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Ethereum competitor Solana kicks off ‘hackathon’ with $1 million in prizes

The network has announced a virtual hackathon to support the development and rapid expansion of its growing ecosystem.

Ethereum competitor Solana kicks off ‘hackathon’ with $1 million in prizes

The Solana Foundation, a non-profit organization dedicated to supporting and growing the high-speed blockchain today announced it will be launching a global hackathon focused on Web3, DeFi, and NFT solutions.

Solana targets global developer teams

The hackathon will take place over the course of three weeks starting on May 15 and is open to teams from around the globe. 

Solana has gained a lot of hype in crypto circles for its massive scalability and extremely low fees. An estimated 65,000 transactions per second (tps) can be processed on Solana in a fraction of a cent, compared to Ethereum’s 15 tps and fees oft-reaching $100.

As per a release, the move comes after the success of Solana’s DeFi Hackathon earlier this year. However, the competition will now target a bigger demographic and has expanded to regions in China, India, Eastern Europe, and Brazil. Each “track” will have its own set of supporting projects and a panel of judges, as well as offline workshops and events. 

“It is exciting to watch the blockchain ecosystem adapt as it continues to make significant progress.  That is why we are hosting a third hackathon,” said Anatoly Yakovenko, President of the Solana Foundation, in a statement.

Yakovenko added the Foundation would support the development of projects spanning across the globe while providing both monetary and technical help to developer teams.

 Hackathon details

The hackathon will have a global prize pool of $400k as well as potential seed funding, adding up to $1 million in prizes. There will be DeFi, Web3, and NFT tracks, each with 1st, 2nd, and 3rd place winners who will receive $20,000, $10,000, and $5,000 prizes in USDC-SPL, respectively. 

There will be additional prizes for regional tracks including

  • Eastern Europe track which will have a $155k prize pool with contributions from Hacken, Gate.io, Serum, Velas, HAPI, and Akash Network.
  • China track with $125k in prizes coming from Solana Foundation, Serum, and Raydium.
  • India track which will have a $50k total prize pool and contributions from Solana Foundation, Devfolio, and CoinDCX.
  • Brazil will see a $25k prize pool with support from BRZ Brazil, Foxbit, Bitpreço, NOX Bitcoin, and Alterbank. 

The Solana Season hackathon is a competition where projects will be evaluated by judges on their technological merits without consideration of legal viability and will be open to any use case that involves Solana.

Participants in the hackathon will create software solely for purposes of evaluation by judges as part of a competition and not for commercial deployment or release as part of the Hackathon. 

Following its completion, any hackathon projects that are interested in building on Solana full-time will have the opportunity to compete for seed funding from venture capitalists, ecosystem funds, and investors. 

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