are committed to building the strongest security regime in Defi.
High Scrutiny and Vertical Integration
After two exploits to the platform, Team Bunny is taking a step back and re-evaluating the blitz-scaling nature of their ecosystem. According to the Bunny Finance spokesperson in the blog, the new focus will not be on rapid expansion but on building a robust DeFi “security regime.”
Alongside scrutinized development, vertical integration is a key solution the Bunny Team is targeting. They want to keep in-house code that doesn’t introduce multiple sources of third-party risk.
Qubit, a PancakeBunny integrated lending and borrowing protocol, looks to achieve exactly this. In an earlier Medium blog post by Bunny Finance they cite the slowed development of Qubit in an attempt to increase security.
This comes in addition to the increased scrutiny in audits and bug bounties. The latest blog post references that three bug bounties are being held for the Mound ecosystem in partnership with Immunefi.
These bug bounties are being held for Pancake Bunny, Poly Bunny, and Qubit; there is a total of 1,000,000 in rewards for whitehat users who report vulnerabilities.
We will continue to invest in security and product innovation to regain the community’s trust and to deliver to users the highest yields” stated the Mound CEO when asked about the future of the Bunny Finance ecosystem.
Inherent Danger of DeFi
The question still remains if the Mound team can develop robust and secure DeFi protocols. With two similar exploits under their belt, we can only hope they have learned a thing or two about security.
Innovation and learning does involve setbacks, that much is clear. Projects and teams responding to these difficult moments say a great deal about their potential to do great things.
Source : bsc.news
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