The Layer 2 Hackathon, hosted in Shanghai and co-organized by Chainlink and IOSG Ventures, is officially over! A total of 109 project submissions were received, with 14 out of the 17 projects making it to the final round using Chainlink to create hybrid smart contract applications.
We were thrilled to see that in only 48 hours, teams were able to quickly turn their ideas into working prototypes and open up new value streams. Developers demonstrated how a wide range of advanced use cases open up when connecting their smart contracts to external data and off-chain computations via Chainlink decentralized oracle networks.
Thank you to all the participants, sponsors, and judges of the Layer 2 Hackathon for coming together to showcase the massive potential of layer 2 technology and making this hackathon a great success. Let’s take a look at the 5 winning projects that split a total of Chainlink prizes worth $8,000 USD.Objk
The grand prize worth $2,000 went to Objk. Objk developed a middleware solution that uses a Chainlink decentralized oracle network to fetch on-chain data, apply advanced analytics to it, and then broadcast it back on-chain as a data feed to be used by smart contracts.
The team stated in its presentation that while Synthetix has clear advantages like low slippage and no counterparty risk, one of the challenges is users having to manually hedge the debt pool. This can lead to systemic risks when users don’t actively rebalance their positions to match the current debt pool ratio.
Objk created a method of processing blockchain data regarding the debt pool’s status and delivering it on-chain, all using a Chainlink-powered decentralized oracle network. This enables Synthetix to develop an embedded debt pool rebalancing tool, which also has the potential to increase TVL. Before the integration takes place, Objk will provide users with a tool to manually rebalance their debt.ACY
A prize worth $1,500 was awar...