The cross-chain communications platform LayerZero’s developer, LayerZero Labs, has teamed up with the cryptocurrency bug bounty platform Immunefi to roll out a ground-breaking bug bounty program. According to a TechCrunch story, the initiative promises a record-breaking prize of $15 million to white hat hackers who can find flaws in the LayerZero protocol.
It breaks the previous record held by MakerDAO’s $10 million bounty program established last year by becoming the biggest bug bounty program in the history of the cryptocurrency industry with a potential prize of $15 million.
According to CEO Bryan Pellegrino, LayerZero Labs places a high premium on security. Pellegrino said that the project has the resources to provide generous awards and that the security of the protocol is more important than anything else. The stock of LayerZero Labs will be used to fund the bug bounty program.
The LayerZero Labs team provided further details on their dedication to security in a Twitter thread, stressing how much they value leading by example in the sector. The team said that they spent around $5 million on audits last year and made the decision to start the biggest bug bounty program in history.
LayerZero Labs just completed a successful $120 million Series B fundraising round, valuing the company at $3 billion. Andreessen Horowitz (a16z), Sequoia Capital, Circle Ventures, OpenSea, OKX Ventures, and Samsung Next were notable contributors to the investment round. The money will be used to boost the company’s footprint in Asia, acquire more personnel, and extend the cross-chain messaging system.
The program’s bug bounty platform, Immunefi, has a proven track record of working with web3 apps. Immunefi has collaborated on projects such as ApeCoin, a token with an emphasis on NFTs, Reserve, a stablecoin issuance protocol, and GMX, a decentralized exchange, in addition to LayerZero and MakerDAO. For its numerous partners, the platform has paid out over $75 million in bug bounties.
Security is crucial in the cryptocurrency sector, as shown by LayerZero Labs and Immunefi’s $15 million bug bounty program. LayerZero Labs seeks to assure the robustness of its protocol and provide a good example for the industry as a whole by rewarding competent hackers who find weaknesses.