A bug bounty program for 10 million RAY tokens (about $2.3 million) is being proposed by the Raydium team, a decentralized exchange based in Solana, to address issues with the protocol’s core smart contracts.
InfraRAY, the protocol’s pseudonymous head of partnerships, stated in a post on the project’s Discord channel on Wednesday that the program would pinpoint Raydium’s Concentrated Liquidity Market Maker smart contracts. Those lines of code control Raydium’s governance of cryptocurrency trading on the Solana blockchain.
DefiLlama revealed that Raydium’s liquidity pools had a total value of approximately $37 million at the time of publishing, equivalent to around 75% of the TVL held by Orca, the primary decentralized exchange in Solana. CoinGecko indicated that its native token RAY was worth 23 cents on Thursday. In the last 24 hours, it has fallen 2%.
InfraRAY’s proposal suggests offering rewards in RAY tokens to white-hat hackers who discover bugs in Raydium’s system. The number of tokens awarded will depend on the severity of the bug, with rewards ranging from $5,000 to $505,000. It would be governed through the Immunefi bug bounty platform.
InfraRAY explained that the idea, which was made public in a special “forum” on Raydium’s Discord server, is part of a larger initiative to increase community involvement in protocol governance.
Further mentioned that community engagement in Solana is less active than in other places, and thus, the community engagement process may take longer. However, there is a positive outlook toward the success of the engagement process.