Just in time for the return of the blockchain conference season, Solana Labs on Wednesday announced the newest iteration in its hackathon series (or events that are “marathons” for hackers and developers): Riptide.
The global hackathon will see developers around the world compete for $5 million in prizes and seed funding.
“Solana Hackathons are great opportunities for the community to come together and learn about the technology while experiencing the development of projects that can have a real impact on the growth of the Solana ecosystem,” said Matty Taylor, Growth Lead at Solana Labs, in Decrypt.
Taylor says the blockchain competition will focus on five sectors: payments, Decentralized Finance (or DeFi), Web 3, gaming, and Decentralized Autonomous Organizations (or DAOs), where each first-place winner will receive $50. thousand.
The grand prize will be $65,000 USDC stablecoin, three tickets to an upcoming Solana conference, and the chance to introduce the winning project to the Solana community.
The hackathon will take place between February 2nd and March 17th to coincide with the inaugural Solana Hacker House World Tour. Taylor claims the event is, first and foremost, an online hackathon.
“Anyone with access to the internet can participate,” he said. “However, if hackers want to meet with others in person and work together/form teams, we have ‘hacker houses’ in several cities around the world.
Global hacker houses will be a community workspace where developers can work on projects and interact with like-minded people.
Solana Labs’ first hacker house is located in Los Angeles and plans to open locations in Seattle, Singapore, Dubai, Moscow, Hong Kong and Prague.
Called the “Ethereum killer” (which aims to dethrone the largest standalone contract blockchain), Solana was created in 2017 during the initial coin offering (or ICO) craze and raised more than $25 million between multiple rounds of private sales and public before going live in March 2020.
Since then, Solana has attracted a large following in the DeFi and non-fungible token (or NFT) sectors; Magic Eden and Solanart markets have reported $1.1 billion in NFT sales since their launch, following the website DappRadar.
Interest in Solana hackathons led to over 6,000 people and 568 projects participating in the most recent event, Ignition.
“The Web 3 community needs to continue educating people who are working in Web 2, traditional finance, academia and other industries on how public blockchains can improve the global economy, and I believe hackathons will play a key role in this effort,” Taylor said. .
*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co.