Solana and Serum announced the winners of a current two-week hackathon focusing on building decentralized finance projects on the Solana blockchain. A complete of 9 initiatives had been eligible for the hackathon’s official prize pool, with a further mission profitable a group prize.
The profitable initiatives are primarily new DeFi protocols, although some infrastructure and tooling options additionally made the minimize.
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 give attention to 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 that enables exercising choices at any level earlier than expiry. Hottest crypto choices markets in the present day are based mostly on European choices, with a set expiry.
The second-place winners embrace Parrot, a bridging protocol for yield-bearing property like automated market maker pool tokens; Synthetify, a Synthetix analog for Solana; and Solrise Finance, a decentralized asset administration mission. These had been eligible for $20,000 in USDC-SPL.
Lastly, the third-place winners had 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 sport; and Tenderize Me, a liquid staking resolution for the SOL token. Third-place winners acquired $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 will likely be a number of, actually superior protocols going totally stay 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 look like initiatives constructing on this side, with Mango Markets making some extent of protecting all components of its logic on-chain. Order book-based decentralized exchanges are considerably of a rarity on different blockchains, with lots of them being solely noncustodial, while their matching engines are centralized.
Lots of the initiatives outdoors the highest two had 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.