Journalist
Posted:
- Up to USD 2.5 million can be used as part of the bounty.
- Hackers were expected not to make their disclosures public before alerting Uniswap.
Following a significant court victory over the past week, popular decentralized exchange Uniswap [UNI] was full of optimism. The landmark verdict was applauded for providing immunity to decentralized finance (DeFi) developers against actions on their platforms that were beyond their control.
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The positive effect also started to work on the native token. UNI defied headwinds in the broader crypto market and emerged as one of the biggest winners at the time of writing. According to CurrencyMarketCapit is up 2.15% in the last 24 hours to be appreciated $4.44.
Empowered by the court verdict, the DeFi giant has launched its next action plan to grow its user base. It has recently provided an update on the timelines of the highly anticipated Uniswap V4.
Security is high on Uniswap’s priority
The crux of the lawsuit against Uniswap was that malicious players used the protocol to defraud users by issuing scam tokens. While Uniswap has been given a clean slate, there are still serious concerns about the security of DeFi protocols.
In an effort to allay such fears, the DEX launched an official bug bounty program to “incentivize responsible bug disclosure.”
Uniswap is the most trusted name in DeFi – but we’re not doing it alone!
When we launch a new smart contract, there is a bug bounty program that comes with it 🤝 This rewards people for digging into the code and reporting bugs instead of exploiting them 🏆
More information 👇https://t.co/gR4w57HSbu
— Uniswap Labs 🦄 (@Uniswap) September 2, 2023
Lately, many DeFi protocols have fallen prey to bad actors. According to DeFiLlama, nearly $700 million has been siphoned off through hacking incidents since early 2023. Uniswap’s latest move may have been aimed at reducing these incidents through an attractive compensation structure.
Uniswap said rewards would be given based on the severity of the bug revealed. Up to USD 2.5 million can be used as part of the bounty.
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However, there was a caveat. The ethical hackers are not allowed to make their disclosures public until Uniswap Labs has been alerted, corrected the issue, and authorized public disclosure.
At the time of writing, Uniswap maintained an unassailable lead in the DEX industry, not only in terms of hosting liquidity, but also in terms of volume numbers registered. From DeFiLlamaUniswap accounted for 43% of total volume last week.