Cardano has announced that it is doubling its bug bounties for hackers who find and report vulnerabilities on the network. Bug bounties are not a new thing and all projects offer it in one form or another. However, with the accelerated pace of exploits in the decentralized finance (DeFi) space, projects like Cardano are trying to stay one step of attackers in all aspects. An effective way of doing this is offering mouthwatering reports for those who chose to report a bug rather than exploit it for personal gain.
Cardano Foundation Doubles Bounties
Cardano Foundation had previously posted bounties for both the Cardano wallet and Cardano Node. These two categories carried bounty rewards around four sub-categories each depending on the level of criticality. These bounties had the lowest reward at $300 previously but with the new update, the Cardano Foundation has essentially doubled the rewards for each category.
The Cardano wallet category now has a $600 reward for low-risk vulnerabilities. Medium goes as high as $2,000, high risk is $6,000, while the most important one, critical, meaning that they need to be attended to immediately is now $7,500.
For the other sub-category known as Cardano Node, it is treated as more of a higher priority compared to its counterpart. This is why it carried higher rewards before the update and this has run into the new rewards.
For low-risk bugs in the Node side of things, the reward has now been updated to $800. Medium and high risk are billed at $4,000 and $10,000 respectively. While critical vulnerabilities go up to $20,000.
All of this is done in a bid to further secure the network by incentivizing hackers to report bugs rather than exploit them for themselves. Over the past 90 days, the foundation has received a total of 12 reports. Two hackers have been thanked for their contributions, and a total of $2,300 has been paid out in bounties so far.
ADA On The Charts
On the price side of things, Cardano is not doing as well as the news coming out from its headquarters. The digital asset continues to trade just a tad bit above $1, throwing the majority of its investors into the loss territory.
ADA trading at $1.08 | Source: ADAUSD on TradingView.com
It is also trading below its 5-day, 20-day, 50-day, and 100-day moving average. This indicates that investors are still very bearish in the altcoin both in the short and long term. It also points to further downside expected to come with continued low momentum. If anything, this metric does not speak well for the short-term outlook for the digital asset and investors’ willingness to invest in it.
ADA is trading at $1.08 at the time of this writing, with a market cap of $33 billion.
Featured image from Binance Academy, chart from TradingView.com