THELOGICALINDIAN - Mango Markets and PsyOptions were called as winners of a twoweek affair of hacking on Solana and Serum
The Solana and Serum ecosystem has several able new entrants.
More Growth on Solana
Solana and Serum accept appear the after-effects of their contempo DeFi hackathon.
The projects afresh hosted a two-week event, agreeable over 3,000 builders to advance new projects on top of Solana and Serum.
One of the first-place winners was Mango Markets, a cross-margin trading agreement that integrates Serum’s on-chain adjustment book. Mango Markets will action 5x leverage, a aberration in DeFi today. It will additionally alone allegation users for trading fees. Users will additionally be able to use SRM in the Mango Markets basin to abate the Serum fees for all users.
The added champ was PsyOptions, which replicates U.S.-style trading options aural the Solana ecosystem. It will affection SPL badge abutment and use Serum to actualize the banking contracts.
The winners were called based on bristles categories: functionality, abeyant impact, novelty, design, and composability.
Judges included key abstracts from Solana, Chainlink, Sushi, Multicoin Capital, Circle, Parafi Capital, and CoinGecko.
The top nine acceptable teams will accept the befalling to attempt for an added $200,000 berry allotment prize.
Sam Bankman-Fried, who advises Serum and is accepted for evangelizing Solana, batten of his activity for the hackathon projects. He said:
“It seems like there will be multiple, absolutely alarming protocols activity absolutely alive from the hackathon, which should advice abide to body out the Serum ecosystem. I was absolutely aflame to see the projects from the aboriginal hackathon, and these ones are alike better. ”
Anatoly Yakovenko, President of the Solana Foundation, additionally said that he was “thrilled” with the accepted of the competition’s entrants. He added:
“Solana was congenital to calibration DeFi to all-around adoption, and this hackathon gave builders an befalling to advantage the chain’s acceleration and composability. We are attractive advanced to added acknowledging teams as DeFi rapidly expands assimilate the Solana blockchain.”
The hackathon is a added assurance of development on the Solana blockchain, acquisitive to abduction a allocation of the DeFi bazaar that Ethereum currently dominates. Arguably Solana’s better advantage over Ethereum is its adeptness to action high-speed, bargain transactions. One of the Solana ecosystem’s key apparatus is Serum, a decentralized barter (DEX) tailored for decentralized finance.
Both projects accept a continued way to go to bolt up with Ethereum, however. The second-ranked blockchain processes over 1 actor transactions daily, decidedly added than any of its competitors.
Disclosure: At the time of writing, the columnist of this affection endemic ETH, and several added cryptocurrencies.
