Source: Cointelegraph Original: "{title}"
Hyperliquid, an L1 blockchain platform, has launched a bug bounty program alongside the release of its universal Ethereum Virtual Machine (HyperEVM).
On February 18, HyperFoundation, which supports the Hyperliquid ecosystem, released HyperEVM. Unlike other Ethereum Virtual Machines, HyperEVM is not a standalone chain but is protected by the same consensus mechanism as Hyperliquid's Layer-1. According to Hyperliquid, this allows the EVM to interact directly with the native components of the Layer-1 network.
With this setup, Hyperliquid's native token HYPE is interchangeable with gas tokens on the EVM. "Ultimately, users will be able to trade project tokens on the local spot order book with minimal fees and deep liquidity, and seamlessly use the same assets in applications built on EVM," the platform stated in a release.
As part of its launch, the platform introduced a bug bounty program to reward developers who can identify system vulnerabilities.
USDC Rewards for Discovering Hyperliquid Vulnerabilities
The rewards offered by the program range from less than $10,000 USDC to nearly $1 million USDC, depending on the severity of the discovered vulnerability. The project team stated that the severity of vulnerabilities will be determined based on the impact and likelihood of the event occurring.
Hyperliquid's vulnerability classification and rewards. Source: Hyperliquid
Hyperliquid stated that any vulnerabilities that could cause its nodes or API servers to fail or exhibit logical errors will be included in the program. On the testnet, the focus will be on EVM-related security vulnerabilities and their interaction with Hyperliquid's native components.
The platform also outlined specific criteria for disqualification, including reports lacking sufficient detail or vulnerabilities that require unrealistic user behavior to be exploited.
Source: DarylTanky
Despite the HyperEVM release, Hyperliquid's native token HYPE remains stable
According to CoinGecko, despite the release of HyperEVM, Hyperliquid's native token HYPE has remained stable, hovering around $26. The token has a market capitalization of $8.6 billion, with a 24-hour trading volume exceeding $200 million.
Meanwhile, Hyperliquid's total value locked (TVL) reached $677 million in February, representing a growth of over 300% compared to the TVL in December 2024.
Hyperliquid TVL. Source: DefiLlama
Hyperliquid has gained attention for conducting one of the largest airdrops in decentralized finance (DeFi) history. The project airdropped 28% of its total supply to users, which, based on current market prices, is valued at over $7 billion.
Related: Hyperliquid caught in a lightning strike "pulling the plug" to save itself, smashing DEX's reputation; is CEX entering to stabilize the market or stabbing in the back?
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