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Solana has announced an upcoming DeFi hackathon with $ 200,000 in seed funding from the Solana Foundation.

The hackathon, scheduled from February 15 to March 1, is organized in collaboration with Sam Bankman-Fried from FTX’s Project Serum.

Bankman-Fried will offer mentorship to hackathon participants in addition to Solana CEO Anatoly Takovenko. Bankman-Fried stated:

“Much of the success of an ecosystem depends on how much the community builds on it. I am very happy with Solana’s growth to date, building the world’s fastest, most scalable on-chain ecosystem; I am delighted to see some of the projects coming to market! “

Attendees will also compete for a $ 200,000 prize pool, with the event’s judges including crypto-notables Circle CEO Jeremy Allaire, Aave CEO Stani Kulechov, CoinShares CSO Meltem Demirors and CoinGecko co-founder Bobby Ong.

The announcement encourages developers to explore Solana’s bidirectional operation Ethereum bridge “Wormhole”, next to Solana’s new one Chainlink oracle integration.

Speaking to Cointelegraph, Takovenko noted his excitement to see what returning participants participating in Solana’s Q4 2020 hackathon will build in the upcoming event. Takovenko emphasized that Solana benefits developers through its support for traditional compiler toolchains such as Rust, making it “more accessible to people outside of crypto.”

Regarding DeFi’s adoption, Solana’s founder stressed the need for the industry to “break out among the general consumer”:

“This could be as simple as: I get a zipped BTC savings account, but in the background he earns a DeFi revenue. And the end user, a general consumer, doesn’t really have to deal with smart contracts or their complexity [DeFi], but they actually get access to the entire pipeline. “

Takovenko predicts that such a “BTC savings account” could exist in the near future, stating, “That one use case would need the whole stack to work […] I don’t know if this will happen in 2021, but it feels like everything is ready for that. ”

“The tools are much better, the key management is much better, you can send applications on iOS and Android with secure keys […] I’m excited to see who really pulls it out and scales it [DeFi] to a million or ten million users. “