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Crypto project Fantom recently called its community to join the upcoming Moralis x Google Cloud Defining DeFi hackathon, noting that there are only 3 days left to register for participation. The project also noted that creators would have a chance to win funds from a $25,000 prize pool.
Fantom’s announcement also noted that there would be three tracks, including TradFi meets DeFi, DeFi++, and P2P Insurance. The first one will include bringing traditional finance ideas and improving them by leveraging the capabilities of DeFi and capturing the so-called “Real-Yield” for users. DeFi++ refers to improving on familiar DeFi protocols and concepts that already exist today while using the performance of Fantom’s network.
Finally, P2P Insurance will deal with the reduction of costs and elimination of moral hazards in order to develop a more sustainable insurance market.
Creators can win a share of a $25,000 prize pool!! 🤑
• TradFi meets DeFi
• P2P Insurance
— Fantom Foundation (@FantomFDN) October 11, 2022
The details of the contest
Fantom posted a more detailed announcement on its blog, once again inviting its community of builders with unrealized ideas for DeFi-focused dApps to join the hackathon, stressing that registration ends on October 14th. After that, users will have about a month to submit qualifying Fantom-native projects, with the official deadline being November 11th.
Users will be eligible to compete for prizes and bounties, including a share of the previously mentioned $25k prize pool that the Fantom Foundation has prepared. The project also posted more details on the contest, noting that there are no restrictions when it comes to the size of the team and even noting that teams are allowed to submit more than one entry. However, individual participants cannot be members of more than one team.
As far as the prizes go, they will be split into several categories. The first one is the Moralis X Google prize of $20,000 and 100,000 Google Cloud Credits, which will be awarded to the best overall project of the event, as selected by a team of judges. Next, there are the Fantom Foundation Prizes, which will go to the first, second, and third place for the TradeFi Meets DeFi and DeFi++. The first place will receive $5500, the second place will win $2000, and the third place will get $1000. As for the P2P insurance track, the prizes will be $5500, $2000, and $500 for the first, second, and third place, respectively.
Another prize, known as the Covalent bounty, will go to those who create dApps integrating Covalent, and the prize will be $5,000. And, finally, the last prize is known as the Multichain bounty, reserved for dApps powered by Multichain’s messaging protocol, also worth $5,000.
The project noted that all entries have to integrate Moralis APIs, and other than that, entrants are encouraged to read the FAQ on the Moralis X Google hackathon webpage before registration for any other details.
To learn more about Fantom, visit our Investing in Fantom guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.