In a great development for the African blockchain space, Xend Finance the first decentralized finance (DeFi) platform in the continent has announced the continent’s largest hackathon.
Dubbed “Decentralising Africa and Beyond”, the first Xend Finance DeFi Hackathon is focused on promoting the dreams and visions of blockchain and cryptocurrency as well as decentralizing the financial sector, invariably giving the masses financial freedom.
The hackathon corresponds with the Xend Finance Software Developer Kit (SDK) release, allowing individuals to build on top of the Xend Finance DeFi platform, a Layer-2 DeFi infrastructure.
Binance Smart Chain, Google, Huobi, Polygon, and Coindesk will be amongst the judges and speakers of the three-month Hackathon. Also, Mike Novogratz, CEO of Galaxy Digital, Zack Seward, Managing Editor of Coindesk, among others will also participate in the event.
Ugochukwu Aronu, CEO of Xend Finance in a statement noted that the hackathon will help facilitate the growth of blockchain and cryptocurrency in the continent and Nigeria as a whole.
He said, “The Xend Finance Hackathon is a movement for the future of blockchain and cryptocurrency usage throughout the African continent.
“The continent faces the most severe cases of currency fluctuation and devaluation in the world and this hackathon will play a major role in creating a borderless economy by laying the foundation of Layer-2 DeFi to be accessed by all.”
Notably, the hackathon will be a three-month event, ending on the 21st of December, and features several keynote speeches, including Onajite Emerhor, Head of Google For Startups Accelerator: Africa, amongst others.
Over $1,000,000 worth of prizes are being offered, including $100,000 from Xend Finance, along with individual prizes from Binance Smart Chain, Huobi, Polygon and other partners.
There will be weekly workshops with experts on developing DeFi protocols, building on the various blockchains, blockchain gaming, NFTs, fundraising for startups, and more. The contest is open to all companies and individuals and will have several categories for winners.
Gwendolyn Regina, Investment Director of Binance Smart Chain Accelerator Fund also noted that “Africa is one of the most important regions in the world for the advancement of cryptocurrency and realizing the full potential of blockchain technology.”