Solana and Serum announced the winners of a recent two-week hackathon dedicated to creating decentralized financial ventures on the Solana blockchain. A total of nine projects reached the official hackathon prize pool, and another was awarded a community award.

The winning projects are basically the new DeFi protocols, although some infrastructure decisions and tools have been made.

The two biggest winners, Mango Markets and PsyOptions, won $ 50,000 in USDC-SPL or a U.S. Dollar in Solana (USDC). Both projects focus on creating new trading platforms on the Solana blockchain, while Mango Markets is creating a platform for trading margin and order book derivatives along the entire chain. PsyOptions creates a US options platform that allows options to be exercised at any time before expiration. The most popular cryptocurrency markets today are based on European fixed expiration options.

Other winners are Parrot, a bridge-based asset support protocol that automates tokens for a group of market makers; Synthetify, an analogue of Synthetix for Solana; And Solrise Finance, a decentralized asset management project. They were eligible to receive $ 20,000 in USDC-SPL.

As a result, Serum Tax Time is ranked third, the tax authority for whey sellers; DTF Protocol, ROI is similar to; Sushi Warriors, a lossless lottery; And Tenderize Me, a liquid solution for the SOL code. Third place winners received $ 10,000 each.

Hackathon winners include a wide variety of DeFi products. Sam Bankman Fred, FTX CEO and Serum Advisor, commented on the results:

“It looks like there will be more really nice protocols after the hackathon to help continue expanding the Serum ecosystem. I was so excited to see the projects from the first hackathon get better.”
Solana markets itself as a specially designed low latency network for the business. Hackathon winners are projects based on this aspect, and Mango Markets strives to preserve all parts of their logic. Decentralized order box-based exchanges are very rare relative to other blockchains, as many of them are simply not serviced and their matching mechanisms centralized.

Many projects beyond the first two have been washing concepts from other blockchains or to directly link Solana to the rest of the cryptocurrency ecosystem. However, having original and dedicated projects for Solana is a promising sign for the blockchain project.

Source: CoinTelegraph