- Chainlink has announced a new partnership with Cyfrin, a smart contracts audit and research firm, to offer users of its BUILD and SCALE programs private smart contract and protocol audits.
- Cyfrin will offer market-leading products, including competitive audits platform CodeHawks, developer education platform Updraft, and Solodit, an aggregator with over 8,000 security findings.
Chainlink’s mission to offer its ecosystem the best products and services took a massive stride this week, with the oracle network announcing a new partnership with Cyfrin, a smart contracts audit and research company.
Chainlink announced the partnership on Wednesday, describing it as a strategic alliance that will boost security for its users.
.@CyfrinAudits has established a strategic alliance with @chainlinklabs.
This alliance helps #Chainlink BUILD and SCALE members access high-quality public and private audits.https://t.co/ZcDvK245HU
— Chainlink (@chainlink) April 17, 2024
Founded last year, Cyfrin is a platform that provides cutting-edge smart contract security audits, tools, completion and education. It serves some of the world’s largest blockchain networks and protocols with over $10 billion collectively in assets under management.
By partnering with the company, Chainlink will serve users of BULD and SCALE. The former promotes the growth of projects building on Chainlink by providing technical expertise and tools in exchange for network fee commitments, while the latter focuses mainly on Layer 2s by covering the costs of their oracle integrations. As Crypto News Flash reported, Rollup Finance and Source Network joined BUILD last year.
Chainlink and Cyfrin to Enhance Smart Contract Security
Cyfrin combines hundreds of leading global researchers and engineers to enhance the security of its clients. It does this through products such as Cyfrin CodeHawks, its competitive audits platform that offers security reviews done by top auditors.
Cyfrin Updraft offers a learning platform for Web3 developers with over 70 hours of step-by-step project-based courses on smart contract deployment and security taught by some of the world’s top blockchain engineers.
The company also offers Solodit, a platform with over 8,000 security findings; clients can use this resource to learn about the most common vulnerabilities and attack vectors, allowing them to boost their security and stay ahead of cybercriminals.
“When it comes to building on-chain applications, security isn’t a nice-to-have—it’s a necessity,” commented Peter Hubert, the head of sales at Chainlink Labs.
Indeed, security is not a luxury in the blockchain world. Cybercriminals are always on the prowl for platforms, protocols, networks and applications with the slightest vulnerabilities, attacking them and taking millions of dollars.
Last year, these criminals stole $1.7 billion, with $1.1 billion being from DeFi protocols, according to a study by Chainlysis. The year prior, they made away with $3.1 billion from DeFI platforms alone.
Alex Roan, Cyfrin’s CTO and co-founder, commented:
Chainlink’s unrelenting focus on building secure infrastructure has established the platform as the industry standard—the same security-first mindset is prevalent at Cyfrin. We’re excited to establish a strategic alliance with Chainlink Labs to support Chainlink BUILD and SCALE members, ultimately helping to create a more secure on-chain ecosystem.
Meanwhile, Chainlink’s LINK trades at $13.23, and while it consolidated over the past day, it has shed 24% in the past week.