Uniswap launches $15 million all-time high bug bounty for v4 protocol

• Uniswap Labs announced that it has introduced a bug bounty for its v4 platform.
• The bounty aims to expose vulnerabilities in its v4 core contracts with rewards up to $15.5 million.
• Uniswap's v4 upgrade could transform its protocol into a developer platform. 

Uniswap Labs revealed on Tuesday that it launched a bug bounty program aimed at testing its v4 protocol security. The bounty is alleged to be the largest the crypto market has seen with rewards up to $15.5 million.

Uniswap sets bug bounty program for its v4 upgrade

Uniswap Labs announced the launch of what it claims to be the "largest bug bounty in history," offering up to $15.5 million for anyone who identifies critical vulnerabilities in its v4 core contracts. 

This initiative encourages developers and security experts to scrutinize the platform's code for "critical" weaknesses, and rewards are based on the severity of the findings. 

"This bounty covers vulnerabilities in the Uniswap v4 core contracts, available in the Uniswap v4 Github repository," Uniswap stated.

Crypto bug bounty programs are events where developers and hackers evaluate platforms for potential vulnerabilities or breaches in their security before bad actors can exploit those loopholes. In return, projects offer financial rewards for successful discoveries.

The v4 is Uniswap's latest upgrade to its protocol with additional features like Hooks to make the decentralized exchange a developer-friendly platform. Hooks will allow developers to build innovative features on top of the Uniswap, including customizing how pools, swaps, fees and LP positions interact.

Uniswap also claims that the creation of liquidity pools on the v4 will enable a 99.9% fee reduction.

The v4 platform has already undergone several security audits by OpenZeppelin, Spearbit, Certora, Trail of Bits, ABDK and Pashov Audit Group to ensure user safety. Additionally, Uniswap said that more than 500 researchers reviewed the protocol in a $2.35 million security competition.

Meanwhile, UNI has declined 8% in the past 24 hours amid its impressive rally this month. Despite the loss, the token still holds an over 16% gain on the weekly timeframe.