Solana and the $2 Million Fund for Crypto Bugs
The Solana-based crypto exchange Raydium has launched a proposal that includes a $2 million bug bounty. The initiative aims to engage the community and eliminate bugs affecting the protocol’s core smart contracts.
Solana: Raydium and the crypto exchange’s bug bounty program proposal
The Solana-based DEX, Raydium, has proposed the bug bounty program with a fund of 10 million RAY tokens (about $2.3 million).
Solana-based decentralized exchange Raydium proposes the creation of a bug bounty program worth 10 million $RAY (about $2.3 million) to squash bugs affecting the protocol’s smart contracts.@lizknapolitano reports
— CoinDesk (@CoinDesk) 30 March 2023
The goal is to get more people involved in the Raydium community but also to eliminate errors affecting the protocol’s core smart contracts.
And indeed, it seems that in a post on the project’s Discord channel, such smart contracts were identified with Raydium’s concentrated liquidity market maker. Essentially, these bits of code control how Raydium DEX manages crypto trading on the Solana blockchain.
The bugs bounty program would reward white hat hackers up to $505,000 or up to $5,000 in RAY tokens, depending on the severity of the error detected. The proposal will be administered by the bug bounty platform Immunefi.
Solana: from DeFi to mobile with the new crypto Android smartphone
Recently, Solana has also been in the news for its new partnership between urFeed and its crypto Android smartphone, which will be officially launched on April 13, 2023.
And indeed, Solana mobileWeb3’s new crypto Android smartphone wants to offer its users a new social experience that is highly competitivecompared to traditional Twitter, TikTok and Instagram.
Basically, urFeed will offer Solana Mobile users the rich, multimedia and multi-format user experienceat the same time as it gives users the opportunity to share the values that are created and have a say in the management of the platform itself.
Unsurprisingly, urFeed defines itself as a social video and streaming platform, owned by the creators of their community.
SOL: The price of the crypto has dumped 7% in the last 7 days
Take a look at the price of Solana (SOL), today the 10th largest crypto by market cap has recorded a -7% dump in the last 7 days.
And indeed, at the time of writing, SOL is worth $20.40while SOL’s price last week was $22.
As for Raydium, however, at the time of writing, Raydium’s liquidity pools had a TVL of more than $37 millionwhich is roughly three-quarters of the TVL held by Orca, Solana’s main decentralized exchange, according to DefiLlama.
It is native The RAY token was worth 23 cents Thursday, according to CoinGecko. In the last 24 hours, it has lost 2%.
