Journalist
Posted:
- 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.
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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”.
Uniswap is the most trusted name in DeFi — but we don’t do it alone!
When we launch a new smart contract, there’s a bug bounty program that goes with it 🤝 This rewards people to dig into the code & report bugs instead of exploiting them 🏆
Learn more 👇https://t.co/gR4w57HSbu
— Uniswap Labs 🦄 (@Uniswap) September 2, 2023
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.
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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.