Uniswap Labs has initiated the largest bug bounty campaign ever, worth up to $15.5 million to find a flaw in its v4 core smart contracts. The bug bounty will strengthen the security of Uniswap’s decentralized exchange (DEX) platform. More so, this move will safeguard the users’ funds from possible risks.
Uniswap Labs Offers Record $15.5M For Finding Critical Security Flaws
Uniswap Labs has launched the biggest bug bounty program in the field of blockchain for up to $15.5 million to find serious bugs in the v4 core smart contracts. Sharing a statement on X, Uniswap Labs stressed that it aimed at enhancing the level of security of users’ funds.
The program extends to vulnerabilities in any deployed Uniswap Labs contracts and the main branch of the undeployed v4-core contracts. Additionally, bugs in other smart contracts where user funds might be at risk are also considered eligible under the program’s scope. This comprehensive approach will reinforce trust within the Uniswap Labs ecosystem while encouraging ethical hacking practices.
The team clarified,
“The vulnerability must not be disclosed publicly or to any other person, entity or email address before Uniswap Labs has been notified, has fixed the issue, and has granted permission for public disclosure.”
Bug Bounties in Crypto: A Growing Security Framework
Bug bounty programs are increasingly popular in the cryptocurrency space, offering developers and researchers monetary rewards for identifying vulnerabilities. As of mid-2024, web3 security platform Immunefi reported payouts exceeding $100 million for such discoveries. The security platform announced its largest payout reaching nearly $15 million for a single bug.
These incentives are crucial in mitigating security risks in decentralized finance (DeFi), a sector that has witnessed breaches over the years.
Since 2020, DeFi attackers have exploited vulnerabilities to steal approximately $3.6 billion, according to industry data as of October 2024. This figure reflects the critical need for robust security measures.
UNI Price Trends Amid Bug Bounty Announcement
The announcement of the $15.5 million bug bounty coincided with notable price action for UNI, the native token of Uniswap Labs. Over the past seven days, UNI price rose 15%, starting at $9.38 and peaking above $12 midweek before stabilizing around $10.88. Analysts attribute this rally to renewed optimism around the DeFi market and Uniswap Labs’ proactive measures to enhance security.
Additionally, the most recent price analysis shows Uniswap (UNI) price is poised for a 30% breakout, having exited a six-month correction. After reaching its highest level since June, UNI price could rise to $12, driven by growing investor interest.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/uniswap-labs-announces-record-15-5-million-bug-bounty-for-security-issues/
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