Solana declares DeFi hackathon proposing $200000 in seed funding

Feb 9, 2021 07:33 UTC

| Updated:

Feb 9, 2021 at 07:33 UTC

By Clark

Solana will host a DeFi hackathon proposing a $200K prize pool & $200K in seed funding to wishful developers. Solana has declared a future DeFi hackathon contribution of $200K in seed funding from the Solana Foundation.

The hackathon, which is arranged to take place from February 15 over March 1st, will be held in partnership with Sam Bankman-Fried of FTX’s Project Serum.

Bankman-Fried will also propose mentorship to hackathon members together with Solana CEO Anatoly Takovenko. Bankman-Fried definite:

‘A portion of an ecosystem’s achievement be contingent on how much the public builds on it. I’ve been happy with the development of Solana so far building out the world’s wildest, greatest scalable on-chain ecosystem; I’m eager to see some projects come to market’

Participants will also contest for a $200K prize pool, with the event’s judges with crypto notables Circle CEO Jeremy Allaire, CoinShares CSO Meltem Demirors, Aave CEO Stani Kulechov, & CoinGecko Co-Founder Bobby Ong.

The statement inspires developers to discover Solana’s bi-directional ETH bridge ‘Wormhole’, in addition to Solana’s novel Chainlink oracle integration.

Talking to Cointelegraph, Takovenko renowned his excitement to see what recurrent participants who took a portion in Solana’s Q4 2020 hackathon will build in the future event. Takovenko highlighted that Solana proposals benefit developers finished its support for traditional compiler toolchains like Rust, making it ‘more accessible for folks outside of crypto.’

On the subject of DeFi acceptance, Solana’s founder stressed the want for the sector to ‘break out among general consumers:’

‘This might be as humble as I get a Wrapped Bitcoin savings account, but in the contextual, it is making a DeFi yield. & the end-user, an over-all consumer, isn’t dealing with smart contracts or the complexity of DeFi, but they get admission to all of the whole pipeline.’

Takovenko forecasts that like ‘BTC savings account’ could be within the near future, declaring: ‘That one use-case would need the entire stack to work I don’t know if this is going to occur in 2021, but it feels like all is ripe for that.’

‘The tools are much recovering, important management is much better, you can ship applications on iOS & Android with secure keys  I am happy to see who pulls it off & scales DeFi to 1M or 10M users.’


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