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Solana declares DeFi hackathon providing $200k in seed funding

02/09/2021

Solana will host a DeFi hackathon providing a $200,000 prize pool and $200,000 in seed funding to aspiring builders.

Solana has introduced an upcoming DeFi hackathon providing $200,000 in seed funding from the Solana Basis.

The hackathon, which is scheduled to happen from Feb. 15 by way of March 1st, will likely be hosted in partnership with Sam Bankman-Fried of FTX’s Mission Serum.

Bankman-Fried will even provide mentorship to hackathon contributors alongside Solana CEO Anatoly Takovenko. Bankman-Fried acknowledged:

“Quite a lot of an ecosystem’s success is dependent upon how a lot the neighborhood builds on it. I have been actually proud of the expansion of Solana thus far constructing out the world’s quickest, most scalable on-chain ecosystem; I am excited to see some tasks come to market!”

Individuals will even compete for a $200,000 prize pool, with the occasion’s judges together with crypto-notables Circle CEO Jeremy Allaire, Aave CEO Stani Kulechov, CoinShares CSO Meltem Demirors, and CoinGecko Co-Founder Bobby Ong.

The announcement encourages builders to discover Solana’s bi-directional Ethereum bridge “Wormhole”, along with Solana’s new Chainlink oracle integration.

Talking to Cointelegraph, Takovenko famous his pleasure to see what recurring contributors who took half in Solana’s This fall 2020 hackathon will construct within the upcoming occasion. Takovenko emphasised that Solana presents advantages to builders by way of its assist for conventional compiler toolchains like Rust, making it “extra accessible for folk exterior of crypto.”

With reference to DeFi adoption, Solana’s founder emphasised the necessity for the sector to “get away amongst basic customers:”

“This could possibly be so simple as: I get a Wrapped BTC financial savings account, however within the background, it is incomes a DeFi yield. And the end-user, a basic client, is not actually coping with good contracts or the complexity of [DeFi], however they really get entry to the entire total pipeline.”

Takovenko predicts that such a “BTC financial savings account” may exist throughout the close to future, stating: “That one use-case would require the complete stack to work […] I don’t know if that is going to occur in 2021, however it looks like every little thing is ripe for that.” 

“The instruments are significantly better, key administration is significantly better, you’ll be able to ship purposes on iOS and Android with safe keys […] I’m excited to see who truly pulls it off and scales [DeFi] to at least one million or ten million customers.”