The development team behind Solana-based decentralized exchange Raydium is proposing a bug bounty fund worth 10 million RAY tokens (about $2.3 million). The program aims to identify and address any critical bugs in the platform’s core smart contracts.
Raydium’s Concentrated Liquidity Market Maker smart contracts manage crypto trading on the Solana blockchain. At the moment, the protocol’s liquidity pools are composed of over $37 million in total value locked (TVL), with $27 million of that being held by Orca, Solana’s largest DEX, according to DefiLlama. The Raydium token (RAY) is currently valued at 23 cents, but has decreased by 2% in the last 24 hours.
InfraRAY, the protocol’s head of partnerships, has proposed that the bug bounty rewards range from $5,000 to $505,000 in RAY tokens, depending on the severity of the bug. This program, which was announced on Raydium’s Discord server, will be managed through Immunefi.
InfraRAY told CoinDesk that this effort to invest in a bug bounty program is part of a larger goal to increase community involvement in Raydium’s governance. “Community engagement on Solana isn’t exactly what it is elsewhere so it might be a prolonged process,” he said. “But hopes are high.”
