[This is a sponsored article with Avalanche Asia.]
After the crypto craze years ago that popularized the use of blockchain, it is now NFTs that are bringing the technology to the fore.
Following this, smart contract platform Avalanche and global hackathon organizer DoraHacks joined forces and resources to launch an ambitious blockchain hackathon.
Called Avalanche Asia Hackathon, its purpose is twofold: to help global (BUIDL) projects grow in Asia and to enable Asian projects to grow globally. Thus, the hackathon has no regional limits.
Specifically, it seeks to take blockchain projects to the next level by providing funding opportunities from an investment pool of over US$5 million.
So if you have an early-stage project ready to shine, here’s what you need to know about the hackathon.
The projects sought by the hackathon
Hosted on HackerLink.io, DoraHacks’ open-source developer platform and open-source curation marketplace, the Avalanche Asia Hackathon wants to see projects in the following sectors:
- DeFi (decentralized finance),
- GameFi (game financing),
- Infrastructure and tooling, and
These can be native projects of the Avalanche platform, or even if they are built on another chain, they can be easily transferred to Avalanche as it is EVM compatible.
EVM, or Ethereum Virtual Machine, is a software platform that developers can use to build decentralized applications (dApps) on Ethereum.
The benefits of this include that developers don’t have to learn a whole new set of tools when using Avalanche. Plus, gas charges could be significantly lower than other networks.
Note, however, that in order for your project to be eligible for the investment prize, you will need to donate a certain number of tokens in return.
In the hackathon registration form, teams will indicate how much they are looking to raise and at what valuation, and the allocation they have reserved will correspond to this.
How the huge prize pool will be distributed
The US$5 million prize pool is no small sum, and Avalanche prides itself on its ability to provide these investments to deserving projects.
To add, these funds were collected from more than 20 major investors in the industry such as AVATAR, Blizzard, NGC, LongHash, Huobi, etc.
This means the winning projects will receive joint investment from the above investors as well as additional funding opportunities and growth support.
Additionally, winners can secure potential enrollment and incubation opportunities from exchange sponsors like Huobi, and the Avalanche team stands ready to help winners deepen their network for project collaborations.
90% of the pot is reserved for the 10 best winning projects. The winners will be awarded based on the judging panel consisting of a representative from each investor as well as the Avalanche team itself.
The remaining 10% ($500,000 or more) will then be disbursed to projects through a quadratic funding platform from DoraHacks. Quadratic funding is a more democratic and scalable form of matching funding for public goods, so community votes will determine who gets funded.
Besides funding, attendees can also benefit from a series of workshops held during the hackathon to better understand Avalanche consensus and dApp building.
For winning projects, a follow-up incubation may be given after investment.
Deadlines to respect
|Submission period||February 1, 2022 to March 31, 2022|
|Evaluation period||April 1 to 7, 2022|
|Winners announced||April 9 – 15, 2022|
|Last day of the BUIDLER||April 15, 2022|
Several rounds of project demonstrations will begin in the last week of February to increase project exposure, attract more votes for the quadratic funding platform and for new investment opportunities.
Here is the big picture
Leroy Mah, Business Development Manager, Asia at Avalanche, told us that this hackathon is just the first step towards strengthening their ecosystem in Asia.
In order to increase their presence here, they are looking for partners and projects to grow with them.
One of the most important goals of the platform is actually to break down the misconceptions that blockchains are slow and not scalable. Avalanche prides itself on its new consensus model that allows it to be “incredibly fast, inexpensive, highly scalable, EVM-ready, and environmentally friendly,” as the team puts it.
Capable of achieving instantaneous finality, it can support over 4.5,000 transactions/second (TPS), making it one of the fastest smart contract platforms in terms of time-to-finality (TTF) , which is the time required between the submission of the transaction and its confirmation. .
In terms of scalability, Avalanche hopes to break out of the mold with the launch of its subnets.
Developers can now build their own independent blockchains on top of Avalanche while staying connected to the broader blockchain ecosystem on the platform.
Essentially, all of this means that projects can be developed faster, cheaper, and easier on Avalanche.
To date, Avalanche has seen over 400 projects built and developed on its platform in the past 15 months alone, and there’s more to come.
“We expect even more explosive growth in 2022, especially with the launch of our subnets,” Wilson Wu, Asia Head of Avalanche and founder of AVATAR (Avalanche Asia Star Fund.
The team and AVATAR are now ready to invest and scale innovative solutions deployed on Avalanche, and this hackathon is an unmissable opportunity for developers with outstanding BUIDLs.
- Think you have a BUIDL that deserves recognition? Register for the Avalanche Asia Hackathon here.
Featured Image Credit: Avalanche Asia Hackathon
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