Binance, a global cryptocurrency exchange, is planning to host a DeFi-focused hackathon to promote the concept of DeFi and its adoption in the country. Also, to encourage people to think of DeFi-based innovations.
This hackathon, named Dubbed for Bharat will be followed by an acceleration program. The company first announced the news in its blog on 24th August. Teams have to submit application forms before 11th September. From there, 100 teams will be selected for the next round. The main focus will be on mini-tokens, micro-financing applications, datasets, blockchain-AI solutions, etc.
People can also submit projects that will focus on fiat-to-digital solutions, trading tools, payment and remittance platforms, digital wallets, and cryptocurrencies, like Stablecoin. Binance knows that currently, the marketplace for DeFi is low, but it has growth potential. The company is positive about the success of this hackathon.
After selection, these teams have to go through a trial stage, which will happen until 20th September. Then some teams will move the third and final round, where they will be mentored and projects will be assessed.
In the end, five winners will be awarded $40,500 (3,000,000 INR) and they will have access to Binance’s Blockchain community, and they will get support for it.