Uniswap has just launched a Bug Bounty Program to encourage people finding bugs in their own contracts. Rewards are up to $2.25M. This is how you counter hacks and exploits.

We all know how the decentralized sector of Crypto is really what Crypto was supposed to be and not a ton of people holding all their Crypto on centralized exchanges that are acting just as some small banks, Satoshi Nakamoto made Crypto to counter centralization in the first place.

But on the other hand it is also reasonable why decentralization could not completely take off, especially with the countless hacks and exploits we had in the past months which cost users millions of their assets. All hackers had to do was to find a sneaky bug in the smart contract of a DEX and they were ready to go.

But thankfully DeFi seems to be working against that now:

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Small overview of the Uniswap Bug Bounty program

Here we can see how Uniswap Labs, one of the largest DEX, has started a Bug Bounty Program which will encourage people with the right skills to find and report some big bugs and get rewards as a payment for it. Rewards for this will go up to even 2.25M USDC, which is a generous and good payment.

You may ask why that person would not just simply hack and get way more? Well, few in this world like to live with the fear of being hunted for the rest of their lives. Even if the blockchain is anonymous, you would need to go to a fiat off-ramp where you need KYC and some on-chain detectives can immediately catch you there.

So it is truly better to play the good person here and knowingly sit with the money you made from projecting millions of other people. Such bug bounties will indeed help the Defi space A LOT.