Proof-of-stake blockchain Harmony (ONE/USD) has announced a $1 million hackathon it calls “Bridging TradFi to DeFi.” The announcement noted that the event will be focusing on both decentralized finance and traditional finance.
The TradFi sector does not have a lot of fans in the cryptocurrency community, but some experts think that it could bring valuable experience that can help improve the DeFi ecosystem.
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The regulatory roadblocks have not helped issues, as many of those who want to invest in DeFi are afraid to do so. But Harmony says the hackathon will show traditional finance how to utilize the power of DeFi.
According to the company, the projects that will participate in the hackathon will need to meet certain built requirements. These include fintech integrations, social wallets with keyless security, and trustless bridges, with each of these segments having four categories.
$280,000 for each theme
The announcement also revealed that Harmony has secured $280,000 worth of prize money for each of the themes, with DappRadar, Messari, and Terra among the partners for the.
Harmony also said it will place more priority on the awards to the projects that are launched on the Harmony mainnet. The hackathon will be running for six weeks, starting from August 15 to September 30, according to the company. Registration for the hackathon has already opened.
Harmony pointed out that one of the main goals of the hackathon is to bring in more people from traditional finance that will challenge and bridge their fields with decentralized finance.
“In blockchain, finance is where we are seeing product-market fit,” Harmoney said on its official Twitter page. The company added that most of the DeFi is coming from those that did not come from traditional finance. Harmony said the aim is to expand DeFi by bringing more TradFi.
The event will feature several keynote speakers, including SushiSwap (SUSHI/USD) core developer Omakase, who may also be one of the judges for the event.
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