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Hyperliquid launched HyperEVM on its layer-1 blockchain and unveiled a bug bounty program offering up to $1 million for security vulnerabilities.
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Hyperliquid, a layer-1 blockchain platform, launched a bug bounty program alongside the rollout of HyperEVM, its general-purpose Ethereum Virtual Machine (EVM).
On Feb. 18, the Hyper Foundation, which supports the Hyperliquid ecosystem, launched HyperEVM. Unlike other EVMs, HyperEVM is not a separate chain. Instead, it is secured by the same consensus mechanism as Hyperliquid’s layer-1. According to Hyperliquid, this allows the EVM to directly interact with native components of the layer-1 network.
With this setup, Hyperliquid’s native HYPE token is fungible with the gas token on the EVM. “Ultimately, users will be able to trade a project token with minimal fees and deep liquidity on the native spot order book, and seamlessly use the same asset on applications built on the EVM,” the platform said in a statement.
As part of its launch, the platform introduced a bug bounty program to reward developers who can find bugs within the system.
USDC rewards for finding bugs on Hyperliquid
The program offers rewards ranging from under 10,000 USD Coin (USDC) to nearly 1 million USDC, depending on the severity of the identified vulnerability. The project said it would determine the severity based on the impact and likelihood that an incident may occur.
Hyperliquid’s bug classification and rewards. Source: Hyperliquid
Hyperliquid said any bug that would cause an outage or logical error on its nodes or API servers is included in the program. On the testnet, the focus will be on security flaws related to the EVM and its interaction with Hyperliquid’s native components.
The platform also outlined specific criteria for ineligibility, including reports that lack sufficient detail or vulnerabilities requiring unrealistic user behavior to be exploited.
Source: DarylTanky
Related: Hyperliquid’s HYPE token defies market downturn with major gains
Hyperliquid’s HYPE token unmoved amid HyperEVM launch
Despite the launch of the HyperEVM, the ecosystem’s native token remained steady, hovering at around $26, according to CoinGecko. The token has a market capitalization of $8.6 billion and a 24-hour trading volume of over $200 million.
Meanwhile, Hyperliquid’s total value locked (TVL) reached $677 million in February, an over 300% increase compared to its TVL in December 2024.
Hyperliquid’s total value locked. Source: DefiLlama
Hyperliquid rose to prominence after conducting one of the biggest airdrops in decentralized finance (DeFi) history. The project airdropped 28% of its entire token supply to users, making the airdrop worth more than $7 billion at current market prices.
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This article first appeared at Cointelegraph.com News
