LayerZero Labs, the team responsible for developing the popular cross-chain messaging protocol LayerZero, has teamed up with Immunefi to introduce the largest ever bug bounty in the software industry. Kicking off with immediate effect, the $15 million initiative is a clear indication of LayerZero’s desire to maintain the highest possible security standards and protect developers and users in its ecosystem.
As part of the initiative, LayerZero Labs is offering a maximum reward of $15 million for each new vulnerability discovered by participants who uncover the most severe security issues. The potential rewards on offer set a new industry standard for bug bounties and prove LayerZero’s commitment to Web3 cybersecurity. It’s a move that has been welcomed by the industry and demonstrates that LayerZero is serious about creating the safest and most widely used messaging protocol in the world.
Bryan Pellegrino, CEO of LayerZero Labs, stated that “With the launch of the largest bug bounty in the world we hope that LayerZero’s commitment to Web3 security and the individuals who make the community stronger is clear. We care deeply about building the safest, most used messaging protocol in the world.”
Working alongside Immunefi, a bug bounty and security services platform for Web3 projects that safeguards over $60 billion in user funds across a range of projects, LayerZero has paved the way for the highest security standards in the industry. Immunefi has facilitated the most outstanding bug bounties ever seen in software, with over $75 million in rewards paid out to security talent who play a vital role in making the Web3 ecosystem safer.
Mitchell Amador, Founder, and CEO at Immunefi said: “We’ve paved the way to reach the highest security standards in the industry and worked to provide projects with the necessary structure and access to the strongest security talent. LayerZero’s bounty is a testament to what we should continue moving towards, and that’s an undeniable commitment to security.”
More information and details about the bug bounty can be found here: https://immunefi.com/bounty/layerzero/. This URL includes the terms and conditions, including the eligibility criteria for participants, set by LayerZero Labs sole discretion.
LayerZero Labs launched its advanced messaging infrastructure protocol that connects over 30 blockchains and facilitates transparent and secure cross-chain messaging from one interface in March 2022. Since then, the protocol has processed more than 10 million messages. Developers have deployed thousands of mainnet contracts, underlining the growing popularity of the LayerZero protocol. Backed by VC firms that include a16z, Sequoia, and Binance Labs, LayerZero was recently valued at $3 billion.
By participating in the LayerZero bug bounty program, Vulnerability Disclosures (VDPs), and other security personnel will have a unique opportunity to make a significant impact within the cybersecurity industry. They’ll also be contributing to a protocol dedicated to maintaining the highest level of security, developing new technologies, and driving innovation within Web3.
As the deployment of blockchain and Web3 projects continues to grow at an unprecedented rate, bug bounty initiatives have become increasingly critical in safeguarding user funds and resolving security issues. LayerZero’s initiative is the latest and best example of how these programs can identify, solve and improve security risks, providing benefits to all stakeholders.