After a hackathon that took place for two weeks, Serum and Solana have finally announced the winners. It has been confirmed that the hackathon that took place was a two-week challenge among different competitors.
The competition between the competitors was to design and develop projects that were on the decentralized finance (DeFi) networks. Most importantly, each contestant from the hackathon was required to execute this on the Solana Blockchain in two weeks’ time.
Further details from the hackathon have revealed that in total, there were 9 projects that were eligible for the official prize pool for the hackathon. Then there was an additional community prize that was going to go to one of the projects from the hackathon.
The projects that won the hackathon are new projects in the decentralized finance (DeFi) space. Apart from the DeFi projects, there were some tooling solutions and infrastructure that also managed to gain importance over others.
From the hackathon, there were two competitors who emerged as the first prize winners. The names of the first prize-winning competitors from the hackathon were PsyOptions and Mango Markets. According to the results, both competitors were able to get their hands on the $50,000 award.
Further details suggest that these $50,000 prizes were handed in the form of USD Coin (USDC) or USDC SPL. Both of the digital assets are based on the Solana blockchain.
The details reveal that both PsyOptions and Mango Markets are to focus their expertise in creating/developing a Solana blockchain-based new trading platform. Out of the two, PsyOptions will be responsible for building an options platform that will be based in America. These options will be available at any time to the users in America before they expire.
PsyOptions’ platform would eventually compete with the options platform where the European options platforms have complete dominance.
On the other hand, Mango Markets is to build a derivative and margin trading platform that will be fully equipped with order books through on the Solana blockchain.
The second prize was handed over to Solrise Finance, Synthetify, and Parrot. Solrise Finance is a fast-growing asset management project running on decentralized infrastructure. Synthetify exists as Solana’s Synthetix analog. Lastly, there is Parrot, which is known for acting as a bridging protocol that is responsible for yield-bearing assets.
An easy example of the yield-bearing assets is the pool tokens that belong to the automated market maker (AMM) protocols.
All of the second prize winners were eligible for a $20,000 award in the form of USDC SPL.
In third place, there were four firms that were Tenderize Me, Sushi Warriors, DTF Protocol, and Serum Tax Time. According to sources, each firm from the third-place winners managed to get $10,000 in the form of USDC SPL.