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TLDR
- Uniswap Labs launches record $15.5M bug bounty program for v4 core contracts
- Bounty payouts range from $2,000 to $15.5M based on vulnerability severity
- UNI token price surged 30% reaching $11.50, rebounding from $8.64 support
- Whale transactions increased 255% in 24 hours showing institutional interest
- Previous $2.35M security competition had 500+ researchers with no critical vulnerabilities found
Uniswap Labs has launched a $15.5 million bug bounty program for its upcoming v4 core contracts, marking what the company calls the largest bounty program in history. The announcement comes as the platform’s native token, UNI, experiences a notable 30% price increase.
The new bounty program offers rewards starting at $2,000 and potentially reaching the full $15.5 million for researchers who discover critical vulnerabilities in the platform’s code. Uniswap Labs has structured the program to encourage thorough security testing before the release of its v4 update.
According to the program’s terms, researchers can earn different reward levels based on the severity of discovered vulnerabilities. Critical flaws that lead to code changes qualify for the maximum $15.5 million reward, while high-risk discoveries could result in payments up to $1 million.
The medium-risk vulnerability findings will receive rewards up to $100,000. Low-risk discoveries will be compensated on a case-by-case basis, with the exact amount determined at Uniswap’s discretion.
Prior to this announcement, Uniswap Labs conducted a smaller security competition with a $2.35 million prize pool. Over 500 researchers participated in that event, and notably, no critical vulnerabilities were discovered during the testing period.
The scope of the current bounty program extends beyond just the core contracts. Researchers can also investigate and report issues in other contracts, websites, back-end systems, and the Uniswap v4 wallet code.
While the bounty program develops, Uniswap’s native token UNI has shown strong market performance. The token price has increased by 30%, rising from a support level of $8.64 to reach $11.50.
UNI On The Rise
Market data reveals a surge in whale activity, with large transactions increasing by 255% over a 24-hour period. This spike suggests growing interest from institutional investors and large-scale traders in the UNI token.
Exchange inflow data shows increased activity, indicating that market participants may be positioning themselves for potential price movements. This increased trading activity coincides with the overall positive momentum in UNI’s price action.
However, data from Santiment reveals a decline in the number of UNI holders since November 20. This decrease might represent profit-taking by some investors during the recent price surge.
The technical indicators for UNI present a mixed picture. The token’s stochastic RSI indicates overbought conditions, which typically suggests a potential price correction. However, in strong upward trends, such conditions can persist while prices continue to rise.
UniswapUNI Price
Comparisons to other major bug bounty programs provide context for Uniswap’s initiative. Google’s highest single vulnerability payout reached $605,000 in 2022, with total yearly payments of $12 million. Microsoft recently announced $4 million in bounties for cloud and AI security research.
The bug bounty platform Immunefi reportedly paid out $14.82 million in 2021, making Uniswap’s potential maximum payout of $15.5 million the largest single bounty offering in recent memory, if claimed.
Uniswap Labs described this expanded bounty program as “an extra step to ensure v4 is as secure as possible.” The program demonstrates the platform’s commitment to security as it prepares for its v4 release.
The combination of the security initiative and positive market performance has placed Uniswap in the spotlight of the cryptocurrency community, as both developers and traders watch the platform’s developments closely.
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