Solana has revealed an upcoming DeFi hackathon announcing $200k in seed funding from the Solana Foundation.
The hackathon is scheduled to take place from 15th Feb. to 1st March, & is hosted in collaboration with Sam Bankman-Fried of FTX’s Project Serum.
Bankman-Fried will also offer mentorship to hackathon participants alongside Solana CEO Anatoly Takovenko. Bankman-Fried added:
“A lot of an ecosystem’s success depends on what proportion the community builds thereon. I have been really proud of the expansion of Solana so far in building out the world’s fastest, most scalable on-chain ecosystem; I’m excited to ascertain some projects come to market!”
Participants will also compete for a $200k prize pool, with the event’s judges along with crypto-notables Circle CEO Jeremy Allaire, Aave CEO Stani Kulechov, CoinShares CSO Meltem Demirors, and CoinGecko Co-Founder Bobby Ong.
The announcement encourages developers to explore Solana’s bi-directional Ethereum bridge “Wormhole”, additionally to Solana’s new Chainlink oracle integration.
While explaining further Takovenko revealed his excitement to ascertain what recurring participants who took part in Solana’s Q4 2020 hackathon will integrate the upcoming event. Takovenko emphasized that Solana offers benefits to developers through its support for traditional compiler toolchains like Rust, making it “more accessible for people outside of the crypto industry.”
On the topic of DeFi adoption, Solana’s founder emphasized the necessity for the world to “break out among general users:”
“This might be as simple as I buy a Wrapped BTC saving account, but within the background, it’s earning a DeFi yield. and therefore the end-user, a general user, isn’t handling smart contracts or the complexity of [DeFi], but they really get access to all or any of the whole pipeline.”
Takovenko predicts that such a “BTC savings account” could exist within the mere future, adding: “That one use-case would require the whole stack to figure […] I don’t know if this is going to happen in 2021, but it seems like everything is ripe for that.”
“The tools are far better, key management is far better, you’ll ship apps on iOS and Android with secure keys […] I’m excited to ascertain who actually pulls it off and scales [DeFi] to at least one million or ten million users.”