MENA's Largest Hackathon in the UAE: Three Winners with Web3-Improving Inventions

DUBAI, UAE, Nov. 24, 2023 /CNW/ -- Bybit, the world's third-largest crypto exchange by volume, partnered with DMCC Crypto Centre to successfully wrap up a groundbreaking hackathon, empowering Web3 innovation in Dubai.

The collaborative effort between Bybit and DMCC, announced in June to foster the mass adoption of Crypto and Web3 in Dubai, culminated in the largest hackathon in the MENA region. The event featured a USD 110,000 prize pool dedicated to advancing crypto innovation within the Web3 ecosystem, marking a significant milestone in their partnership.

MENA's Largest Hackathon in the UAE: Three Winners with Web3-Improving Inventions

Ten pioneering teams showcased their groundbreaking innovations in diverse blockchain domains, including GameFi, decentralized finance (DeFi), Web3 infrastructure, NFTs for Web3 Education, and sustainable blockchain solutions during the hackathon's final stage. The competition resulted in three standout projects claiming the top spots.

The winners are as follows:

• Evai.io

This year's Crypto Innovation Challenge in the UAE is Evai.io, a pioneering solution revolutionizing the evaluation of emerging asset classes like Crypto, DeFi, and NFTs. Combining peer-reviewed financial research with cutting-edge ML modeling, it ensures unbiased asset evaluation. Founded in 2019, it leads with evolving predictive capabilities, guided by UK-based professors overseeing daily simulations. Its ratings and signals aid portfolio management, Trading Bots, and APIs. Recognized by the UK government and institutions, it adapts for wider assets and offers insights through webinars, courses, and industry reports.

• Pravica

Pravica, the second winner of the hackathon, introduces a cutting-edge peer-to-peer Web3.0 messaging and value transfer infrastructure. Their innovative model ensures secure messaging across diverse blockchain networks, setting a new standard for dependable communication. Pravica's decentralized, open-source messaging platform prioritizes privacy and transparency, enabling trustworthy digital conversations. With robust cryptographic encryption and unique user authentication methods like DIDs and wallet keys, Pravica guarantees unparalleled security, offering users complete peace of mind while communicating in a truly private and protected space.

• Timeswap

Timeswap, the third winner of the hackathon, introduces a groundbreaking concept as the inaugural fully decentralized lending and borrowing protocol within DeFi. Powered by an innovative 3-variable AMM, Timeswap revolutionizes the landscape by facilitating permissionless lending and borrowing for any crypto asset. Just as Uniswap revolutionized permissionless exchange, Timeswap spearheads permissionless lending and borrowing, leveraging their unique 3-variable AMM model. This pioneering approach marks a significant stride in DeFi, opening doors for diverse lending and borrowing opportunities within the crypto space.

Ben Zhou, Co-founder and CEO of Bybit, expressed enthusiasm about the hackathon's outcomes, stating, "The vibrant hackathon, in collaboration with DMCC, showcased exceptional tech talent and highlighted the remarkable innovation potential in the region. We're excited about our continued collaboration with DMCC and its Crypto Centre members on upcoming projects."

Bybit has been at the forefront of fostering Web3 competencies on a global scale, empowering individuals worldwide with the skills to navigate this evolving landscape. The selection of the UAE as the inaugural Arab country to host such a monumental hackathon is not mere happenstance. The UAE stands as a beacon of innovation, consistently leading the charge in groundbreaking initiatives. As a nation that embraces pioneering endeavors, Bybit is deliberate in its commitment to support and equip this community, particularly youth, in their pursuit of excellence and exploration into uncharted territories.

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

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About Bybit

Bybit is a top-three cryptocurrency exchange by volume established in 2018 that offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.

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