Hyperliquid launches HyperEVM with $1M bug bounty

Hyperliquid (CRYPTO:HYPE), a layer-1 blockchain platform, has launched HyperEVM, a general-purpose Ethereum Virtual Machine (EVM), accompanied by a bug bounty program offering up to $1 million for security vulnerabilities.

HyperEVM is secured by the same consensus mechanism as Hyperliquid’s layer-1, enabling direct interaction with native components of the network.

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 stated.

The bug bounty program rewards developers who find bugs within the system, with rewards ranging from under $10,000 to nearly $1 million in USDC, depending on the severity of the vulnerability.

The program includes bugs that cause outages or logical errors on nodes or API servers, with a focus on security flaws related to the EVM and its interaction with Hyperliquid’s native components during the testnet phase.

Reports lacking sufficient detail or vulnerabilities requiring unrealistic user behavior will not qualify.

Despite the HyperEVM launch, the HYPE token remained steady at around $26, with a market capitalisation of $8.6 billion and a 24-hour trading volume of over $200 million, according to CoinGecko.

Hyperliquid's total value locked (TVL) reached $677 million in February, a 300% increase since December 2024.

Hyperliquid gained prominence after a large airdrop, distributing 28% of its token supply to users, worth over $7 billion at current market prices.

At the time of reporting, the Hyperliquid (HYPE) price was $23.89.