Showcasing the Chainlink Prize Winners From the Layer 2 Hackathon
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.
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.
A prize worth $1,500 was awarded to AcySwap, an AMM DEX that developed a flash arbitrage function on Polygon to better protect users from losses incurred during attacks, such as front-running. The project used Chainlink Price Feeds as an additional layer of protection when swapping tokens, serving as a circuit breaker that reverts trades when the pool’s exchange rate deviates too far from Chainlink price data.
FluidDAO received a prize worth $1,500 for a solution that helps DAOs monitor and supervise the projects they sponsor. Their project enables proper management and allocation of funds after fundraising. FluidDAO integrated Chainlink Price Feeds to help DAOs evaluate their “Donation and Voting” strategy, as well as to provide exchange rates when minting a native DAO token using USDT.
A prize worth $1,500 was also awarded to BoboSwap, an AMM-based exchange that aggregates order books from multiple AMM exchanges on Polygon like SushiSwap and QuickSwap. BoboSwap integrated Chainlink Price Feeds to halt transactions whenever the price gap between the transaction pool and Chainlink Price Feeds exceeds a certain threshold (e.g. 10%), effectively acting as a circuit breaker to prevent users from incurring massive slippage.
Metaficate took home a prize worth $1,500 for creating an on-chain NFT-based certificate system for the Metaverse. In the real world, centralized institutions issue certificates to people to recognize their unique accomplishments. For example, graduation certificates are issued by Chinese universities as well as the Ministry of Education, and anyone can verify them on official websites. These certificates showcase a student’s accomplishments during a certain period of their life in a form that anyone can easily understand.
In the Web 3.0 world, Metaficate created an NFT that represents a decentralized and visualized certificate. Metaficate integrated Chainlink on Polygon to bring real-world data on-chain from external APIs to authenticate the NFT in a secure and reliable manner.
Join Upcoming Chainlink Hackathons
Congratulations winners, and thank you to all the teams and developers who used Chainlink in the Layer 2 Hackathon. We are always excited to see how Chainlink Decentralized Oracle Networks support the growth of new projects and expand the smart contract ecosystem as a whole.
We hope to see developers at two upcoming hackathons that Chainlink is helping sponsor:
- Solana Ignition Hackathon from Aug 31st – Oct 8th
- Polygon Grants Hackathon from August 30th – Oct 22, 2021
If you’re a developer and you need resources to get your application connected to Chainlink Price Feeds, Chainlink VRF, Chainlink Keepers, or to access any API, visit the developer documentation and join the technical discussion in Discord. Want to discuss an integration? Talk to an expert.