In an effort to incentivize developer growth within the TRON ecosystem, the network is plotting its biggest hackathon yet. Branching out of its $120 million TRON DeFi Entrepreneurial Alliance Support Program, TRON is hosting a global defi hackathon with $10 million dedicated to rewarding participants. Dubbed the Great Voyage: TRON 2021 Global DeFi Hackathon, the initiative commemorates the fifth year since the inception and launch of the TRON network.
Going All-in on Defi
For TRON, one of the main focuses in the first quarter of 2021 is to enhance the network’s defi ecosystem. TRON has a lot to look forward to in the immediate future, specifically, the release of its Parachain slots auction and the powering of the SUN Network, so they want to encourage as many organic interactions on the platform as possible leading up to these events. With the introduction of a new defi hackathon with major prizes at stake, TRON wants to bring some of the best development minds in the space over to its ecosystem.
The hackathon will be open to all smart contract developers, product managers, and designers who are interested in building a defi application on TRON. As long as they have submitted their project and finished it before the required deadline, the team will be eligible to win a portion of the $10 million prize pool. Everyone is eligible as long as the project uses TRON; this goes for new and existing blockchain projects currently under production.
To register, teams will have to submit their project under various categories, with the available options comprising lending, DEXs, payments, protocol interfaces, infrastructure, analysis & visualization, stablecoins, insurance, NFTs, computing power-based mining, and BTFS. Registration for the hackathon has already begun, but it’s not too late to sign up. DApp developers will be able to sign up until the end of the month. When registering for the event, make sure to include your specified dApp category, your project name, and fill out the entirety of the form.
The Next Steps
After pre-screening takes place at the beginning of March, the development stage will begin. Following the development of the contestants’ dApps, a committee of industry experts and key opinion leaders will conduct a final review. This review will involve scoring the different applications based on their merit, with the top defi dApps winning the best prizes. If a team generates a total score of 80 out of 100 points or higher in their evaluation, they will be eligible to receive Justin’s Incentive Prize of $50,000. This is just the smallest prize, however, with much more lucrative possibilities for the more successful winners.
The best project will get $500,000 as the TRON Special Prize, with the five following projects receiving $200,000 each. After that, the second prize winners, ten of them, will get $100,000 each, and every other project that qualifies after will receive $50,000.
Besides monetary incentives, TRON can also offer other lures, such as the possibility of getting the hackathon projects listed on Poloniex exchange. They can also help with fasting-tracking the native assets listing on decentralized TRON-based exchanges. With so much to offer, TRON should be able to attract a new group of developers who will help bring its defi ecosystem to greater heights.