Solana hackathon will award up to $1 million in prizes and funding

The Solana Foundation has announced another hackathon geared toward incentivizing the development of new tools and apps on the network. This time the group plans to give away up to $1 million in prizes and seed funding.

Dubbed Hyperdrive, this latest hackathon launched by Solana is open to practically anyone who wants to participate, the foundation said in a statement. The competition begins today and runs through Oct. 15.

"The Solana Foundation is committed to the growth and expansion of the Solana network, and Hyperdrive will help accelerate this by giving anyone with an internet connection the chance to compete as they launch their new startups on Solana," Matty Taylor, Head of Growth at the Solana Foundation, told The Block. "We're eager to see what developers will create ... and are excited to witness how this new wave of projects will shape the future of the ecosystem."

The Solana Foundation has held several hackathons over the years, and Hyperdrive marks the eighth. The competitions have counted more than 50,000 participants, over 3,000 projects launched and winners who have, in total, raised $600 million in venture funding.

Whoever wins Hyperdrive’s top prize will be awarded $50,000 of USDC and tickets to Solana’s Breakpoint 2024 conference, the foundation said.