Bybit, the world’s third-largest crypto exchange, teamed with DMCC Crypto Centre to complete a groundbreaking hackathon in Dubai. The joint initiative, aimed at promoting Crypto and Web3 adoption in Dubai, led to the MENA region’s largest hackathon.
With a prize pool of $100,000 dedicated to advancing crypto innovation in the Web3 ecosystem, the event showcased ten teams presenting pioneering projects in areas such as GameFi, DeFi, Web3 infrastructure, NFTs for Web3 Education, and sustainable blockchain solutions. The competition produced three standout projects that secured top honors.
Three winners of MENA’s hackathon
The competition resulted in three standout projects claiming the top spots.
Evai.io
The standout winner of this year’s Crypto Innovation Challenge in the UAE is Evai.io, a creative solution transforming the assessment of emerging asset classes such as Crypto, DeFi, and NFTs. Established in 2019, Evai.io employs a combination of peer-reviewed financial research and advanced ML modeling to ensure impartial asset evaluation.
With a foundation in developing predictive capabilities and daily simulations overseen by UK-based professors, it provides ratings and signals essential for portfolio management, Trading Bots, and APIs. Acknowledged by both the UK government and institutions, Evai.io is adaptable for a broader range of assets and offers valuable insights through webinars, courses, and industry reports.
Pravica
Pravica, the second-place winner of the hackathon, offers an advanced peer-to-peer Web 3.0 messaging and value transfer infrastructure. Their groundbreaking model ensures secure communication across various blockchain networks, establishing a more elevated benchmark for reliable messaging.
Pravica’s decentralized, open-source messaging platform strongly emphasizes privacy and transparency, facilitating trustworthy digital conversations. With robust cryptographic encryption and distinctive user authentication methods such as DIDs and wallet keys, Pravica assures unmatched security, providing users with absolute confidence in communicating within a genuinely private and protected environment.
Timeswap
Timeswap, the third-place winner of the hackathon, reveals an inventive concept as the first fully decentralized lending and borrowing protocol in DeFi. Fueled by a groundbreaking 3-variable AMM, Timeswap transforms the landscape by enabling permissionless lending and borrowing for any crypto asset.
Similar to how Uniswap revolutionized permissionless exchange, Timeswap carries the lead in permissionless lending and borrowing, leveraging its distinctive 3-variable AMM model. This pioneering method means a considerable advancement in DeFi, creating new possibilities for diverse lending and borrowing opportunities within the crypto space.
In expressing his enthusiasm for the hackathon’s outcomes, Ben Zhou, Co-founder and CEO of Bybit, highlighted the rich display of tech talent and the tremendous invention potential in the region through the collaborative effort with DMCC.
Conclusion
The UAE’s mega hackathon was a remarkable event that showcased the talent and innovation of the crypto and Web3 community in the region. Bybit and DMCC Crypto Centre successfully organized the largest hackathon in the MENA region, attracting ten teams with diverse and pioneering projects. Evai.io, Pravica and Timeswap emerged as the winners, demonstrating their excellence and potential in areas such as crypto asset evaluation, Web 3.0 messaging and value transfer, and permissionless lending and borrowing.
