Bybit, the world’s third largest crypto exchange, partnered with DMCC Crypto Center to deliver a groundbreaking hackathon in Dubai. The joint initiative, aimed at promoting the adoption of Crypto and Web3 in Dubai, led to the largest hackathon in the MENA region.
With a $100,000 prize pool dedicated to advancing crypto innovation in the Web3 ecosystem, the event featured ten teams showcasing pioneering projects in areas including GameFi, DeFi, Web3 infrastructure, NFTs for Web3 education and sustainable blockchain solutions. The competition resulted in three remarkable projects that won top honors.
Three winners of the MENA hackathon
The competition resulted in three remarkable projects winning first places.
The big winner of this year’s Crypto Innovation Challenge in the UAE is Evai.io, a creative solution that is transforming the valuation of emerging asset classes such as Crypto, DeFi and NFT. Established in 2019, Evai.io uses a combination of peer-reviewed financial research and advanced ML modeling to ensure unbiased asset valuation.
Drawing on the development of predictive capabilities and daily simulations supervised by UK-based faculty, it provides assessments and signals essential to portfolio management, trading robots and APIs. Recognized by both government and UK institutions, Evai.io is adaptable to a wider range of assets and offers valuable insights via webinars, courses and industry reports.
Pravica, the second place winner of the hackathon, offers an advanced Web 3.0 peer-to-peer messaging and value transfer infrastructure. Their revolutionary model ensures secure communication across various blockchain networks, setting a higher benchmark for reliable messaging.
Pravica’s decentralized and open-source messaging platform places a strong emphasis on privacy and transparency, facilitating trustworthy digital conversations. Through robust cryptographic encryption and distinctive user authentication methods such as DIDs and wallet keys, Pravica ensures unparalleled security, providing users with absolute confidence in communicating in a truly private and protected environment.
Time exchange, the third winner of the hackathon, reveals an inventive concept as the first fully decentralized lending and borrowing protocol in DeFi. Powered by a revolutionary 3-variable AMM, Timeswap is transforming the landscape by enabling permissionless lending and borrowing for any crypto asset.
In the same way that Uniswap revolutionized permissionless trading, Timeswap is leading in permissionless lending and borrowing, leveraging its distinctive 3-variable AMM model. This pioneering method signifies considerable progress in DeFi, creating new possibilities for various lending and borrowing opportunities in the crypto space.
Expressing his enthusiasm for the hackathon results, Ben Zhou, co-founder and CEO of Bybit, highlighted the region’s wealth of tech talent and enormous invention potential through the collaborative effort with DMCC.
The UAE Mega Hackathon was a remarkable event that showcased the talent and innovation of the region’s crypto and Web3 community. Bybit and DMCC Crypto Center successfully organized the largest hackathon in the MENA region, attracting ten teams with diverse and pioneering projects. Evai.io, Pravica, and Timeswap emerged winners, demonstrating their excellence and potential in areas such as crypto asset pricing, Web 3.0 messaging and value transfer, and permissionless lending and borrowing.