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Raydium Proposes $2.3 Million Vulnerability Reward Plan

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According to reports, team members of Raydium, a decentralized exchange based on Solana, proposed to create a vulnerability reward plan worth 10 million RAY tokens (approximately $

Raydium Proposes $2.3 Million Vulnerability Reward Plan

According to reports, team members of Raydium, a decentralized exchange based on Solana, proposed to create a vulnerability reward plan worth 10 million RAY tokens (approximately $2.3 million) to eliminate vulnerabilities that affect the core smart contract of the protocol. In a post on the project’s discord, the anonymous partner leader of the agreement, InfraRAY, stated that the plan would target Raydium’s Centralized Liquidity Market Maker smart contract. These code snippets manage how Raydium handles cryptocurrency transactions on the Solana blockchain. According to data from DeFiLlama, as of the time of publication, Raydium’s liquidity pool held more than $37 million in total lock in value (TVL), approximately three quarters of the TVL held by Orca, the top decentralized exchange in Solana.

Raydium proposes to establish a $2 million vulnerability reward fund

In recent years, decentralized exchanges have become increasingly popular in the cryptocurrency market. They offer a more secure and decentralized way to trade cryptocurrencies. Despite their growing popularity, decentralized exchanges can still be vulnerable to attacks. Therefore, the team behind Raydium, a decentralized exchange based on Solana, has proposed to create a 10 million RAY token vulnerability reward plan worth approximately $2.3 million.

The Vulnerability Reward Plan

Raydium’s vulnerability reward plan aims to eliminate vulnerabilities that affect the core smart contract of the protocol. In a post on the project’s Discord, the anonymous partner leader of the agreement, InfraRAY, stated that the plan would target Raydium’s Centralized Liquidity Market Maker smart contract. These code snippets manage how Raydium handles cryptocurrency transactions on the Solana blockchain.

Raydium’s Liquidity Pool

According to data from DeFiLlama, as of the time of publication, Raydium’s liquidity pool held more than $37 million in total lock-in value (TVL). This value is approximately three quarters of the TVL held by Orca, the top decentralized exchange in Solana. With such a large amount of assets at risk, it’s essential to ensure that the Raydium protocol remains secure.

Who Can Participate?

Anyone who finds a vulnerability that affects the smart contract of the Raydium protocol can participate in the vulnerability reward plan. Participants need to submit the details of the vulnerability to the Raydium team, along with a proposed fix, and wait for the team’s response. Once the team has verified the vulnerability and the proposed fix, the participant will receive a reward in RAY tokens.

Conclusion

Raydium’s vulnerability reward plan is a great initiative that shows the team’s commitment to ensuring the protocol remains secure. It’s essential to note that decentralized exchanges are still in their early stages and are susceptible to attacks. However, initiatives like the vulnerability reward plan go a long way in bolstering the security of decentralized exchanges.

FAQs

Q: What is a decentralized exchange?
A: A decentralized exchange is a peer-to-peer cryptocurrency exchange that allows for direct cryptocurrency trading without the involvement of a central authority.
Q: What is a smart contract?
A: A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
Q: How do I participate in the vulnerability reward plan?
A: To participate in the vulnerability reward plan, you need to identify a vulnerability that affects the Raydium protocol and submit the details of the vulnerability along with a proposed fix to the Raydium team.

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