Just a few days in the past, Uniswap introduced the launch of the largest bug bounty in history.
https://twitter.com/Uniswap/standing/1861409607505064238
This entails 15.5 million {dollars} in rewards for anybody who finds a crucial vulnerability in the core v4 contracts of Uniswap.
The DEX Uniswap
Uniswap is the largest DEX in the world by buying and selling volumes.
It was launched in 2018, however its use started to unfold particularly from the second half of 2020, with peaks of use throughout the nice bullrun of 2021.
It has virtually at all times been the decentralized exchange of reference, even when at occasions it has been surpassed by different DEX however just for transient moments.
It exists on a number of chains, despite the fact that the overwhelming majority of buying and selling volumes happen on Ethereum, and on its layer-2 Arbitrum, Base, Polygon, and Optimism.
It shouldn’t be energetic on Solana, whereas it’s on BNB Chain and Avalanche.
Although the buying and selling volumes of Uniswap have lately returned near the highs of 2021, so far as the TVL is worried, the peak of over 10 billion {dollars} reached each in May 2021 and in November of the similar 12 months are nonetheless distant, provided that for now it’s caught at simply over 6 billion.
The new model V4 of Uniswap
There are three variations of Uniswap, though the most generally utilized by far is the newest one, V3.
The truth is that Uniswap Labs is engaged on the fourth model, V4, which, nevertheless, has not but been launched.
To inform the fact, the launch of V4 was anticipated earlier than the finish of September, however the timeline has been prolonged.
The sensible contracts of the new model have now been made accessible on GitHub in order that they are often analyzed and examined.
It shouldn’t be but clear when the last code of Uniswap V4 may be launched, but when they’ve launched the bug bounty program, it means they’ve good confidence that the code improvement is sort of full.
The new model will rework Uniswap right into a platform for builders, unlocking new market constructions and extra property to serve extra customers, due to the introduction of hooks, contracts that builders can create to customise the approach swimming pools, swaps, charges, and LPs work together. In quick, hooks enable for brand spanking new further functionalities to the Uniswap protocol.
Furthermore, they predict that swimming pools on V4 shall be 99.99% cheaper to create, and that swappers can anticipate important financial savings on multi-hop swaps.
The new bug bounty of Uniswap
In the official launch assertion, Uniswap Labs introduced that the bug bounty for V4 is already energetic.
It is a bug bounty of 15.5 million {dollars}, which is the largest ever regarding Uniswap.
The firm invitations you to discover the code of V4 and report any vulnerabilities.
They have additionally created a devoted web page on Cantina with all the guidelines of the bug bounty and the disclosure necessities.
Uniswap V3 is extensively and extensively thought of a really safe DEX, and V4 based on Uniswap Labs would already be amongst the most completely reviewed codebases in DeFi, with 9 impartial audits by OpenZeppelin, Spearbit, Certora, Trail of Bits, ABDK, and Pashov Audit Group.
Over 500 researchers participated in the improvement of the V4 with a safety competitors value 2.35 million {dollars}, and no crucial vulnerabilities have been discovered.
The colossal bug bounty of 15.5 million serves to take an extra step ahead to make sure that V4 is as safe as doable, with the method of the last implementation.
