- Raydium liquidity pool has $37.29 million in Total Value Locked.
- The RAY token native asset of Raydium was trading at $0.2306.
Developers of the Solana-Based Raydium exchange are demanding a bounty bug program at 10 Million Ray token (which is around $2,289,338 at the current trading price of Ray token) to dismantle bugs harming protocol’s smart contracts.
In the project’s Discord channel, on March 29, InfraRAY, a pseudonymous head of partnership stated that the bounty bug program would target the CLMM (Concentrated Liquidity Market Maker) which is the protocol’s smart contract.
Concentrated Liquidity Market Maker or CLMM is a piece of code that helps Raydium govern crypto trading on the Solana blockchain. While writing, Raydium liquidity pool has $37.29 million in Total Value Locked.
According to DefiLlama, Orca, one of the leading decentralised exchanges built on Solana, held $37.49 million in Total Value Locked which is higher than the Total Value Locked of Raydium.
At press time, Raydium’s native asset RAY was trading at $0.2306 with a 24-hour trading volume of $2,620,654. According to CoinMarketCap, the trading volume of RAY token declined over 18% in the past 24 hours.
RAY token is ranked 442 in the entire crypto market with a market capitalization of $44.39 million. The token is trading 98.66% lower than its all time high.
In the 52-weeks time-frame, the highest price RAY token fetched was $3.7543 and the lowest price was $0.1378. It’s all-time-low was $0.1343, which is around 69% lower than current price.
According to the InfraRAY proposal, a white hat bug hunter will be paid as much as $505,000. The base reward amount set for a bug hunter is $5000. The reward will be paid in the form of RAY tokens and the prize amount may vary as per the severity of the bug found.
The bounty program will be managed by Immunefi, a bounty bug platform. The proposal was announced on Raydium Discord Server as a wider effort to boost community participation in protocol governance.
Raydium is an Automated Market Maker (AMM) and liquidity provider built on the Solana blockchain. It was launched on February 21, 2023 and was founded by AlphaRay.
Currently the trading of RAY tokens are available on Kraken exchange in pairs of RAY/EUR and RAY/USD. Before FTX’s collapse, RAY token was available on FTX which was one of the third largest crypto exchanges at one point.
At the time of writing, RAY token has a trading volume percentage of 11.59% on the Raydium exchange for the RAY/USDC pair. The trading volume percentage of the RAY/USD pair on Kraken is 0.17% and it is 0.11% for RAY/EUR pair.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
