The Indian cryptocurrency exchange, CoinDCX, has partnered with Solana, a blockchain protocol supporting developers, to initiate a Virtual Hackathon to develop the DeFi ecosystem of the country. In order to do so, the companies would be required to stimulate the crypto and blockchain community of the country.
According to the announcement, the hackathon by Solana, CoinDCX and Devfolio would start on May 15, 2021. It would run for 20 days, during this time period, the three companies will choose the best blockchain and cryptocurrency projects from India.
The companies have invited developers, designers, business operators and entrepreneurs from around the country to take in this event. Solana would seek an individual or company that could promote its DeFi ecosystem.
The participation structure of the upcoming event is very flexible, one could either participate as an individual or in a team.
The companies organizing the hackathon would go through all the projects, submitted during the hackathon and then offer the prize pool to one which they considered to be best.
The shortlisted projects could then compete to earn seed funding for themselves. Individual projects would also be allowed to compete in the event for the added prizes.
It is to be noted that the hackathon event will have DeFi, Web3 and NFT tracks. All of these would have 1st, 2nd, and 3rd winners. Each of them will get $25k, $15k and $10k prizes in ISDC-SPL, respectively.
While talking about Virtual Hackathon, the CEO of CoinDCX, Neeraj Khandelwal, said, “With the Solana x CoinDCX x Devfolio hackathon, we envisioned the emergence of India’s top projects with defined roadmaps and proven track records that will attract the seed funding they need to evolve and create a world-class ecosystem.”
Khandelwal believes that this event would be a great opportunity for those people in India who want to showcase their talent in the crypto and blockchain industry in the country.