Solana-Based Crypto Exchange Raydium Proposes $2M Bug Bounty Fund

The proposal is part of a broader effort by Raydium to boost its community’s participation in protocol governance.

AccessTimeIconMar 30, 2023 at 5:09 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Team members at Solana-based decentralized exchange Raydium are proposing the creation of a bug bounty program worth 10 million RAY tokens (about $2.3 million) to squash bugs affecting the protocol’s core smart contracts.

In a post on the project’s Discord channel Wednesday, InfraRAY, the protocol’s pseudonymous head of partnerships, said the program would target Raydium's Concentrated Liquidity Market Maker smart contracts. Those pieces of code govern how Raydium handles crypto trading on the Solana blockchain.

  • 'The Voice' Makes Its Way to the Metaverse
    'The Voice' Makes Its Way to the Metaverse
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
    Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
  • What's the Key to Winning a Hackathon?
    What's the Key to Winning a Hackathon?
  • At press time, Raydium’s liquidity pools held over $37 million in total value locked, which is roughly three-quarters of the TVL held by Orca, Solana’s top decentralized exchange, according to DefiLlama. Its native token RAY was worth 23 cents Thursday, according to CoinGecko. It has slid 2% in the past 24 hours.

    InfraRAY’s proposal would reward white hat hackers as much as $505,000 or as little as $5,000 in RAY tokens depending on the severity of the detected bug. It would be managed through bug bounty platform Immunefi.

    The proposal, which was announced in a dedicated “forum” on Raydium’s Discord server, is part of a wider effort to boost community’s participation in the protocol governance, InfraRAY told CoinDesk over Telegram.

    “Community engagement on Solana isn’t exactly what it is elsewhere so it might be a prolonged process,” he said. “But hopes are high.”

    Edited by Danny Nelson.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Elizabeth Napolitano

    Elizabeth Napolitano was a news reporter at CoinDesk.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.