With the goal of testing and deploying apps and tools for DeFi (decentralized finance), Serum and Solana’s hackathon brought together developers, designers, business operators, and entrepreneurs from around the world. Fully online, the event took place in the second half of February.
Nine projects were selected, out of 3 thousand applicants and 100 projects. The main ones were related to new DeFi protocols. Projects were judged based on functionality, potential impact, novelty, design, and composition. The requirement was that teams incorporated Solana or Serum into their design.
Check out the winners!
The top prize went to Mango Markets and PsyOptions. Each of them earned US$ 50,000 in USDC-SPL.
Both created new trading platforms on the Solana blockchain, the first of which (Mango Markets) introduced a margin and derivatives trading platform with Serum wallets. It is possible to trade in it at almost zero rates, thanks to Solana’s high-performance blockchain.
On the other hand, PsyOptions presented a platform based on the American model, which allows you to move assets at any time. Today, the most popular cryptocurrency options markets are based on European options, with fixed maturity dates.
In second place were three competitors – and each of them received US$ 20 thousand in USDC-SPL.
Parrot is one of them, which introduced a protocol that connects existing Ethereum layer 1 production tokens into Solana’s DeFi ecosystem. Another is Synthetify, a decentralized protocol for synthetic assets, analogous to Synthetix for Solana, based on Ethereum.
And the third winner was Solrise Finance, a decentralized asset management project that allows fund managers to create investment funds, deposit tokens, and choose assets to trade.
With a prize of US$ 10,000.00 each, in third place were Serum Tax Time, a fee organizer for traders in Serum that allows the user to automatically filter Serum DEX trades and check tax payments; DTF Protocol, which is an investment manager supporting external integrations with exchanges, lending platforms, automated market makers, and asset protocols; and Tenderize Me, a liquid staking solution for the SOL token.
The Solana community also voted on the projects, and COPE, which allows users to rank their performance compared to other traders.
The nine winners now have the opportunity to compete for the additional US$ 200,000 prize.
It is worth noting that the Serum and Solana hackathon is a competition in which projects are evaluated by judges on their technological merits, without regard to legal feasibility. This means that the participants created the software exclusively for a competition and not for commercial deployment or launch.