Proof-of-stake blockchain Harmony has announced a hackathon called “Bridging TradFi to DeFi.”
As its name suggests, the event is focused on uniting traditional finance with decentralized finance.
While many cryptocurrency evangelists have adopted an antagonistic attitude toward TradFi, this sector has plenty of valuable experience that could help bolster the DeFi ecosystem.
Many representatives of the “old world” are crypto-curious, but they are hesitant to dip their toes into decentralized finance due to regulatory roadblocks.
The hackathon is meant to teach traditional finance how to harness the power of DeFi.
Projects that take part in the hackathon will have to be built within the following three categories: cross chains with trustless bridges, social wallets with keyless security, and fintech integrations. Each of the themes has four sub-categories.
$1 million in prize money
Harmony has secured $280,000 worth of prize money for each of the aforementioned themes.
The hackathon’s prize partners include Terra, Messari, and DappRadar.
Those projects that will launch on the Harmony mainnet by the end of the event will be “strongly” prioritized.