Usual Labs Launches a Significant Bug Bounty Program with a $16 Million Prize Pool

Usual has announced a significant bug bounty program offering $16 million to identify critical vulnerabilities within its codebase. This initiative

Usual, a protocol developing liquid staked USD0 tokens, has announced a substantial bug bounty program with a $16 million payout for discovering critical vulnerabilities within its codebase.

This initiative, which Sherlock, a blockchain security firm, will host, is being billed as the "largest bug bounty prize in tech history."

The program will specifically target vulnerabilities that Sherlock defines as critical, meaning they could lead to a "definite and significant loss of funds" or a "significant freezing of funds for over one year."

The announcement follows reports that the total value locked (TVL) on Usual’s protocol has surpassed $880 million.

Earlier this year, Uniswap held the record for the biggest bug bounty in crypto with a $15.5 million payout. Other notable bounties included those from LayerZero Labs, which offered $15 million, and Wormhole, which had a $10 million bounty.

The Usual community has expressed concerns following a recent 8.5% drop in January from the staked version of the USD0 token after adjustments to its mechanics.

However, the liquid staked version, denoted as USD0++, is still pegged to $1 and operates under a different financial model.