Fast-growing layer-1 blockchain network, Hyperliquid has launched its multi-purpose Ethereum Virtual Machine, HyperEVM. The development surfaced through an announcement by HyperFoundation on Tuesday via its official X page.
Meanwhile, Hyperliquid, alongside the new EVM solution, also unveiled a bounty program, offering up to $1 million to ensure the safety of the ecosystem. In the statement, the firm disclosed that the HyperEVM is secured by the same consensus mechanism behind the Hyperliquid layer-1 blockchain.
By that, the HyperEVM stands out among its counterparts as it won’t operate on a separate network. This dynamics according to the foundation will permit the EVM to interact directly with other functionalities of the network.
Furthermore, the HyperFoundation explained that the system made the layer 1 blockchain’s native token, HYPE, fungible with the gas token on the EVM.
It is worth mentioning that the launching of the HyperEVM and the bounty program surfaced shortly after Hyperliquid endured heavy criticism for lack of transparency and heavy centralization. As per a Binbits report, the uproar forced the network to issue a statement clarifying the accusations.
The critics accused Hyperliquid of demanding a huge amount of money to allow developers to become validators on the network. Additionally, they alleged that there is a form of high centralization in the network which makes it difficult for community members to become validators.
Details on the new bounty program from Hyperliquid
More so, HyperFoundation revealed the launching of its bug bounty program to encourage white hat hackers to find vulnerabilities within the network. The program according to the foundation will foster security and active participation among developers in the ecosystem.
Therefore, that foundation stated that between 10,000 USDC to 1 million, USDC are up for grabs in the bounty program. However, the foundation said it will determine the price of each discovery by the potential impact of the bug on the ecosystem.
Similarly, the firm added that it will also consider the possibility of the discovery to cause a security breach. Hyperliquid confirmed that the campaign will concentrate on security shortcomings connected with the HyperEVM and its interoperability with other components of the layer-1 ecosystem.
In the announcement, the foundation disclosed the participation criteria, carefully explaining all key details relating to the program. The firm mandates that participants must not carry out any operation on the mainnet, instead, all testing should be done on the testnet and forks.