Sui Overflow Hackathon Funding Pool Increases to $1,000,000 as New Backers Join – Blockchain News, Opinion, TV & Careers

adminApril 25, 2024

Grand Cayman, Cayman Islands, April 22, 2024, Chainwire

Alibaba Cloud, AngelHack, and dWallet are among the latest sponsors of the global event.

Sui, a layer 1 blockchain with industry-leading performance and infinite horizontal scaling, has received funding for Sui Overflow, the first global virtual hackathon focused on building exciting products on Sui. This has doubled in recent weeks as passionate supporters donate funds.

Initially set at $500,000, after receiving significant support from external backers, Sui Overflow’s funding pool swelled to $1,000,000. A sizable reward pool encourages builders from around the world to build their projects on the Sui Network and demonstrate them to a panel of judges. Categories eligible for prizes include Consumer & Mobile, Infrastructure & Tools, Gaming, and DeFi. Developers are also encouraged to leverage specific technologies from the Sui ecosystem, such as zkLogin, advanced movement features, randomness, and multi-chain capabilities.

Sam Blackshear, co-founder/CTO of Mysten Labs and creator of the Move smart contract language, said: , kiosks, DeepBook, and basic randomness. Some of Sui’s best projects have emerged from previous regional hackathons, so we’re really excited to see what our first global hackathon will produce.”

Past Sui-sponsored hackathons have been fertile ground for projects that began as hackathon entries but have since grown into ongoing businesses on the network. Scallop launched in June 2023 at Sui’s Seoul Builder House, taking first place at an event with a small team of developers. Currently, Scallop holds $117 million in TVL and is one of Sui’s standout DeFi protocols. Navi Protocol is another “Hackathon Heroes” from Sui. Just a month after Scallop, the Navi team emerged and won a gold medal in the DeFi and Payments category at the Sui Navi currently holds over $130 million in TVL and is another leading DeFi protocol on Sui.

In addition to the support of title sponsor dWallet Labs, the hackathon is sponsored by Elixir Capital, Alibaba Cloud, Comma3 Ventures, MoveBit, Scallop, GSR, Supra, Wormhole, AngelHack, Pyth, Ryze Labs, and ZettaBlock. Prizes awarded at Sui’s Hackathon for all categories are as follows: first place will receive $30,000, second place will receive $15,000, and two additional runners-up will receive $7,500 each. Ten $2,500 university awards and ten $2,500 community favorite awards will also be awarded during the hackathon. Additionally, participants are not limited to a single category. Individual teams can participate in multiple tracks simultaneously and accumulate prize money exceeding $100,000. Additionally, many projects in the Sui ecosystem are offering their own separate bounties, adding more ways for great projects and great teams to benefit.

With funding doubling to $1 million, Sui Overflow participants can now receive accelerated Sui Foundation grant funding along with other benefits, including thanks and credits to support the successful launch of their projects after the hackathon is completed.

“Homegrown projects stemming from developer gatherings and hackathons like Sui Overflow are an essential part of the lifeblood that will sustain the Sui ecosystem into the future,” said Greg Siourounis, Executive Director of the Sui Foundation. “Overflow’s impact has been greatly strengthened by the overwhelming support of the Sui community, which allows us to expand the potential rewards beyond the planned tracks to benefit the most promising projects through prudent funding, audit credits and selected acceleration grants. “I was able to.”

“Sui Overflow is more than just an event. This is the starting point for the brightest future blockchain innovators,” said Omer Sadika, co-founder of dWallet Network. “We are excited and honored to work with all the partners involved and look forward to seeing what comes from this hackathon.”

Users can apply and developers can find all additional information by registering on the Sui Overflow portal. We encourage everyone to join the Overflow Discord Server for regular updates.

Registration period: April 21st ~ May 31st

Virtual Demo Day: June 15th;

Announcement of winners: Late June 2024