LayerZero Labs, the event agency behind cross-chain messaging platform LayerZero, has introduced a record-high $15 million bug bounty in partnership with the crypto-focused bug bounty platform Immunefi.
The large bug bounty will probably be paid out to so-called white hat hackers who can establish vulnerabilities within the LayerZero protocol, TechCrunch reported on Wednesday.
In accordance with the article, the $15 million most reward below the brand new bug bounty program would be the largest bug bounty within the historical past of crypto, and even larger than the then-largest $10 million bounty program announced final yr by MakerDAO.
Safety comes first
Commenting on the launch of the bounty program, LayerZero Labs CEO Bryan Pellegrino instructed TechCrunch that the venture has “sufficient cash to pay out loads of rewards.”
“The safety of the protocol comes earlier than the rest,” Pellegrino mentioned, whereas explaining that reward cash will come from LayerZero Labs fairness.
The workforce elaborated on the brand new initiative in a Twitter thread from Wednesday, the place it famous that safety is of “the utmost significance in crypto.”
The workforce added that it cares deeply about safety, and due to this fact needs to set optimistic examples for the trade.
“This contains the practically $5m in audits we procured final yr and extends to the choice to create this bug bounty program, 50% bigger than any in historical past,” the workforce wrote.
LayerZero Labs last month raised $120 million in a Sequence B funding spherical for its interoperability protocol, valuing the agency at $3 billion.
Members within the spherical included outstanding crypto-focused enterprise capital corporations like Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, OpenSea, OKX Ventures, and Samsung Subsequent.
On the time, the agency mentioned the cash will go in direction of increasing its cross-chain messaging system, rising hiring, and an growth of its presence in Asia.
$75 million in bug bounties
Along with facilitating the bug bounty program for LayerZero and MakerDAO, Immunefi has labored with web3 initiatives resembling NFT-themed token ApeCoin, stablecoin issuance protocol Reserve, and decentralized alternate GMX.
Thus far, Immunefi has paid out over $75 million in bug bounties for its varied companions.