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Uniswap to dole out rewards for those who…

2min Read

In an attempt to alleviate fears around DeFi security, Uniswap launched a bug bounty program to “incentivize responsible bug disclosure”.

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  • Up to 2.5 million USDC could be availed as part of the bounty.
  • Hackers were expected not to make their disclosures public before Uniswap was alerted.

Following a significant court victory in the past week, the popular decentralized exchange Uniswap [UNI] has been brimming with optimism. The landmark verdict was applauded as it provided immunity to decentralized finance (DeFi) developers from actions on their platforms which were beyond their control.


How many are 1,10,100 UNIs worth today?


UNI ready for the next move upward?

The positive effect started to reflect on the native token as well. UNI defied the headwinds in the broader crypto market to emerge as one of the biggest gainers at press time. According to CoinMarketCap, it rose by 2.15% in the last 24 hours to be valued at $4.44. 

Bolstered by the court verdict, the DeFi behemoth set its next plan of action in motion to increase its user base. It recently provided an update on the timelines of the much-awaited Uniswap V4.

Security high on Uniswap’s priority

The crux of the legal case against Uniswap was that malicious players used the protocol to defraud users by issuing scam tokens. Although Uniswap got a clean chit, concerns around security of DeFi protocols still loom large.

In an attempt to alleviate such fears, the DEX  launched an official bug bounty program to “incentivize responsible bug disclosure”.

Of late, a lot of DeFi protocols have fallen prey to bad actors. Nearly $700 million has been siphoned out in hacking incidents since the start of 2023, per DeFiLlama.  Uniswap’s latest move was possibly aimed at curbing these incidents through an attractive reward structure.

Uniswap mentioned that rewards would be given based on the severity of the bug disclosed. Up to 2.5 million USDC could be availed as part of the bounty.


Is your portfolio green? Check out the UNI Profit Calculator


However, there was a caveat. The ethical hackers are not allowed to make their disclosures public until Uniswap Labs had been alerted, corrected the problem, and given consent for public disclosure.

As of this writing, Uniswap maintained an unassailable lead in the DEX industry, not just in terms of hosting liquidity but also in terms of volume numbers registered. As per DeFiLlama, Uniswap accounted for 43% of the total volume over the last week.

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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