Solana and Serum recently partnered to hold the first-ever DeFi Hackathon. This event was held to further bootstrap the growth of the Solana ecosystem with over 100 participating projects.
Solana X Serum Hackathon
This event bolstered tons of attention with over 3,000 builders and submissions from over 100+ projects. The hackathon maintained support from the most prominent protocols in the space such as SushiSwap and AAVE. Further, the competition was judged by a group of 24 heavyweights across the DeFi landscape. The judges evaluated projects on the following five categories: functionality, potential impact, novelty, design, and composability.
For builders, the only requirement was that the protocol was built on Solana or Serum. This opened up endless possibilities allowing hackers to build complete protocols, tools, or infrastructure for the blockchain. From the initial 100 projects, the judges could slim down the applicants but stated that “over 50 of projects showed tremendous potential,” nine of which were selected as Hackathon winners. The following prizes were awarded to the winners:
Grand Prize Winner: 200k Seed Funding
First Place Winners: 2 Winners, up to 50k each + SOL Swag
Second Place Winners: 3 teams give 20k each + SOL Swag
Third Place Winners: 4 teams of 10k each + SOL Swag
SushiSwap Prize: 50k
Community Choice Prize: 5k
Torus Prize: 2k
All participants: $100
Community Choice Prize: 5k
Winner Winner Chicken Dinner
Mango Markets and Psyoptions were both crowned the winners.
Mango Markets
Mango Markets is a decentralized derivatives exchange that offers up to 5x cross-margined leverage. The protocol utilizes the Serum Dex and offers users a seamless trading experience. This system allows both makers and takes to earn interest through deposits and margin positions. The protocol contributes all SRM to a shared pool, granting its users large SRM fee reductions. This comes all built on top of the robust Solana blockchain, boasting immense throughput and nominal fees. The Mango Markets team continues to pioneer in the early development of the Solana blockchain.https://www.youtube.com/embed/J-yTEkfx2zg
PsyOptions
PsyOptions offers users leveraged trading in the form of American-style options. The protocol has been crowned a winner for its focus on flexibility and composability. PsyOptions core protocol makes no assumptions on option pricing and is completely trustless. The option contracts are represented by SPL tokens, allowing any Solana-based Dex to trade the contracts. Overall, PsyOption provides a decentralized options platform that allows anyone to trade or initiate markets.
Second Place
Parrot, Snythetify, and Solrise received the second-place prize of $20,000 USDT each.
Solrise
Solrise is a p2p asset management and trading protocol built on the Solana blockchain. This platform offers decentralized and permissionless investment funds run by anybody who wishes to be a “fund manager.” Solrise caters explicitly to two types of users, Fund Managers and Fund Investors; overall, the platform allows users to trade and track fund performance.
Synthetify
Synthetify is a decentralized protocol for the creation of synthetic assets on the Solana blockchain. The platform borrows aspects from the successful Ethereum-based Synthetix protocol. The protocol is still currently in the devnet, but further development is underway.
Parrot
Parrot is a Synthetic Debt Protocol that allows users to bridge existing layer-1 ETH LP tokens for collateral on the Solana chain. Parrot aims to support Sushi & Curve LP tokens as collateral. This will allow users to continue to earn ETH yields and fees while simultaneously borrowing USDT to lever up. In short, Parrot allows the use of collaterals – such as LPs – to generate synthetic assets as a debt.
Third Place
Serum Tax Time, DTF Protocol, Sushi Warrior, and Tenderize Me were the recipients of the third-place prize of $10,000 USDC.
Serum Tax Time
Serum Tax time allows users to export trades from the Serum Dex for tax purposes easily. The platform aims to provide users with a user-friendly UI that displays precise tax analytics. https://www.youtube.com/embed/yFexFkMLEBY?start=82
DTF Protocol
DTF incorporates asset management strategies in a decentralized and trustless manner. Leveraging the Solana blockchain, DTF allows users to create or invest in a basket of assets. DTF also supports external integrations with exchanges, lending platforms, automated market makers, and asset protocols; by utilizing these systems, users can automate various strategies.
Sushi Warrior
Sushi Warrior brings gamification to the Solana ecosystem through a multiplayer tournament-style battle game. It utilizes “no-loss lotteries,” borrowing from models such as PoolTogether. The platform will leverage Solana, Arweave, Torus, USDC, and AAVE.
Source : solana.news
