Cosmos and Blockstack hackathons showcase the future of DeFi


HackAtom V and HackDeFi hackathons focused on projects that showed promises for advances in tooling, interoperability and composability in decentralised finance (DeFi)
Hackathons organised by blockchain projects Cosmos and Blockstack (STX) respectively announced the winners last week with advances in tooling, interoperability and composability being the common theme in the winning DeFi projects.
An overwhelming majority of DeFi development presently remains concentrated on Ethereum where over $16 billion in digital assets are currently locked by various DeFi protocols. The organisers— Cosmos and STX are currently the 25th and 59th ranked projects by market cap respectively. Events like the hackathons—HackAtom V and HackDeFi, are crucial in the blockchain projects’ strategy to capitalise on emerging trends and to convince future projects to consider alternate blockchain networks (other than Ethereum).
Cosmos, whose blockchain is focused on interoperability and scalability, awarded the HackAtom V prizes to projects that could enable cross-chain staking, as well as a time-locked “clawback account”. Tomas Tauber, one of the engineers working on’s forthcoming blockchain, was declared the winner.
The clawback account refers to a smart contract-linked pair of accounts that offers secondary access to funds for a certain period of time. The potential use cases for such linked accounts include cryptocurrency exchange wallet management, cashback and other digital asset reward programs.
Osmosis, a project that pitched itself as a “Balancer meets Interchain Staking” was another promising DeFi submission in the hackathon. It presented an automated market maker, like that of Balancer with the key feature being its “custom staking token design tool” that allows users to create tokens that can be staked on multiple chains. This can potentially offer developers access to liquidity across multiple ecosystems.
Blockstack’s project is aimed at bringing Bitcoin as collateral to decentralised applications (dApps) development. DualX, a project that enables users to pre-program trading logic into normally locked staking funds was awarded the first place by Blockstack’s hackathon.
DualX presents itself as a new kind of exchange that “provides the opportunity for an investor‘s capital (denominated in BTC) to earn a yield on their funds while passively waiting to buy an investment asset (say STX)”.
The idea behind the project is to allow a BTC depositor to earn yield until STX reaches a certain price, whereupon the depositor would have the option of purchasing STX.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.


Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

FTX to lend $120M to hacked Japanese exchange Liquid

Next Post

Tidal partners with Oasis Network to enable decentralised insurance

Related Posts