Solana and Serum today announced the winners from their recently held Solana X Serum DeFi Hackathon. Winners were chosen from over 3,000 builders and 100 projects.
All top 9 winning teams will be able to compete for an additional $200K prize in seed funding and receive extensive resources from The Solana Foundation, EcoSerum, and leading venture capital firms.
The event brought together crypto pioneers, popular DeFi projects, and builders from around the world for two weeks of hacking on Solana and Serum. They built scalable projects including decentralized exchanges, tooling, lending, and more.
Judges of the hackathon included team members from Solana, Chainlink, Sushi, Multicoin Capital, Circle, Parafi Capital, and CoinGecko.
“We are thrilled with the quality and number of projects that were deployed during just a 2-week hackathon. Solana was built to scale DeFi to global adoption, and this hackathon gave builders an opportunity to leverage the chain’s speed and composability. We are looking forward to further supporting teams as DeFi rapidly expands onto the Solana blockchain.”
– Anatoly Yakovenko, President of the Solana Foundation
First Place Winners:
The two first-place winners each receive $50,000 in USDC-SPL tokens.
Mango Markets: a decentralized, cross-margin trading protocol with up to 5x leverage, integrated with the Serum DEX on-chain order book.
Users of Mango Markets will only have to pay trading fees. They will have the option to contribute their SRM into the Mango Markets’ pool to reduce the Serum DEX fees for all users of Mango Markets. Mango Markets offers higher speeds and lower fees than what is available in the Ethereum ecosystem, thanks to Solana. Mango Markets is also working on integrating perpetual futures onto the platform.
PsyOptions: a project that provides American-style options on Solana, with SPL token support, leveraging Serum DEX for options creation. PsyOptions has the ability to create derivative products that currently do not exist on-chain by integrating with margin trading protocols like Mango Markets.
Thanks to Serum DEX and the high throughput and low cost of Solana, liquidations on these protocols can be precise. This allows for efficient use of collateral and less risk of slippage, these features are currently not possible on Ethereum.
Second Place Winners:
The 3 second-place winners each receive $20,000 in USDC-SPL tokens.
Parrot: Parrot is a synthetic debt protocol that bridges existing yield-bearing tokens on Ethereum layer 1 into Solana’s DeFi ecosystem. LP holders in protocols like Sushi, Curve, etc. can now use tokens as collateral directly on Solana-based lending products.
Synthetify: Synthetify is a decentralized protocol for synthetic assets, built on Solana. The system works similarly to the Ethereum-based Synthetix protocol.
Solrise Finance: Solrise is a decentralized, p2p asset management and trading protocol that allows fund managers to create investment funds, deposit tokens, and choose assets to trade. It also enables fund investors to track fund performance and their earnings.
Third Place Winners:
The 4 third-place winners each receive $10,000 in USDC-SPL tokens.
Serum Tax Time: The SerumTaxTime team built a tool to automatically sift through a user’s Serum DEX trades and present them via clear data analytics to determine tax payments.
DTF Protocol: DTF Protocol is a Solana-based system that enables users to implement an asset management strategy in which others can invest. A strategy consists of a basket of SPL tokens encapsulated in a DTF program which is itself an SPL token. By supporting external integrations with exchanges, lending platforms, automated market makers, and asset protocols, DTFs enable any type of strategy including those employing.
Sushi Warrior: Sushi Warrior is a multiplayer tournament-style battle game that includes no-loss lotteries, similar to PoolTogether, and leverages Solana, Arweave, Torus, USDC, and AAVE to bring composable DeFi to the world of gaming. Additionally, Torus, a popular DeFi wallet, offered up a $2,000 prize to the team that best integrated their wallet solution in the project. After reviewing all of the submissions with a Torus integration, Sushi Warrior again was selected as a winner.
Tenderize Me: Tenderize Me is a liquid staking solution that enables users to generate tenderSol, a value accruing staking derivative token, which allows them to enter or exit staking with no bonding and unbonding period. The main focus is to make staking more efficient and easy for regular non-technical Solana community members. Having a tenderSol token that represents their staking position allows users to use it again, for example as a collateral in other protocols.
Community Choice Prize:
Shortly after all of the projects were submitted, the Solana community voted for their favorite projects. The Community Choice Award amounts to $5,000 in USDC-SPL. Over 10,000 votes were counted, and one project won by a very slim margin…
COPE: COPE is a token project that enables traders to rank their performance and view other traders’ performance in an index based on their Cope score. The ranking creates a signal for other traders looking to enter new positions. The second phase of the project is to implement an automated investment product that users can permission to trade on their behalf based on the COPE index. The immediate capability allows for the integration of the Serum DEX, which gives traders the ability to deploy active strategies on CLOBs according to rules produced in a smart contract running on Solana.
Winners were judged by the following categories:
2. Potential Impact
The top 9 teams now have the opportunity to compete for an additional $200K prize in seed funding. This gives serious builders a chance at jumping full-time into the Solana ecosystem and receive extensive resources from The Solana Foundation, Project Serum, and leading venture capital firms.