Tezos Ukraine raises DeFi hackathon prize pool to $25,000

Tezos Ukraine has raised the prize pool for the #TezosDeFiHackathon from $15,000 to $25,000. The top prize will be $12,000. ForkLog told Tezos Ukraine.

The hackathon will run from February 26 to 28. Registration closes on February 26 at 16:00 Moscow time. Individuals and teams may participate.

ForkLog served as the main media partner of #TezosDeFiHackathon.

An additional $10,000 in tez has been allocated by the non-profit Tezos Commons as part of their new community-incentive program. Representatives of the organization will select the three best projects at the hackathon and distribute the prize pool among them: the winners will receive $2,000, $3,000 and $5,000 in tez.

“Sponsoring the Tezos DeFi Hackathon is the next step in developing the community-incentive program. Together with TQ Tezos and the community, we will select and reward the best DeFi projects at the hackathon,” said the executive director of Tezos Commons, Kori Soreff.

Organizers invite developers to implement their own idea or tackle a challenge. A participant can take one prize in each category: ‘Own Idea’, ‘Challenge’, and ‘Tezos Commons Choice’.

If the team ‘Cosmic Kittens’ takes the first three places, it will win $12,000.

The Tezos network is seeing more DeFi applications: the number of smart-contract calls in January rose by 135-fold relative to 2020. And the number of active users, according to Baking Bad, is growing at an average of 7.8% per month. In total, the ecosystem has 1 million accounts with non-zero balances.

The aim of the hackathon is to create more useful DeFi products for the growing Tezos ecosystem and attract talented developers to the community.

Co-founder of Tezos Ukraine Sergey Vasylchuk said in a video invitation that after the hackathon participants will be able to continue developing ideas with grant support from the Tezos Foundation.

Directions for own ideas:

• AMM;
• liquidity pools;
• collateralized assets;
• derivatives;
• synthetic assets;
• yield farming.

Examples of challenges:

• NFT marketplace;
• a decentralized fund like MolochDAO;
• DEX with an order book and without AMM;
• a bridge between Ethereum (ERC20) tokens and Tezos (FA2);
• atomic swaps Tezos ⇔ Ethereum on L2;
• DEX liquidity-aggregator: QuipuSwap and Dexter.

To participate in the hackathon, fill out a short form on the site of #TezosDeFiHackathon.

Earlier, the Binance-backed hotel-booking blockchain service Travala added Tezos (XTZ) as a payment method for 3 million travel product options.

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