A new competitive audit program has been launched with a prize pool of $22,500, aimed at enhancing security in decentralized finance (DeFi). The initiative, backed by Easy ETH, promises to save 100% liquidity while reducing costs by 50% and offering 2x leverage. Participants have seven days to identify vulnerabilities in the @lambodotwin project, with the highest rewards for the most significant and rare vulnerabilities discovered. Additionally, Immunefi has introduced a Bug Bounty Cover in collaboration with Nexus Mutual, which can reduce payout costs for critical bugs by up to 80%, allowing for larger bounties to attract top security talent. In a related incident, a smart contract vulnerability in the BYC token led to a loss of $100,000, highlighting the ongoing risks in the DeFi space. Forta Network noted that their Forta Firewall could have prevented this loss. The growing concern over DeFi security is underscored by the need for community-driven solutions, as emphasized by Hats Finance, which offers bug bounties and audit competitions to protect against potential hacks.