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Solana-Based Crypto Exchange Raydium Proposes $2M Bug Bounty Fund
The proposal is part of a broader effort by Raydium to boost its community’s participation in protocol governance.
Updated May 9, 2023, 4:11 a.m. Published Mar 30, 2023, 5:09 p.m.
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.
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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.”
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