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Web3 Innovations Reign as MENA’s Largest Hackathon in the UAE Crowns Three Winning Projects

Published by UAE Business

Dubai, United Arab Emirates, November 24, 2023 – Bybit, the third largest crypto exchange in the world by volume, has partnered with DMCC Crypto Centre to successfully host a groundbreaking hackathon that empowers Web3 innovation in Dubai. The collaborative effort, announced in June to promote the mass adoption of crypto and Web3 in Dubai, concluded in the MENA region’s largest hackathon. The competition offered a substantial prize pool of USD 110,000 to advance crypto innovation in the Web3 ecosystem, marking a significant milestone in the partnership between Bybit and DMCC.

Ten teams participated in the final stage of the competition, presenting innovative concepts across various blockchain domains such as GameFi, decentralized finance (DeFi), Web3 infrastructure, NFTs for Web3, and sustainable blockchain solutions. Three notable projects emerged as the winners:

•Evai.io
Evai.io is a revolutionary solution that transforms the evaluation of emerging asset classes like crypto, DeFi, and NFTs. It combines peer-reviewed financial research with cutting-edge ML modeling for unbiased asset evaluation. Founded in 2019, Evai.io’s predictions get better with time, guided by UK-based professors supervising daily simulations. The platform’s ratings and signals provide support to portfolio management, trading bots, and APIs. It adapts to wider assets and offers insights through webinars, courses, and industry reports, recognized by UK government and institutions.

•Pravica
Pravica is a peer-to-peer Web3.0 messaging and value transfer infrastructure that ensures secure messaging across diverse blockchain networks, setting a new standard for dependable communication. The platform’s decentralized, open-source messaging prioritizes privacy and transparency, facilitating trustworthy digital conversations. Pravica guarantees unparalleled security, offering users complete peace of mind while communicating through robust cryptographic encryption and unique user authentication methods like DIDs and wallet keys.

•Timeswap
Timeswap, the third winner of the hackathon, aims to revolutionize the landscape by facilitating permissionless lending and borrowing for any crypto asset. The platform leverages an innovative 3-variable AMM model to enable DeFi’s fully decentralized lending and borrowing protocol. Timeswap’s pioneering approach opens doors for diverse lending and borrowing opportunities within the crypto space, similar to Uniswap’s impact in revolutionizing permissionless exchange.

Ben Zhou, the Co-founder, and CEO of Bybit expressed his delight about the hackathon’s outcomes and praised the exceptional tech talent at the event. He expressed the brand’s excitement about continuing their work with DMCC and its Crypto Centre members on future projects.

Bybit’s initiative to foster Web3 competencies on a global scale demonstrates their commitment to empowering individuals worldwide with the skills to navigate the ever-evolving crypto landscape. The successful staging of the event in the UAE is no coincidence, as the UAE has continually demonstrated innovation and has led groundbreaking initiatives. Bybit pledges their deliberate efforts to support and equip this community, especially the youth, in their pursuit of excellence and exploration into uncharted territories.

Bybit and DMCC’s collaboration aims to empower new cryptocurrency businesses, offering substantial financial support of AED 500,000 (USD 136,000) for enterprises establishing their presence at DMCC Crypto Centre. Bybit serves as the center’s listing partner, extending their specialized support to cryptocurrency firms seeking to list digital assets on a global scale.

#Bybit / #TheCryptoArk

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