Over 5,000 Builders Participate in the $ 5 million Global Solana Hackathon

More than a week remains for projects to apply to the hackathon, bringing new projects to the Solana ecosystem.

By
Anirudh Tiwari
on
October 7, 2021
Category:
Breaking News

A Chance to Lead

The upcoming Ignition Hackathon is a global hackathon for the Solana ecosystem. The event has been in the works since Aug. 9th and now has 5,072 participants—a number that’s increasing by the minute.

The event is the 4th edition of Solana’s virtual hackathon, where each of the previous three editions was increasingly successful. The first edition, Wormhole Hackathon, had 1,005 participants, with 66 ecosystem projects formed as a result. 

The second edition, DeFi Hackathon, had 3,265 participants with 91 ecosystem projects formed, and the most successful edition yet, the Solana Season hackathon, had 13,121 participants with 326 ecosystem projects formed.

“The Solana community is excited to jumpstart its 4th virtual hackathon focused on allowing developers to experiment and leverage the Solana blockchain to create a plethora of projects spanning Decentralized Finance (DeFi), blockchain gaming, Web 3.0, Digital Art/Collectibles, and everything in-between”, states the hackathon’s official page.
Source: Still from the Ignition Hackthhon’s promotional Youtube video

$5 Million Up For Grabs

The hackathon rewards winners with a variety of prizes like conference passes, Non-fungible tokens (NFTs), and cash rewards in USD Coin (USDC), all-inclusive amounting to up to $5 million. There are separate prize pools for each prize “track.” 

The tracks are the Web3 Track, DeFi Track, Gaming Track, and Art & Collectibles. The tracks are presented by and judged by some of the biggest names in the cryptocurrency and FinTech markets. 

Source: Still from the Ignition Hackthhon’s promotional Youtube video

The Web3 track is presented by Microsoft with their strategist, Joe McCann, also serving as a judge. The DeFi track is presented by the British multinational bank Standard Chartered Bank along with Jump Trading, one of the main investors in Project Serum,  the project behind one of the fastest-growing decentralized exchanges (DEXs) in the Solana ecosystem.

The Gaming track is presented by Forte, a blockchain-based gaming platform that secured a $1 billion valuation in May this year. The Art & Collectibles track is presented by Metaplaex Studios, the recently launched NFT protocol that allows artists, brands, and creators to launch self-hosted NFT storefronts. Metaplex is also a strategic partner of Solana Labs.

In addition to these tracks, there are also sponsored prizes of $30,000 each by various prominent DeFi protocols participating in the Solana ecosystem like Project Serum, Chainlink, Raydium, Degen Ape Academy, PsyOptions, HXRO, and wormhole, amongst others.

Top Judges In Attendance

Various eminent personalities from the cryptoverse and the FinTech industry will be the judges and speakers panel for this hackathon. 

These panels include the richest under 30 year old in the world, Sam Bankman-Fried, the CEO of FTX Exchange and Alameda Research; Jeremy Allaire, Founder of Circle; Jeff Zirlin, Co-founder of Axie Infinity; Bobby Ong, chief operating officer of CoinGecko; Suresh Pagadala, Vice-President at Standard Chartered; 0xMaki, Lead Contributor SushiSwap; and several other significant players. 

The projects that apply to the hackathon will be judged based on the four criteria below:

  • Potential Impact
  • Functionality
  • Novelty
  • Design
  • Go-to-market strategy

Collaborative initiatives like the Solana ecosystem’s hackathon are signs of the fast-expanding Solana ecosystem driven by the exponential growth of DEXs and NFT marketplaces on the network.


About Solana Labs

Solana Labs is a technology company that is responsible for the creation and development of the Solana ecosystem. The Solana blockchain is a high-performance blockchain that supports up to 710,000 transactions per second on a 1 Gigabit network without resorting to data partitioning. It is a censorship-resistant, low-fee network specifically designed to help developers quickly deploy and scale applications for billions of users globally.

For more information about the project:

Website | Twitter | Reddit | LinkedIn | Github | Telegram | Crunchbase | Medium |

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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.