The First Meetup of Tezos DeFi Hackathon 2022 Participants: the Summary

The First Meetup of Tezos DeFi Hackathon 2022 Participants: the Summary

The attendants were:

  • the participants and organisers of Tezos DeFi Hackathon 2022;
  • an Everscale developer Ilya;
  • the winner of Tezos DeFi Hackathon 2021 Boris Grit of The Buttonists;
  • the winner of Tezos DeFi Hackathon 2021 Stepan Naumov of Juster.fi;
  • tech lead Mikhail Zaikin of Baking Bad;
  • the full-stack dev of MadFish Solutions Innokentiy Mazhara.

Here is a brief summary of questions and answers from the meetup. The full version is available on the Everscale Broadcast channel.

Conditions, Challenges, and Prizes

Tezos DeFi Hackathon 2022 welcomes teams of several people and standalone developers alike. Teams are more likely to win, so the organisers will help the lone wolves to find a pack, and mentors to set up the work.

February 1 through 4, team leads will select challenges for their teams. A team may take 2 challenges tops, with no more than 3 teams altogether working on the same challenge.

The maximum prize a team may hope for is $55,000: $10k for each of the two challenges and up to $35k from the independent panel.

February 4 through 28, the teams will be working on their projects and presentations. Once a week, they’ll have a call with team mentors to report their progress, ask for advice, or even schedule an additional call. On March 1, the partners and the judges’ panel will evaluate the projects and announce the winners.

So, the participants of the Tezos DeFi Hackathon will have to do without crunches.

Hackathon Questions and Answers

Should product managers, marketing experts, and other non-developers join the hackathon?

Yes. Some challenges are about the front end and project concept. There are also presentations for project upscaling strategies, which is more for product managers, marketing experts, or creative designers. In fact, any good specialist is valuable for a team.

Could you provide more details on the challenges?

The hackathon’s website features brief descriptions only. It’s enough to plan the work but not enough to develop anything in advance. This also helps avoid the situation where a team prepared itself for a particular challenge but failed to select it in early February. For that reason, we recommend checking out all the challenges, building a multi-purpose team, and grasping Tezos technologies to the best of your ability.

If three teams can work on the same challenge, only 30 teams can participate, right?

We have backup challenges. If there are too many teams, we’ll add new tasks and prizes.

Questions About Tezos

What blockchain bridges there are on Tezos?

Cross-chain bridges are important for the development of nascent blockchains. The community can use them to invest in popular assets on different networks while boosting the value of their ‘home’ ecosystem. The most renowned bridge on Tezos is Wrap Protocol. It works with popular project tokens on Ethereum, though it cannot transfer NFTs. A challenge by Chruncy is about building a bridge between Tezos and Avalanche, by the way.

Can I make a timer for periodic actions on Tezos?

Boris Grit, The Buttonists: One of the ways to implement such a timer is to create a custom backend that would call the contract with a specific periodicity. This is the principle underpinning oracles. That said, you can’t implement a timer with smart contracts only.

Solana has decentralised exchanges with order books. Can I make something like that on Tezos?

Mikhail Zaikin, Baking Bad: For now, creating order books on Tezos is not the best idea since they would be unacceptably slow. Some teams are working on tier-2 solutions that could underpin a working order box.

What are Tezos’s killer features?

Mikhail Zaikin, Baking Bad: The main feature is the on-chain governance. Updates go through a multi-layer process of baker approval. In 2021, Tezos reached a stable pace with one update every 3 months. For instance, the most recent one introduced optional synchronous calls of smart contracts. The next one will roll out a new consensus algorithm. This is where the real decentralisation comes from: there are 405 bakers on the network with a uniform distribution of funds: even the biggest service has only a 5% share. Thanks to that, there are no conflicts of interest on Tezos, and the network operates smoothly.

In most blockchains, there is an NCO sponsoring the development of important projects. Tezos Foundation raised funds before the 2017 ICO craze, and their price went up. Thanks to that, Tezos Foundation could launch one of the biggest grant programs in the world of blockchain. It also promotes mass adoption of cryptocurrency, advertising, and the promotion of Tezos. Thus, there are collaborations with Formula 1, NFT platforms like OneOf, and game publishers like Ubisoft and NCSoft (Lineage 2).

Boris Grit, The Buttonists: From the developer’s point of view, Tezos has a vast selection of tools, blockchain explorers, and smart contract inspectors. Tezos uses Michelson, a stack-type language different from EVM. If you work with high-level languages and their dialects, you may never encounter Michelson. Smart contracts are well-structured: the code is separate from the vault. It saves rookie devs from making the same mistakes all over again. Finally, one of the greatest features of Tezos is the kind-hearted community. We always help the newbies to understand projects and tools.

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