HackDefi: Taking Defi to the next level with Bitcoin

 

Welcome to HackDefi, the third hackathon in the Stacks 2.0 Hackathon Series.

The explosion of Defi in the last year or two has been spectacular to see. People finally putting their crypto to work! At Blockstack, we love the crypto-economic magic that goes on behind the scenes in Defi and are working to bring that to the Bitcoin ecosystem. 

Upon the release of Stacks 2.0 and the implementation of Clarity (Blockstack’s smart contract language), it will be possible to move Bitcoin from the BTC chain to the Stacks Chain and program it to bring Bitcoin into the Defi ecosystem. Imagine pulling 2% of the current Bitcoin market cap, this could grow larger than the current Defi ecosystem's overall market cap!

We’re setting the stage for decentralized finance using Bitcoin with our next installment of the Stacks 2.0 Hackathon Series. The hackathon will leverage open source software and decentralized networks to transform traditional financial products into trustless and transparent solutions without intermediaries.

Come and join #HackDefi to work on the endless possibilities for hacking on Defi with Bitcoin. We look forward to seeing your Defi applications!

Here are some example Defi platforms:

  • Uniswap - A fully decentralized protocol for automated liquidity provision on Ethereum.
  • MakerDAO - A platform for decentralized finance such as exchanging tokens or borrowing DAI and earning savings.
  • Aave - An Open Source and Non-Custodial protocol to earn interest on deposits and borrow assets.
  • Compound - An algorithmic, autonomous interest rate protocol built for developers.
  • Yearn.Finance - A decentralized ecosystem of aggregators that utilize lending services such to optimize your token lending.
  • Curve Finance - Curve is an exchange liquidity pool on Ethereum (like Uniswap) designed for extremely efficient stablecoin trading and low risk, supplemental fee income for liquidity providers, without an opportunity cost.
  • WBTC Network - WBTC is an ERC20 token that is backed 1:1 by bitcoin. The idea behind the token is to bring the vast liquidity of the Bitcoin network to Ethereum.
  • Synthetix - Synthetix is a decentralized platform on Ethereum for the creation of Synths: on-chain synthetic assets that track the value of real-world assets.

 

Workshops: 

  • October 21 at 11:30am ET: Joe Bender, Blockstack's Developer Evangelist, will lead an AMA in Blockstack's discord 'ask-me-anything' channel. He'll cover an overview of the hackathon, resources and help to answer any questions from the community! Join us here: https://discord.com/invite/9uaNPkH
  • November 23 at 1:00pm ET: Joe Bender, Blockstack's Developer Evangelist, and Hank Stoever, Blockstack Engineering Partner, will host an open office session. Have any questions on your submission or want to talk about what you're working on? Join us on Monday: https://discord.com/invite/9uaNPkH
  • Additional dates to be announced.

View full rules

Prizes

$7,000 in prizes

HackDefi Grande Prize

There will be one (1) over-arching Grande Prize winner of HackDefi - $3,000 cash value + Blockstack swag.

Winner can apply for a Stacks Grant of up to $5,000 USD to continue working on their project as well as get two (2) one-on-one office hours with Executive Director, Brittany Laughlin, to review your draft grant application and answer any questions.

2nd Place

The 2nd place winner will receive $2,000 + Blockstack swag.

Winner can apply for a Stacks Grant of up to $5,000 USD to continue working on their project as well as get two (2) one-on-one office hours with Executive Director, Brittany Laughlin, to review your draft grant application and answer any questions.

3rd Place

The 3rd place winner will receive $1,000 + Blockstack swag.

Winner can apply for a Stacks Grant of up to $5,000 USD to continue working on their project as well as get two (2) one-on-one office hours with Executive Director, Brittany Laughlin, to review your draft grant application and answer any questions.

4th Place

The 4th place winner will receive $600 + Blockstack swag.

Winner can apply for a Stacks Grant of up to $5,000 USD to continue working on their project as well as get one (1) one-on-one office hour with Executive Director, Brittany Laughlin, to review your draft grant application and answer any questions.

5th Place

The 5th place winner will receive $400 + Blockstack swag.

Winner can apply for a Stacks Grant of up to $5,000 USD to continue working on their project as well as get one (1) one-on-one office hour with Executive Director, Brittany Laughlin, to review your draft grant application and answer any questions.

Devpost Achievements

Submitting to this hackathon could earn you:

Eligibility

  • You must build and submit new Defi applications to be eligible.
  • It will be at the discretion of Blockstack PBC if it is suspected someone is trying to game the system by trying to make slight changes to existing contracts for the reward. 
  • Participants must be at least eighteen years old and may participate individually or form teams.
  • The Hackathon is open to U.S. legal residents and residents of any other jurisdiction where the Hackathon is not prohibited or restricted by law. The Hackathon is not open to residents of Brazil, Quebec, Cuba, Iran, North Korea, Sudan, Syria, or and any jurisdiction where the Hackathon would be restricted or prohibited by law. Participants, including individual participants and members of a team, must be at least 18 years of age (or the local age of majority where they live, if older) at the time of registration.

Requirements

  • Build a functioning decentralized application or platform that incorporates DeFi (e.g. payments, lending, margin trading, arbitrage products) using Blockstack technology.
  • Submit a link on Devpost to your codebase to allow the Judges to demo your DApp/platform.
  • Optional Bonus: Create an explainer video showcasing or demoing your DeFi Project!

Judges

Muneeb Ali

Muneeb Ali
Co-founder, Blockstack PBC

Hsin-Ju Chuang

Hsin-Ju Chuang
Founder, Dystopia Labs

 Stani Kulechov

Stani Kulechov
Founder, Aave

Hank Stoever

Hank Stoever
Engineering Partner, Blockstack

Alex Graebe

Alex Graebe
Product Lead for Developer Experiences, Blockstack

Mohak Agarwal

Mohak Agarwal
Founder, Wolfedge Capital

Jun Soo (JK) Kim

Jun Soo (JK) Kim
Strategy & Operations, Stake Fish

Robert Leshner

Robert Leshner
CEO, Compound

Sam Gaff

Sam Gaff
Founding Member, Harvest

Matthew Finestone

Matthew Finestone
Head of Business, Loopring

Ino Murko

Ino Murko
Senior Blockchain Developer, OMG Network

Judging Criteria

  • Originality & Creativity
    How unique or innovative is the mechanism behind the project? Has it been implemented before?
  • Potential Value to Users
    Would users potentially find this project valuable? Is there a desire for this type of functionality from the audience? Does it actively liberate monopolistic control from centralized financial agencies?
  • Use of Blockstack Technology
    Does the project demonstrate an understanding and implementation of various Blockstack technologies like the Stacks 2.0 Testnet, Clarity smart contracts, STX tokens, stx-transactions-js, stacks-blockchain-api, blockstack.js, token transfers, etc.
  • Functionality and Design
    How powerful or robust is the functionality the DeFi project provides? Is it designed efficiently
  • Documentation & Commenting
    Does the project come accompanied by comprehensive documentation or README? Is the code commented thoroughly so anyone could read through and discern its functionality?