Usual sets new bug bounty record with Sherlock partnership
Usual sets new bug bounty record in crypto
Usual, a decentralized stablecoin protocol, has launched the largest bug bounty program in the history of cryptocurrency, offering $16 million in rewards for discovering critical vulnerabilities in its code.
The initiative, announced in collaboration with blockchain security firm Sherlock, overtakes Uniswap’s $15.5 million bounty launched in late 2024, according to Crypto News.
Hosted on Sherlock’s security platform, the bounty is focused strictly on findings that could lead to significant loss or freezing of funds for over a year without reliance on external conditions. The high bar for eligibility underscores Usual’s emphasis on meaningful, high-impact vulnerability discovery.
A proactive approach to protocol security
Usual’s codebase has already undergone extensive scrutiny, including 20 separate audits. Most recently, a Sherlock-hosted audit contest with a $209,000 prize pool failed to uncover any critical issues. With over $880 million in total value locked (TVL), the protocol’s latest move signals a serious commitment to security and transparency.
“This record-breaking bounty prize is a powerful statement from Usual showing their dedication to the security of their protocol,” representatives from both projects told The Block.
The crypto industry has seen a rise in high-value bug bounties as projects aim to preempt exploits and build user trust. Sonic Labs recently launched a $2 million bounty with Immunefi, while Compound Finance followed suit with a $1 million program.
By surpassing the previous record set by Uniswap, Usual is staking its position not only as a stablecoin innovator but also as a leader in on-chain security practices. The bounty is now live and open to white-hat hackers and security researchers around the world.
Meanwhile, Union Square Ventures has recently transferred 578,000 Uniswap (UNI) tokens worth $8.45 million to Coinbase Prime, part of a systematic move since December totaling $55 million in UNI transfers. The firm still holds 10.364 million UNI tokens valued at $150 million, with further transfers likely.
