The Solana-based decentralized exchange Raydium's members are recommending the creation of a bug bounty program with a prize pool of 10 million RAY tokens, or roughly $2.3 million, in order to fix issues that affect the protocol's fundamental smart contracts.

The project's pseudonymous head of partnerships, InfraRAY, announced that the endeavor will focus on the smart contracts connected to Raydium's Concentrated Liquidity Market Maker in a message that was posted on the project's Discord channel on Wednesday. These snippets of code regulate how Raydium controls bitcoin trading on the Solana blockchain.

Almost $37 million in total value was frozen in Raydium's liquidity pools at the time of publication. This is roughly similar to the amount of TVL that is held by Orca, the most well-known decentralized exchange for Solana operated by DefiLlama. On Thursday, CoinGecko calculated that the RAY, the company's native cryptocurrency, was worth 23 cents. It has decreased by 2% over the past twenty-four hours.

In line with the idea put up by InfraRAY, white hat hackers would be eligible for a reward of up to $505,000 or as little as $5,000 in RAY tokens. The value of the prize would depend on how serious the problem was when it was found. The administration of the bug bounty would be handled by Immunefi, a platform for managing bug bounties.

The concept, which was shared in a unique "forum" on Raydium's Discord server, is a part of a bigger effort to expand the community's involvement in the protocol's administration, as per InfraRAY, who spoke with CoinDesk over Telegram.

This news is republished from https://coinaquarium.io/