Solana and Serum introduced the winners of a current two week hackathon specializing in constructing DeFi initiatives on the Solana blockchain. A c
Solana and Serum introduced the winners of a current two week hackathon specializing in constructing DeFi initiatives on the Solana blockchain. A complete of 9 initiatives have been eligible for the hackathon’s official prize pool, with an extra mission successful a neighborhood prize.
The successful initiatives are primarily new DeFi protocols, although some infrastructure and tooling options additionally made the reduce.
The 2 first place winners, Mango Markets and PsyOptions, gained $50,000 in USDC-SPL, Solana’s bridged wrapper for USD Coin (USDC). Each initiatives deal with creating new buying and selling platforms on the Solana blockchain, with Mango Markets constructing a margin buying and selling and derivatives platform with totally on-chain order books. PsyOptions is constructing an American choices platform, which permits exercising choices at any level earlier than expiry. Hottest crypto choices markets in the present day are primarily based on European choices, with a set expiry.
Second place winners embrace Parrot, a bridging protocol for yield-bearing belongings like automated market maker pool tokens; Synthetify, a Synthetix analog for Solana; Solrise Finance, a decentralized asset administration mission. These have been eligible for $20,000 in USDC-SPL.
Lastly, third place winners have been Serum Tax Time, a tax organizer for Serum merchants; DTF Protocol, a yield aggregator just like Yearn.finance; Sushi Warriors, a no-loss lottery recreation; Tenderize Me, a liquid staking answer for the SOL token. Third place winners obtained $10,000 every.
The hackathon’s winners embrace a various vary of DeFi merchandise. Sam Bankman-Fried, CEO of FTX and advisor to Serum, commented on the outcomes:
“It looks like there shall be a number of, actually superior protocols going totally reside from the hackathon, which ought to assist proceed to construct out the Serum ecosystem. I used to be actually excited to see the initiatives from the primary hackathon, and these ones are even higher.”
Solana positions itself as a low-latency community designed particularly for buying and selling. The hackathon’s winners seem like initiatives constructing on this side, with Mango Markets making some extent of retaining all elements of its logic on-chain. Order book-based decentralized exchanges are considerably of a rarity on different blockchains, with a lot of them being solely non-custodial, whereas their matching engines are centralized.
Lots of the initiatives exterior the top-two have been rehashing ideas from different blockchains or straight connecting Solana with the remainder of the crypto ecosystem. Nonetheless, the presence of authentic and Solana-specific initiatives is a promising signal for the blockchain mission.