Bengaluru: Glitch, an interoperable blockchain-agnostic protocol focused on decentralized finance (DeFi) adoption, in partnership with Lumos Labs, announced the launch of their DeFi focussed hackathon Buidl On Glitch Hack 2023, today. Aimed at uplifting the DeFi ecosystem through induction of new and fresh solutions, the registrations for the hackathon, offering an opportunity to win from a reward pool worth $10,000, are currently open. The Buidl On Glitch Hack 2023 is a part of a larger alliance between Glitch and Lumos Labs established with the objective of boosting developer adoption as well as fostering education and learning.
Launched in partnership with Lumos Labs, an ecosystem enabling web3 growth and learning, this 2 month long hackathon will nurture DeFi centric ideas and projects that can augment DeFi adoption by presenting sustainable solutions with the potential to overcome pertinent problems of the sector. Open to developers, builders, founders, and visionaries determined to transform the DeFi industry, the blockchain agnostic environment offered by Glitch ensures the seamless integration of diverse innovations.
The web3 ecosystem has rapidly accelerated over the past few years with DeFi space receiving major attrition of users, capital, developers, and explorers. As of July 2023, total value locked (TVL) in the DeFi industry stands at a vast $43 billion across an expansive user base of over 6 million. While the industry is thriving with new innovations and users leveraging the products and services within the sector, certain barriers to entry are highly prevalent within the DeFi space. Challenges such as unfriendly user experience, complicated financial instruments, tedious onboarding processes, etc, are dampening the potential of DeFi to create an inclusive, financially sustainable, and transparent environment. The Buidl On Glitch Hack 2023 aims to remove these obstacles by presenting solutions that can leverage the blockchain-agnostic Glitch Protocol to create innovations that are sustainable, low cost, incentivized, interoperable, secure, and built for the DeFi ecosystem.
The participants for the hackathon are required to build solutions across 4 chief tracks that aim to reflect the shortcomings of the DeFi ecosystem. The tracks set to define the course of innovations are as follows-
Decentralized Yield Farming Protocol
Decentralized Lending Protocol
Enhancing User Experience for DeFi applications
Open Innovation Track
The Buidl On Glitch Hack 2023 will be conducted in two phases, starting with the ideation phase, where developers and startups can brainstorm innovative real world use cases that can be built on the Glitch ecosystem, followed by the final build phase, where selected use cases will be developed into viable applications with the capability to compete for the $10,000 prize pool. The hackathon will be judged by seasoned web3 experts from the Glitch Protocol team namely, Sean Ryan, Founder and CEO and Diego E. Cruces, CTO, Aram Hami, Marketing Operations Manager.
“The DeFi sector has created groundbreaking opportunities for growth of the global financial landscape. As part of the web3 revolution, Glitch aims to uplift and nurture solutions that can cement the future of DeFi as a robust industry with low cost DeFi protocols and startups that are simple to use and navigate. Through the Buidl On Glitch Hack 2023, we are determined to enhance innovations that have the potential to utilize our ecosystem and implement applications that combat the fundamental challenges of the DeFi sector. We are excited to see the visionary ideas and projects that will come out of this hackathon and are glad to partner with Lumos Labs whose goals are akin to ours.” Sean Ryan, Founder and CEO, Glitch
“As a strong believer and enabler of developer potential and with the aim to augment web3 and DeFi adoption, Lumos Labs is excited to partner with the Glitch Protocol and launch the Buidl On Glitch Hack 2023. Through diverse tracks, we have positioned ourselves to encourage and nurture projects who envision a sustainable future for the industry and have the ability to implement their ideas into real – world solutions. We look forward to witnessing ideas with promise which will be empowered further through the course of this hackathon.” Kaavya Prasad, Founder, Lumos Labs
Glitch Protocol and Lumos Labs organized the hackathon as part of their ongoing collaboration with the united goal of accelerating developer onboarding towards the Glitch ecosystem and augmenting developer education within the web3 sector. The primary phase of this joint venture began with a Glitch focused curriculum inducted into Lumos Academy, a Lumos Labs web3 education platform, to enable focused learning. This further provides an opportunity to deep dive into the Glitch ecosystem through a comprehensive module before registering for the Buidl On Glitch Hack 2023.
