DeFi protocol Sovryn has launched a $500,000 hackathon, half in bounties and half in grants that is scheduled to take place from June 4 to July 18, 2021 in partnership with Gitcoin.

Sovryn Launches $500,000 Hackathon

Sovryn, a leading protocol for DeFi on Bitcoin introduces Sovrython, a virtual conference and hackathon, scheduled to take place from June 4 to July 18, 2021.

In partnership with Gitcoin, a community for app developers to work together on creating solutions on open-source projects, Sovrython will offer $500,000 to the winners after it ends on July 18.

There will be $250,000 in bounties and another $250,000 in post-hackathon grants for promising projects. The bounties and grants will be paid out in Sovryn’s native token $SOV.

In the announcement release, Edan Yago, Cofounder, Sovryn, said:

“‘Finally’. That was the word that came to mind when I first learned about Sovryn. It is also the reaction of so many others in the Bitcoin space. Finally, Sovryn is allowing the full potential of Bitcoin to be unleashed, to build, not just a transparent and incorruptible global monetary system, but also to construct a fair and transparent financial system on top of it.”

Bringing Ethereans to Bitcoin DeFi

Sovrython will also feature other bounties in the Gitcoin explorer, from partners such as Akash Network, a decentralized and open-source Cloud, API3, a project to provide traditional API services to smart contract platforms and the Ethereum Name Service (ENS), a distributed, open, and extensible naming system based on the Ethereum blockchain.

Furthermore, Sovryn and its partner Paralle Polis will work with crypto professionals who will be judges at the event.

Meanwhile, “ExiledSurfer”, Sovryn’s communications manager points on bringing Ethereans to Bitcoin DeFi:

“There’s a rich ecosystem that is just starting to gain traction. Bitcoiners are sceptical, and don’t want to accept that it exists, and are still stuck in the ‘shitcoin’ narrative. Something like Gitcoin does not exist for bitcoin development. So, while we’re bringing Ethereans to Bitcoin DeFi, we’re bringing Bitcoiners to Ethereum open-source development funding.”