Uniswap Labs, the developer behind one of the largest decentralized cryptocurrency exchanges, is offering an unprecedented $15.5 million reward for identifying vulnerabilities in its new V4 protocol.

Uniswap Labs has launched what it’s calling the “largest bug bounty program ever,” inviting developers to find flaws in the Uniswap V4 protocol. However, those vying for the multi-million-dollar reward will face stiff competition, as 9 audits and over 500 researchers have already been excluded from working on the code due to vulnerabilities.

While the company confirmed that no critical issues were found during the checks, the $15.5 million bounty is part of an ongoing effort to strengthen the platform’s security. Any discovered vulnerabilities must be reported within 24 hours, with details kept confidential until fixes are implemented.

The reward program offers payouts ranging from $10,000 to $15.5 million, depending on the severity of the bug. The total possible payout for finding vulnerabilities in the V4 code can reach up to $44.4 million. Uniswap V4 operates across multiple blockchains, with its largest deployment on Ethereum. Over the past 24 hours, the platform has processed more than $1.7 billion in trades on Ethereum alone, supporting 1,441 coins and 2,080 trading pairs.

This bug bounty program underscores the importance of prioritizing security within decentralized financial systems. The record-breaking rewards highlight Uniswap’s commitment to safeguarding user data and assets. The V4 protocol’s innovations not only enhance functionality for developers and users but also aim to provide the highest level of security.