Solana announced the upcoming DeFi hackathon, providing $ 200,000 in seed funding from the Solana Foundation.

The Hackathon, which runs from February 15 to March 1, is organized in collaboration with Sam Bankman-Freed for Project Serum FTX.

Bankman-Fried will also provide guidance to hackathon participants along with Solana CEO Anatoly Yakovenko. Bankman-Freed stated:

The success of any ecosystem depends to a large extent on how well the community is built on it. I have been very happy with Solana’s growth, and have created the fastest and most scalable ecosystem on the web; I am very happy that some projects will appear on the market! ”
Participants will also compete for a prize of $ 200,000, with Circle CEO Jeremy Aller, CEO Aave Stani Kulekhov, CoinShares CSO Meltem Demirors, and CoinGecko’s co-founder Bobby Ong.

The announcement encourages developers to explore the two-way Ethereum Solana Wormhole bridge as well as Solana’s new integration with Chainlink oracle.

In an interview with Cointelegraph, Yakovenko indicated that he looks forward to seeing which of the regular participants of the Solana Q4 Hackathon 2020 will depend on the upcoming event. Yakovenko stressed that Solana offers benefits to developers by supporting traditional translator tools like Rust, making it “more accessible to people who don’t use cryptocurrencies.”

Speaking about DeFi, the Solana founder emphasized the sector’s need to “go out in the open”:

It could be that simple: I have an enveloped BTC savings account, but in the background it generates DeFi income. The end user, the average consumer, does not have to deal with smart contracts or [DeFi] complexities, but they do have access to the entire pipeline. ”
Yakovenko predicts that such a “BTC savings account” may be in place in the near future, saying: “This one-benefit case requires the stack to fully operate […] I don’t know if this will happen in 2021. As if everything is ready. For this “.

“The tools are much better, the key management is much better. You can send iOS and Android apps with secure keys […] I’m so excited to see who can really handle this and expand [DeFi] to a million or ten million users.” …

Source: CoinTelegraph