Ethereum-Focused Hackathon Event Offers a Sneak Peek Into a DeFi Future

HackMoney Hackathon, a 30-day virtual Aave hackathon organized by Ethereum developer group ETHGlobal, has announced its three winning projects—Learn&Earn, a gamified online learning platform, YieldHero, a suite for managing Aave, and MagicBet, a no-loss betting platform that enables users to stake DAI.

Hacking Lending and Money Maker Protocol Aave

Organized by ETHGlobal, an organization focused on onboarding users and developers to the Ethereum community, the HackMoney Hackathon has attracted over 50 projects that competed for $300,000 worth of prizes by hacking the Aave protocol.

The money maker protocol was utilized in innovative ways, ranging from online education to one-stop suites for managing interest and yields. Judges Vitalik Buterin, Stani Kulechov, Andreas Antonopolous, Thomas Bertani, Ashleigh Schap, and Robert Leshner announced the three winning hacks—Learn&Earn, YieldHero, and MagicBet.

According to HackMoney’s announcement, Learn&Earn placed first with its novel approach to online learning. The platform gamifies the learning process and gives its students the ability to earn financial incentives for completing various online courses. Out of all the submissions, the company said that his hack has “real-world applications” and the potential to scale in the public sector.

Innovative Ethereum Products

The second place in HackMoney’s hackathon was awarded to YieldHero, a protocol that provides users a one-stop suite for managing their Aave yield. Aave enables users to deposit cryptocurrencies to the platform and earn yearly interest on their funds. The hack utilized several features to enable users to get the best yield by swapping their cryptocurrencies for aTokens, Aave’s native cryptocurrency.

It also has a user interface that allows users to redirect their interest to support Ethereum developers. A built-in leaderboard also shows which user is redirecting most of their yield.

MagicBet, which ranked third on the hackathon, utilized Aave’s yield capabilities for betting. The no-loss betting platform enables users to bet on real-life future events by staking DAI.

All of the staked DAI accrues interest for the user via Aave until the event occurs and the outcome is known. Users that predicted the outcome correctly get a share of the total accumulated interest, while all of the users who lost the bets get all of their stakes back.

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Ethereum-Focused Hackathon Event Offers a Sneak Peek Into a DeFi Future was last modified: June 4th, 2020 by Priyeshu Garg

Priyeshu Garg


Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He built his first digital marketing startup as a teenager and worked with multiple Fortune 500 companies. He’s an alumnus from…

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