Jump Crypto, a blockchain infrastructure firm, has initiated a bug bounty program that allows Solana developers to earn up to $1 million by identifying vulnerabilities in the forthcoming “Firedancer” independent validator client.
In a recent blog post, the platform announced that the bug bounty initiative, which Immunefi manages, will be operational for 42 days, from July 10 to August 21, 2024.
The Firedancer validator client is anticipated to improve the Solana network’s efficacy.
Firedancer, an independent client validator, will be instrumental in processing transactions and constructing blocks within Solana’s flourishing $60 billion ecosystem.
It is anticipated to surpass “QUIC,” a data transmission protocol developed by Google that has encountered challenges in processing transactions during network surges.”
Firedancer has been implemented. Utilizing C and C++
Cantelope Peel, a pseudonymous engineer affiliated with Jump Crypto, a prominent participant in blockchain infrastructure, is spearheading the development of Firedancer v0.1.
Peel announced the bug bounty program on July 3 and disclosed that the team is currently testing the Solana consensus, fork choice algorithms, and other critical components, such as live voting.
C and C++ programming languages are employed to implement Firedancer, expressly engineered to accommodate substantial trading volumes.
Anatoly Yakovenko, the CEO and co-founder of Solana Labs, has previously underscored the potential of Firedancer to improve the pace of the Solana network, thereby increasing its scalability.
Individuals must complete the registration procedure, which includes providing know-your-client details, to participate in the bounty program.
Immunefi, the platform that hosts the bug bounty program, has specified that any bugs discovered in Firedancer v0.1 will be promptly investigated and resolved within 24 hours on weekdays.
After the program’s conclusion, Immunefi intends to release an event-specific leaderboard and problem reports.
Firedancer was initially deployed on a Solana testnet in November 2023, suggesting that Cantelope Peel and Jump Crypto have been assiduously developing the Solana validator client since January 30, 2023.
Peel had previously suggested implementing a comparable version of Firedancer on Ethereum; however, substantial progress has yet to be achieved.
SOL Price Could Increase by 9x after Spot Solana ETFs Approval
According to GSR Markets, a crypto market maker, the sanction of spot Solana exchange-traded funds (ETFs) in the United States can potentially increase the price of SOL by 9x.
In its most recent report, GSR Markets identified Solana as one of “crypto’s big three.” They analyzed the probability of Solana becoming the following spot cryptocurrency ETF to receive regulatory approval in the United States.
It surprised many when VanEck filed to launch a spot Solana ETF, as the report coincided with this occurrence.
Based on the supposition that spot Solana ETFs would capture 14% of the flows observed by spot Bitcoin ETFs since their launch in January, GSR, which maintains a long position on SOL, arrived at an estimate of “8.9x.” This estimate was computed by considering their relative market capitalization.
Based on the current supply, the optimistic scenario proposed by GSR would result in a market capitalization of $614 billion, with Solana’s current price of $149 rising to over $1,320.