Tuesday, June 22, 2021

Solana announces DeFi hackathon offering $200k in seed funding

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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 means of March 1st, will likely be hosted in partnership with Sam Bankman-Fried of FTX’s Undertaking Serum.

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

“A number of an ecosystem’s success depends upon how a lot the group builds on it. I have been actually proud of the expansion of Solana to this point 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.

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

As regards to DeFi adoption, Solana’s founder emphasised the necessity for the sector to “escape amongst basic shoppers:”

“This may very well 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 sensible contracts or the complexity of [DeFi], however they really get entry to all the 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 your complete stack to work […] I don’t know if that is going to occur in 2021, but it surely appears like all the things is ripe for that.” 

“The instruments are significantly better, key administration is significantly better, you possibly can ship purposes on iOS and Android with safe keys […] I’m excited to see who truly pulls it off and scales [DeFi] to 1 million or ten million customers.”