Solana announces DeFi hackathon offering $200k in seed funding

Solana announced the launch of the upcoming DeFi hackathon program that is providing $ 200,000 in seed funding from the Solana Foundation.

The hackathon, scheduled for February 15 through March 1, will be hosted in partnership with Sam Bankman-Fried of FTX’s Project Serum.

Bankman-Fried will also provide mentorship to hackathon participants along with Solana CEO Anatoly Takovenko. Bankman-Fried stated:

Much of an ecosystem’s success depends on how much the community builds on it. I have been really happy with Solana’s growth so far building the fastest and most scalable ecosystem in the world. I am excited to see some projects coming to the market! “

Participants will also compete for a $ 200,000 prize, with event judges including CEO of Crypto-notables, Jeremy Alayer, Aave CEO Stani Kulechov, CoinShares CSO Meltem Demirors, and CoinGecko co-founder Bobby Ong.

The announcement encourages developers to explore Solana’s “Wormhole” two-way bridge, as well as Solana’s new Chainlink oracle integration.

Speaking to Cointelegraph, Takovenko indicated he was excited to see what the frequent participants who participated in the Solana Hackathon for the fourth quarter of 2020 will build at the upcoming event. Takovenko emphasized that Solana offers advantages to developers by supporting traditional compiler toolkit strings like Rust, making it “more accessible to people outside of coding.”

On the topic of DeFi adoption, Founder Solana emphasized the sector’s need for “penetration among the consumers at large:”

“This might be as simple as this: I get a wrapped BTC savings account, but in the background, it’s earning the DeFi revenue. And the end user, the general consumer, isn’t really dealing with smart contracts or the complexity of them. [DeFi]But they can actually access the entire pipeline completely. “

Takovenko predicts that such a “BTC savings account” could be in place in the near future, explaining: “One use case requires the entire stack to work. […] I don’t know if this will happen in 2021, but everything seems ready for that. ”

“ The tools are much better, key management is much better, you can charge apps on iOS and Android with secure keys […] I’m excited to see who is pulling it and expanding [DeFi] To one million or ten million users. “