Solana-Based Crypto Exchange Raydium Proposes $2M Bug Bounty Fund
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Elizabeth Napolitano is a news reporter at CoinDesk.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Team members at Solana-based decentralized exchange Raydium are proposing the creation of a bug bounty program worth 10 million RAY tokens (about $2.3 million) to squash bugs affecting the protocol’s core smart contracts.
In a post on the project’s Discord channel Wednesday, InfraRAY, the protocol’s pseudonymous head of partnerships, said the program would target Raydium’s Concentrated Liquidity Market Maker smart contracts. Those pieces of code govern how Raydium handles crypto trading on the Solana blockchain.
At press time, Raydium’s liquidity pools held over $37 million in total value locked, which is roughly three-quarters of the TVL held by Orca, Solana’s top decentralized exchange, according to DefiLlama. Its native token RAY was worth 23 cents Thursday, according to CoinGecko. It has slid 2% in the past 24 hours.
InfraRAY’s proposal would reward white hat hackers as much as $505,000 or as little as $5,000 in RAY tokens depending on the severity of the detected bug. It would be managed through bug bounty platform Immunefi.
The proposal, which was announced in a dedicated “forum” on Raydium’s Discord server, is part of a wider effort to boost community’s participation in the protocol governance, InfraRAY told CoinDesk over Telegram.
“Community engagement on Solana isn’t exactly what it is elsewhere so it might be a prolonged process,” he said. “But hopes are high.”
Edited by Danny Nelson.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Elizabeth Napolitano is a news reporter at CoinDesk.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Elizabeth Napolitano is a news reporter at CoinDesk.