Tomorrow the Solana DeFi Hackathon starts, where developers & future business builders deliver a product at the end of a 2 week period. This is a global hackathon completely run online by both Solana and Serum that will enable 2000+ participants a chance to build something cool and potentially revolutionary with the potential to win up to $400k USD in prizes!
Judging & Prizes
Team or individuals will be assessed by what they submit by the 1st March 2021 submission deadline and will be weighted scored against the following criteria:
- Potential impact
- Design + UX
The top 9 teams will then have an opportunity to compete for an additional $200k in seed funding allowing serious projects to get to work full-time on their project along with access to resources from Solana Foundation, Project Serum and blockchain venture capital firms.
|Grand Prize Winner||$200k in seed funding|
|First Place Winners||2 winners up to $50k each + Solana Swag|
|Second Place Winners||3 teams of $20k each + Solana Swag|
|Third Place Winners||4 teams of $10k each + Solana Swag|
|Community Choice Prize||$5k + Solana Swag|
|All participants that submit a project||$100|
Some DeFi Hackathon Ideas
Below is a snapshot of ideas that exist on the Solana Labs Github!
- Serum Ideas: The Serum team has produced an exclusive Serum-related list that can be found here: https://serum-academy.com/en/serum-project-ideas/project-ideas/
- Lending front end and primitive: Money market lending protocol native to Solana (akin to Compound or Aave)
- Cross-Chain Lending: A lending protocol that immediately provides liquidity for assets transferred cross-chain, utilizing the Wormhole bridge – such that users don’t need to wait for the cross-chain assets to be fully confirmed on both chains – in return for a fee
- Fixed-Rate Loans: Where users can take out a fixed-rate loan on an Ethereum Lending/Borrowing protocol that is enabled by an on-chain interest rate swap order book on Serum
- Censorship resistant Wallstreetbets
- Basis Trade Stablecoin
- Make use of Coingecko API in Solana dapps: https://www.coingecko.com/en/api
- Liquidation bot for undercollateralized positions
- Aggregator that combines key functions like Furucombo and DeFi Saver, but does it automatically. Like Borrow with insurance wrapped or Borrow with fixed rate or borrow and automatically fix your collateral ratio. These functions exist is a unbundled way but someone should bundle them to make it super easy for the user
- Reinsurance markets: An expansion yInsure
- On-chain subscriptions: A protocol that is a factory for any app to create on-chain payment streaming and subscriptions. Combine elements like NFTs to increase engagement and unlock features
- Analytics: perhaps the aggregator above can also roll in key on-chain KPIs that tell you if you’re going to swap token A then what % of buy vs. sell orders and sentiment in the past  hrs, whale movements, project developments etc.
- Education- a game-type protocol that walks a user thu the DeFi journey. Combining video clips, resources and yield-farming/NFT quest type journey to get normies up to speed
- DeFi asset manager: A single interface consolidating all DeFi assets and liabilities across different platforms (and different chains) into one.
- DEX Aggregator: A cross-chain DEX aggregator that allows users to choose the best price for execution across multiple DeFi platforms, including cross-chain platforms.
- Build-your-own Liquidity Mining platform: Utilize yeild farming
- Synthetic Assets: Build out support for tokenized synthetic assets using Chainlink oracles and listing the SPL Synthetics on Serum
- Arbitrage bots: A bot that automatically moves funds from Serum CLOB when vol is low and moves it to AMM when vol is high
- Compute implied vol or black scholes from Serum market data for a volatility index/product
- On-chain NFT market with seamless USDC payment usage, connected to Wormhole for folks who need to get in and out of ERC20, but also native USDC. Ideally some app where there is content creation in a browser connected to IPFS and then loaded directly into NFT market. In turn, connect the NFT market into Serum DEX markets — e.g. markets on Serum get created automatically, and demonstrate order books on a free floating NFT.
- Prediction market minter with Chainlink Oracle integration
- Oracles: An on-chain oracle that takes prices from Serum markets, does sophisticated risk and sanity checks on them, and creates a clean price feed that other projects working on Serum can use. Furthermore, once there are on-chain cross-chain bridges, those can be combined with this to create a fully on-chain cross-chain pricing oracle.
- Fee Compare: A simple interface that tracks and compares cost to execute something given certain parameters across various DeFi platforms. Parameters include desired spread, transaction fees, trading pair set. Can also track total value saved in transaction fees/spread
- Creating Custom Markets on Serum: An interface to create custom markets on Serum from Ethereum. Including the set-up of decentralized market makers.
- Slashing Insurance: A simple insurance protocol where the community can provide insurance for validators against the risk of being slashed
- Smart Contract Insurance: Something akin to Nexus Mutual
- DeFi visualization dashboards: Plugging into and displaying data from Serum, Orca, Structured Product, Oxygen
- Security audits of existing Serum/Solana infrastructure
- Serum DeFi app store: dashboard of all Serum dAPPs
- Extend the wormhole bridge to allow assets locked on Ethereum to earn interests through lending protocols such as Aave or Compound
- Build a simple oracle that allows Solana Dapps to connect to an off-chain API or Websocket (e.g. a price feed)
- Demonstrate how staking should work for any SPL Token
Swap, Borrow/lend, and Margin Implementation Ideas
Ideas to extend existing source-code (token-swap, token-lending)
- Add support for new token-swap curve that’s using Chainlink as oracle
- Add support for cross-asset collateral to token-lending.
- Single collateral token for all deposits can be used across loans
- Add support for adding/removing collateral from token-lending obligation (top-up collateral)
- Add support for liquidations using ordered heap: Liquidator will be only to liquidate positions with lowest health score first
- Add support for token-swap LP as collateral to token-lending. Use-case: single token exposure in AMM
- Add support to token-lending for stable borrowing rates
- Margin trading using token-lending: User can initiate (short/long) margin trade with predefined max leverage
- Token lending stores position in escrow
- Solana integration for https://xchainjs.org/ (a little boring tho ha), but a PoC for a web-wallet that can do Stateful solana transactions
- Solana Bifrost Spec & PoC (observing solana transactions into a CosmosSDK state machine)
- economic model for zero-slippage synthetic asset swaps on THORChain
- PoC for a lightweight, smart-contract (or other) leaderless SeedService that has consensus on the correct Node IP list
- economic model for a safe debt-based stablecoin using LP tokens on THORChain (ie, live state machine that can re-balance every 5 seconds)
- Relayer (mobile and/or desktop) for traders on Solana to trade on dYdX. Can be achieved by having the app act as the market maker between dydx and the trader.
- Simplified UI for obtaining leverage on dydx perpetuals (for more inexperienced users)
Find a Teammate and Join Before It’s Too Late!
To find a teammate, the the Solana official dev Discord chat and browse the AirTable teammate directory here.