Harmony believes that DeFi has a lot to learn from traditional finance, $1M has been set aside for the hackathon which will run for roughly six weeks and includes four challenges from three different categories.
The Harmony blockchain has launched registration for a hackathon that will take place next month and will include over $1 million in seed financing and incentives for participants.
Harmony announced the hackathon on Twitter on Thursday, saying it would focus on bringing in more experts from traditional banking for challenges that would bridge their professions with decentralized money.
According to the protocol, each category of social wallets and keyless security, cross-chain and trustless bridges, and cross-border with fintech integration would face four hurdles.
“We are witnessing product-market fit in blockchain finance,” Harmony stated. “However, the majority of DeFi was established by people who did not come from the finance industry.
We’d like to bring in more TradFi to help with DeFi. We believe they have a lot to teach us, and we can assist them in comprehending and harnessing the power of DeFi while also teaching them a lot.”
Along with Earn.com co-founder Lily Liu, DeFi Alliance lead Imran Khan, and others, SushiSwap core developer Omakase is mentioned as one of the main speakers or judges for the event.
CoinGecko, Messari, Unstoppable Domains, DappRadar, SushiSwap, DoraHacks, news platform The Defiant, and Hummingbot are among the event’s sponsors.
Harmony’s mainnet first went online in 2019, and it’s a sharding protocol with a trustless Ethereum bridge that divides its chain into parts that process transactions and store data in parallel.
Since then, the project has announced a number of agreements and integrations, including a deal with stablecoin platform Terra allowing its token to transfer to Harmony and be used on ecosystem applications.
Harmony said last month that it would sponsor the hackathon as part of its goal of reaching 10 billion people. The event’s teams will be limited to five participants, and registration will close on August 15.
It will run the event for about six weeks, starting on the deadline for submissions and ending on September 30.
