Ripple VP Invites Devs to XRP Ledger DeFi Hackathon

The organizers of the first-ever XRPL DeFi hackathon in Japan shared details of the application process and indicated the most crucial segments of XRP-centric development for potential participants. Ripple's high-ranking officer is among jury members.

XRP Ledger DeFi hackathon kicks off: What to know

Emi Yoshikawa, Ripple's strategic initiatives VP, invites all XRPL-focused developers to take part in the XRP Ledger DeFi hackathon. The event starts today, Nov. 26, 2023, in Shibuya, Tokyo. Applications can be submitted to the organizers until Dec. 10, 2023, the official event website says.

Successful products will be pitched during demo day on Dec. 12, 2023. The XRPL DeFi hackathon team indicated three major directions for developers of smart contracts and dApps.

In the upcoming hackathon, applications for XRP Ledger transactions, including decentralized crypto exchanges with automated market making instruments, tokenization tools and so on, will be in focus.

Besides that, XRP Ledger enthusiasts are welcome to submit apps using the Hooks amendment, cross-chain bridges and other programmable developments on XRP Ledger.

The aggregated prize pool for the winners is capped at $10,000 in equivalent, while a separate $1,500 pool will be shared between projects using the Ethereum Virtual Machine (EVM) sidechain, the announcement says.

XRPL EVM proposal gains traction: Statistics

Besides Ripple, the hackathon is supported by Ginco, Crossmark, XRPL Labs and other leading actors of the XRP Ledger ecosystem.

Meanwhile, XRP Ledger is getting closer to its major DeFi milestone. As of printing time, 40% of its validators voted in favor of the activation of the XRPL AMM amendment.

XRPScan explorer data says that a number of XRPL heavyweights, including the likes of Ripple fintech decacorn and Bitrue XRP-friendly exchange, have already submitted their "yays."

Currently, the voting procedure is underway.