Raydium Is Proposing The Launch Of A Bug Bounty Program Of 10 Million RAY Tokens
- The cryptocurrency exchange Raydium, based in Solana, has made public their intention to create a $2 million Bug Bounty Fund.
- This proposal is an element of a larger initiative by Raydium to increase the amount of engagement by its community in the administration of protocol standards.
The cryptocurrency exchange Raydium, based in Solana, has proposed a Bug Bounty Fund of approximately $2 million.
The members of the decentralized exchange Raydium, which is located in Solana, are proposing the establishment of a bug bounty program with a reward pool of 10 million RAY tokens, which is equivalent to around $2.3 million, in order to eliminate problems that impair the protocol’s basic smart contracts.
In a message that was published on the project’s Discord channel on Wednesday, the pseudonymous head of partnerships for the protocol, InfraRAY, stated that the initiative will target the smart contracts that are associated with Raydium’s Concentrated Liquidity Market Maker. The way that Raydium manages cryptocurrency trade on the Solana blockchain is controlled by these bits of code.
At the time of publication, the liquidity pools of Raydium contained almost $37 million in total value frozen. This is equivalent to around three-quarters of the TVL held by Orca, which is DefiLlama’s most prominent decentralized exchange for Solana. As of Thursday, the value of its native token, RAY, was estimated by CoinGecko to be 23 cents. In the last twenty-four hours, it has dropped by 2%.
White hat hackers would be eligible for a payout of up to $505,000 or as low as $5,000 in RAY tokens under the plan put up by InfraRAY. The amount of the prize would be dependent on the severity of the issue that was discovered. Immunefi, a platform for managing bug bounties, would be in charge of its administration.
According to InfraRAY, who spoke with CoinDesk over Telegram, the idea, which was posted in a special “forum” on Raydium’s Discord server, is a component of a larger attempt to increase the community’s engagement in the administration of the protocol.
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