Convergence Hackathon To Kick Off in January

The cross-chain DeFi hackathon is hosted by the DEX Serum in partnership with interoperability protocol, Wormhole.

By
Anirudh Tiwari
on
January 5, 2022
Category:
Breaking News

Cross-Chain Interoperability in Focus

The Convergence hackathon will begin on January 5 with a session by executives from Serum and Wormhole.

The hackathon will last through January, ending on Jan. 31, and has up to $5 million in prizes and seed funding from Serum, Wormhole, PsyOptions, Pyth Network, Atrix Finance, and Terra. It aims to attract web2 and web3 developers to build on the Solana network by leveraging Serum’s liquidity infrastructure and Wormhole’s cross-chain bridging capabilities, as per the hackathon’s devpost page.

As previously reported by Solana.News, there are eight different prize tracks; some of these are limited to project’s building on specific blockchains and protocols:

  • Main Prize - $225,000 split between five ranked projects.
  • Community Choice Award - $30,000 for one project chosen by the community.
  • Serum Award - $80,000 split 50/30 between the 1st prize and runner up. Solutions on the Serum liquidity infrastructure and the newly released Serum Core by Bonfida.
  • Wormhole Award - $80,000 split 50/30 between the 1st prize and runner up. The solution must utilize Wormhole’s message-passing protocol to create cross-chain solutions for Solana.
  • PsyOptions Award -  $80,000 split 50/30 between the 1st prize and runner up. The project should contribute to the Psy Ecosystem and Psy DAO.
  • Pyth Network Award - $30,000 to one winner that utilizes Pyth’s infrastructure to build solutions that appeal to both institutional and retail traders.
  • Atrix Award - $30,000 to one winner that successfully integrates liquidity pools and yield farms to Atrix UI.
  • Terra Award - $30,000 to one winner that pushes the adoption of Terra’s UST stablecoin within the TerraLuna ecosystem.
Source: Project Serum Twitter

The teams building projects as a part of this hackathon will be judged on 4 main criteria:

  • Matching to submission track: Solution to fulfill the individual track requirements.
  • Execution: Solution should solve a business problem in the ecosystem it has chosen to build in, i.e., the prize sponsor’s ecosystem.
  • Code quality, technical documentation: Clean code base with documentation is essential.
  • Project Video: The demo video accompanying the submission should cover the vision and user experience and the project’s value proposition.

What is Serum?

Project Serum is a DEX and liquidity infrastructure protocol for decentralized finance (DeFi) protocols based on the Solana blockchain network. The protocol provides an on-chain central limit order book (CLOB) that gives access to shared liquidity across the protocols built in the Serum ecosystem. Serum has a total value locked (TVL) of $1.22 billion, as per data from DeFiLlama.

Find more about Serum here:

Website | Twitter | Whitepaper | Github | Telegram | Medium | Discord |

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.