Raydium, a decentralized exchange based on the Solana blockchain, has revealed the terms of its proposed bug bounty fund worth 10 million RAY tokens, which equates to approximately $2.3 million. The intent of the program is to examine and squash any security issues associated with the core smart contracts that enable trading on the platform. With current liquidity pools amounting to over $37 million in total value locked (TVL) on the platform, Raydium is rapidly gaining traction in the world of decentralized markets. Its native coin RAY is currently trading at $0.23, although it is down 2% from its levels within the previous 24 hours.

The bug bounty program, to be managed through the ImmuneFi platform, will be rewarding security vulnerabilities and bugs of varying severity. The team member heading up partnerships, who uses the name InfraRAY, stated that rewards could range anywhere from $5,000 to $505,000 depending on the gravity of the bugs identified.

This move is part of a much broader effort on the part of Raydium to encourage more community involvement in the governance of the protocol. When asked about this by CoinDesk, InfraRAY admitted that while the Solana ecosystem is not characterized by a great degree of community engagement, they are optimistic that this trend will change over time.

Overall, Raydium's initiative signals their serious commitment to building a secure ecosystem, which in turn will provide their users with a heightened level of confidence. With such a lucrative bug bounty program, security is sure to be prioritized by the development team, in order to ensure the longterm success and adoption of the Raydium platform.



Other News from Today