The stablecoin platform Usual has teamed up with the blockchain security company Sherlock to initiate a $16 million bug bounty, edging out Uniswap’s previous record of $15.5 million, which was the largest in the sector.
This initiative by Usual, in collaboration with Sherlock, aims to uncover critical vulnerabilities within its codebase. The bounty, available on Sherlock’s platform, will reward only those discoveries that represent a clear and significant risk of losing or freezing funds for an extended period, without any external prerequisites.
Usual’s codebase has already been subjected to 20 audits, including a recent contest hosted by Sherlock that had a prize pool of $209,000, with no vulnerabilities detected thus far.
High-value bug bounties are becoming increasingly common in the realm of crypto security. Recently, Sonic Labs joined forces with Immunefi to introduce a $2 million bounty, while Compound Finance also kicked off a $1 million program in partnership with Immunefi.
In November 2024, Uniswap Labs (UNI) rolled out its $15.5 million bug bounty, which was, until now, the largest in the industry. Nevertheless, Usual’s $16 million offer now holds the title for the biggest bounty to date.
“With over $880 million in total value locked, this record-breaking bounty prize showcases Usual’s strong commitment to the security of their protocol,” the projects highlighted.