Uniswap Labs has announced a bounty program offering up to $15.5 million for discovering critical vulnerabilities in the core contracts of the fourth version of the non-custodial exchange protocol, Uniswap.

Unprecedented Bounty Rewards

According to the announcement, this reward represents the largest bounty in the history of such programs.

Uniswap v4 aims to drastically reduce fees for liquidity providers and users while offering a customizable platform through the use of “hooks.” These are contracts that developers can create to tailor the interactions of pools, swaps, fees, and other options.

Earlier this year, Uniswap announced plans to launch the fourth iteration of the protocol in Q3.

Uniswap Labs stated that v4 is among the most rigorously audited codebases in DeFi. The protocol underwent nine independent audits conducted by OpenZeppelin, Spearbit, Certora, Trail of Bits, ABDK, and Pashov Audit Group. Additionally, 500 researchers participated in a vulnerability detection competition with a maximum reward of $2.5 million.

Quote from Uniswap Labs

“As we approach deployment, we’re taking additional steps to ensure v4’s security with a bug bounty program totaling $15.5 million,” stated Uniswap Labs.

Reward Structure

The program focuses on identifying bugs in the core contracts of Uniswap. The maximum reward is allocated for vulnerabilities with critical risks:

Critical vulnerabilities: $15.5 million
High-risk threats: $1 million
Medium-risk bugs: $100,000

Rewards are also available for bugs found in peripheral Uniswap contracts outside v4, with a maximum payout of $2.25 million. Smaller rewards are offered for errors in the exchange’s web interface, backend, and mobile wallet.

The total budget for the bounty program is an impressive $44.4 million.

Broader Plans for Uniswap

In October, Uniswap introduced its own Ethereum Layer 2 network, Unichain. Analysts have suggested that the launch of this native blockchain could potentially generate up to $500 million annually for Uniswap Labs and UNI token holders.