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 March 1st, might be hosted in partnership with Sam Bankman-Fried of FTX’s Venture Serum.

Bankman-Fried may also provide mentorship to hackathon individuals alongside Solana CEO Anatoly Yakovenko. Bankman-Fried stated:

“Lots of an ecosystem’s success is determined by how a lot the neighborhood builds on it. I have been actually proud of the expansion of Solana up to now constructing out the world’s quickest, most scalable on-chain ecosystem; I am excited to see some initiatives come to market!”

Members may also 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, Yakovenko famous his pleasure to see what recurring individuals who took half in Solana’s This fall 2020 hackathon will construct within the upcoming occasion. Yakovenko emphasised that Solana provides advantages to builders by its help 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 “escape 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 whole pipeline.”

Yakovenko predicts that such a “BTC financial savings account” might exist inside the close to future, stating: “That one use-case would require the whole stack to work […] I don’t know if that is going to occur in 2021, nevertheless it seems like all the pieces is ripe for that.” 

“The instruments are significantly better, key administration is significantly better, you may 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.”