Solana-based crypto-exchange proposes $2.3 million bug bounty program

Team members at the Solana-based decentralized exchange Raydium are proposing a bug bounty program worth 10 million RAY tokens (approximately $2.3 million) to identify and resolve any bugs in the platform’s core smart contracts. In an announcement on the project’s Discord channel Wednesday, InfraRAY – the protocol’s head of partnerships – declared that this program would focus primarily on Raydium’s Concentrated Liquidity Market Maker (CLMM) smart contracts. These pieces of code dictate how Raydium facilitates cryptocurrency trading on the Solana blockchain. 

At press time, Raydium’s liquidity pools had over $37 million in Total Value Locked (TVL), accounting for roughly three-quarters of the TVL held by Orca—Solana’s top decentralized exchange— as per DefiLlama. The native RAY token was priced at 23 cents on Thursday according to CoinGecko, having dropped 2% within the past 24 hours.

To bolster community participation in its protocol governance, Raydium recently proposed bug bounty program through the Immunefi platform will reward white hat hackers up to $505,000 or as little as $5,000 in RAY tokens depending on the severity of the detected bug. This proposal was announced via a dedicated “forum” on the Raydium Discord server.

He noted that community engagement on Solana is still in its early stages, so it may take a while to reach the same level as other platforms. Nonetheless, he expressed optimism and high hopes for the future of the project.