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).

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Solana-based decentralized exchange Raydium is proposing the creation of a bug bounty program worth 10 million $RAY (about $2.3 million) to squash bugs affecting the protocol’s market maker smart contracts.@lizknapolitano reportshttps://t.co/ec9CdYy3BQ

— CoinDesk (@CoinDesk) March 30, 2023

The goal is to get more people involved in the Raydium community but also to eliminate bugs affecting the protocol’s core smart contracts.

And indeed, it appears that in a post on the project’s Discord channel, such smart contracts were identified with Raydium’s Concentrated Liquidity Market Maker. In essence, these pieces of code govern how the Raydium DEX manages crypto trading on the Solana blockchain.

The bug 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 bug detected. The proposal would be managed 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 13 April 2023.

And indeed, Solana Mobile, the Web3’s new crypto Android smartphone wants to offer its users a new social experience that is very competitive, compared to the traditional Twitter, TikTok, and Instagram.

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Basically, urFeed will offer Solana Mobile users the rich, multimedia and multi-format user experience, while giving users the opportunity to share the value created and have a say in the management of the platform itself. 

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Not surprisingly, urFeed defines itself as a social video and streaming platform, owned by the creators of their community.

SOL: the crypto’s price is dumping 7% in the past 7 days

Taking a look at the price of Solana (SOL), today the 10th largest crypto by market capitalization has registered a -7% dump in the last 7 days.

And indeed, at the time of writing, SOL is worth $20.40, while just last week SOL’s price was $22.

As for Raydium, however, at the time of writing, Raydium’s liquidity pools had a TVL of more than $37 million, which is about three-quarters of the TVL held by Orca, Solana’s main decentralized exchange, according to DefiLlama.

Its native RAY token was worth 23 cents Thursday, according to CoinGecko. In the past 24 hours it has lost 2%.