Solana has launched its fourth hackathon in a bid to attract developers and innovation.
Incentivizing Innovation
Following the recent trend that has seen both Fantom and Avalanche announce hundreds of millions of dollars in liquidity support, Solana has followed suit with its Ignition Hackathon event which launched on Tuesday.
The event will take place from August 31st to October 8th, with the grand champion receiving $75,000 USDC and tickets to attend the Solana Breakpoint Conference in Lisbon. Multiple other prizes will be handed out alongside Solana confirmed to Blockworks on Tuesday.
“We’ve seen this explosive growth in the Solana ecosystem and a lot of that doesn’t come from the hackathon, but the hackathons are a focal point to get everyone together to build a product and showcase what they’re working on,” Solana Labs Co-Founder and CEO, Anatoly Yakovenko explained to Blockworks.
With up to $5 million in prizes, Ignition is the fourth Solana hackathon. Yakovenko expects the event to attract over 13,000 developers – more than four times the amount at the second hackathon earlier this year.
Variation in Innovation
Participants will be able to launch their projects in Web3, Decentralized Finance (DeFi), gaming, as well as art and collectibles; perhaps an indication of Solana’s own ambitions and versatility.
Ignition’s rules define the aforementioned categories in the following manner:
DeFi Track: Build decentralized finance applications, tools, infrastructure and more to push forward the crypto space.
Web3 Track: Build decentralized apps, Decentralized Autonomous Organizations (DAOs), and infrastructure to cut the middleman out of popular web2 platforms.
Gaming Track: Design blockchain-based games, Non-Fungible Tokens (NFTs), and more to allow users to directly interact with p2p markets.
Digital Art and Collectibles Track: Create NFTs that can be sold or auctioned off that enable creators to directly connect with their fans around the world.
Building on Success
With a ‘Community Choice Award’ also seeing someone pick up $10k in USDC and an NFT prize, Solana is seeking to build a togetherness in innovation. There is an understanding here that recent success and indeed future success depends on stimulating this kind of innovation and reward structure.
With Fantom and Avalanche constructing innovation programs worth over $350 million combined, there certainly is a belief in the space that reward breeds success. Solana’s $5 million may seem relatively small in comparison but this is their fourth hackathon, and also an indication that they are happy for it to continue growing.
Source : bsc.news
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