31 Track Prizes in OPOS Hackathon by LamportDAO

https://solana.blog/31-track-prizes-in-opos-hackathon-by-lamportdao/

Massive Only Possible On Solana (OPOS) Hackathon has been running between 1st August to 21st August 2023. What makes this Hackathon special is the sheer amount of tracks and sponsors available to reward Buildooors grinding to ship product.

Join the LamportDAO Discord! They have over 3000+ members in there with a bunch of them building in the hackathon!

Scrub to time 34:04 – OPOS Hackathon!

With such a huge range or track prizes you can go after, there is a great opportunity for Buildooors to receive some recognition and potentially grants/prizes for the hackathon efforts.

OPOS Hackathon Prizes!

Over the next few weeks we will try to get a hackathon entrant to give us their spiel and put a Project shout-out within the list here! We do this every Solana Hackathon 🤝

You can check out the AirTable to get great detail on the prize pools and who the judges are!

OPOS Hackathon AirTable

Massive List of OPOS Sponsors

1. Compression Track – $20.5k Prizes

Utilize the new State Compression primitive on Solana to build OPOS experiences. Consumer facing applications preferred (but not required). Prizes by Solana Foundation, Coinflow, Helius, Holaplex & Phantom

2. Integrate with Jupiter Track – $10k Prizes

Integrate with Jupiter’s API in an existing product or create a compelling new use case using Jupiter. Prizes by Jupiter & Multicoin Cap

3. Liquid Staking Track – 75 bSOL Prizes

Through the OPOS Hackathon, we hope to encourage builders to integrate BlazeStake’s liquid staked SOL (bSOL) into payments systems, NFT mints, staking UIs, rewards protocols, DeFi platforms, and more. Prizes by SolBlaze.

4. Phoenix Track – $8k Prizes

Show the power of fully composable on-chain order books. Prizes by Ellipsis Labs.

5. Raydium CLMM Track – $8k Prizes

As part of the OPOS Hackathon, Raydium is sponsoring $8,000 in RAY prizes for integrations utilizing Raydium’s Concentrated Liquidity Market Maker. Compose on top of Raydium’s CLMM to build a product or tool set for liquidity providers that is Only Possible On Solana. Prizes by Raydium.

6. Dynamic Vaults Track – $8k Prizes

Integrate Meteora’s Dynamic Vaults into an existing application or create an exciting new use case that leverages Meteora’s Dynamic Vaults at its core. Prizes by Meteora.

7. DePIN Track – $6k Prizes

Showcase the DePIN community on Solana. DePIN = Decentralized Physical Infrastructure Networks. Prizes by Helium Foundation, Escape Velocity, Chapter One & Multicoin Cap.

8. Build-Your-Own Perps DEX Track – $50k HXRO Prizes

Foster and incentivize creativity/originaility for how different consumer-focused trading applications can be built on top of the Hxro Networks’ Derivatives Protocol, Dexterity, where developers can focus solely on the UX of their product without having to worry about building their own On-chain Trading Infrastructure thanks to the Dexterity SDKs & the Flowmatic API. Prizes by Hxro Network & Flowmatic.

9. Build & Contribute with SonarWatch – $3k USDC Prizes

Innovate with DeFi data by using our open-sourced DeFi Portfolio API.  Build on top of our API to create the next financial dashboard and applications for end-users. Contribute to our list of supported protocols to increase the DeFi coverage. Prizes by SonarWatch.

10. Product Demo Track – $5k Prizes

Create a PoC product that helps best showcase what Solana is capable of. Prizes by Solana Foundation.

11. Best Solidity Product on Solana Track – $5k Prizes

Using Solang, build a product with Solidity on Solana. Prizes by Solana Foundation.

12. Ironforge Track – $5k USDC

Build applications using Ironforge. Prizes by Ironforge.

13. New NFT Use-Case Track – $3.5k Prizes

Build new applications pushing the boundaries of NFTs. Prizes by Crossmint.

14. Build with Shyft Track – $3.2k USDC Prizes

Create Web3 experiences only possible on Solana. Prizes by Shyft.

15. Reinventing Prediction Markets Track – $3k USDT Prizes

To improve and enhance the prediction market & sports betting experience on the Monaco Protocol. Prizes by Monaco Protocol & Multicoin Cap.

16. Build a Kamino Analytics Page Track – $3k USDH Prizes

Build an analytics page for Kamino – the leading liquidity yield aggregator – that gives people insights into the protocol and their own portfolio. Prizes by Kamino Finance & Multicoin Cap.

17. Mobile Apps on Solana Track – $3k USDC Prizes

Ship more Solana mobile apps to onboard new users, show novel use cases and inspire more devs. Prizes by Superteam.

18. Automated Treasury Management Track – 3k USDC Prizes

The goal of this track is to encourage the development of innovative projects focused on automating routine treasury management tasks for teams. We’re particularly interested in projects that integrate Squads and Clockwork to facilitate financial tasks like automatic payroll/transfers, stream payouts, with spending limit implementation. Prizes by Squads & Multicoin Cap.

19. Audius Music Track – $3k USDC Prizes

Integrate the Audius API or log in with audius within your social app. Prizes by Audius & Multicoin.

20. TipLink Wallet Track – $3k USDC Prizes

Send digital assets on any platform w/ a link, or IRL (QR/NFC), utilize cNFTs for onboarding at scale, Create delightful consumer experiences, payments, gaming, loyalty, social, create a flow to send links to anyone over any platform (website, discord, email, twitter, etc) or IRL (NFC/QR codes). The amazing thing is, the link is the wallet! Prizes by TipLink & Multicoin Cap.

21. ZK Privacy Innovations Track – $2.5k USDC Prizes

Elusiv is bringing a suite of zero-knowledge encryption features to Web3 that together overcomes a major industry pain point: ensuring privacy remains a human right without sacrificing security and decentralization.  The Elusiv SDK is now fully open-source and ready for use on Solana mainnet. The SDK enables programmable privacy, allowing builders and developers to integrate zero-knowledge technology into new and existing applications like wallets, DeFi protocols, payment solutions and more. This includes private transactions, swaps,NFTsn and more. The first version of the Elusiv SDK will enable developers to integrate private sending functions. This is ideal for wallets and payment solutions. Senders of a transaction would benefit from complete privacy, effectively encrypting the origin of the payment. The mission for this bounty is to build an MVP with the Elusiv SDK for a new or existing application. Prizes by Elusiv.io.

22. ZK Privacy / Light Protocol Track – $2k USDC Prizes

Fast, generic privacy for games, DeFi, NFTs, social, payments,… directly on the public L1 base layer is OPOS. Prizes by Light Protocol.

23. Payments Track – $2k USDC Prizes

Build something cool that uses Sphere for payments. Prizes by Sphere.

24. Compressed NFTs for Gaming Track – $2k USDC Prizes

Build the tech to showcase the power of compressed NFTs for Solana games, and open it up for any Solana gaming project to utilise.  Think Solana NFT RPG characters which store their in-game achievements on-chain via compressed NFTs, or Metaverses that players can evolve from on-chain compressed NFT governance. Let your creativity go wild! Prizes by BOO DAO.

25. Real Estate Assets on Solana Track – $2k Prizes

Build and deploy an arbitrage bot that can programmatically restore balance to skewed markets on the Parcl trading platform. This would potentially reduce funding costs and improve UX for real estate traders on Parcl. Prizes by Parcl & Homebase.

26. Make NFTs Fun Again Track – $1.5k USDC Prizes

Utilize Night Market’s open-source marketplace contracts & SDK to integrate NFT commerce in a limitless number of ways! The Night Market SDK offers NFT secondary marketplace functionality out of the box for social, DeFi, and other platforms. Prizes by Night Market by Motley DAO.

27. DEX Tooling Track – $250 USDC Prizes

Explore different tooling and consumer-focused applications built on top of Sujiko (Solana’s 1st NFT perps DEX). Prizes by Sujiko.

28. Building with Bonk Track – $69B BONK Prizes

Focus on use cases for the Bonk token, utilizing it in new parts of the ecosystem. Prizes by Bonk.

29. A Fresh Bowl Of Guacamole Track – $250M GUAC Prizes

Use your imagination! Create open source & novel integrations, DeFi use cases, or games that focus on allowing tokenized communities like GUAC to expand. Bonus points for also integrating NFT collection capabilities alongside SPL functionality. Prizes by Guacamole.

30. xNFT Track – 2 MAD LADS NFT Prizes

Publish an innovative application that users will love, whether on or off-chain, as an xNFT. xNFTs offer the most flexible and accessible distribution layer in crypto. Distributed in tandem with Backpack, xNFTs offer a direct path to customer acquisition. Prizes by Backpack x Mad Lads.

31. LiveQuery Analytics Track – $2.5k USD Prizes

Flipside Crypto recently launched LiveQuery, a way to integrate APIs from other data sources with the Flipside database to create powerful dashboards and analytics. With its integration with Helius, you can actually make calls to Helius APIs directly in SQL and join them against other existing datasets opening up the analytical possibilites for Solana data analysts. Create a new dashboard on Flipside leveraging the Helius API that highlights a component in the ecosystem that is only possible on Solana. Prizes by Flipside Crypto & Helius.

Metaplex Creator Studio to Power No Code NFT Collection Launches

https://solana.blog/metaplex-creator-studio-to-power-no-code-nft-collection-launches/

The team over at Metaplex have released an excellent tool to enable artists and creators to release NFT collections without knowing any code!

KIN is Now Decentralised!

https://solana.blog/kin-is-now-decentralised/

We have been huge supported of the KIN vision at Buildooors over the past several years! In fact, we only discovered Solana as KIN was one of the first few projects to move across to Solana, due to its scaleability and low fees.

We were there when there was an ecosystem of KRE (Kin Revenue Engine) apps all earning, spending and transferring $KIN between eachother…

We even started building a game for $KIN… More on that in another post in the near future…

And we were also there when the KIN Foundation was disbanded…

The Great Burn Has Now Been Completed! 🔥

On the 28th July 2023, ~70% of all $KIN supply was burnt. This means the founding companies or entities that still had huge reservers of $KIN tokens were burning the majority of their $KIN in the name of decentralisation. $KIN is a currency that has been to the courts with the SEC and came out the other side still alive. $KIN now also has no large entities holding huge percentages of total supply. To read more on the actual burn tokenomics, please refer to the $KIN reddit. KIN is now Decentralised!

Long Live Code Wallet

If you haven’t been following, some of the original founding team moved on to found Code Wallet. They have been busy building an amazing experience for sending money.

Check out the Code Wallet at their Website – https://getcode.com

  • Incredible PMF

  • Solana L2 rails
  • Privacy through obscurity
  • No fees
  • Near instant settlement
  • Debanked only need mobile phone & internet
  • Global $$$

In fact, we are huge fans of what this wallet can enable. Check out our mega-tweet-thread, or X-thread as it is now called.

We Keep BUIDLing… Introducing Kin.Network

As part of decentralisation, the Kin Foundation website called https://kin.org is no more. It was shutdown. It is now up to the community to BUIDL. We have built a website where the KIN Community can login and discuss specific forums, see a list of ecosystem apps currently support KIN. We are also working with Solpress Plugins to integrate a Solana Wallet and $KIN currency into our website! Stay tuned.

Check out the website at https://kin.network and participate! Please leave feedback on the Buildooors Discord.

New OpenBook Markets – Bring on the DEX’s!

OpenBook is the decentralised open source DEX running on Solana! Its trading volume and transaction counts have been smashing it out the park lately. In order for $KIN to be a part of it the community needs to get $KIN markets created, add liquidity to the pool, so that DEX’s and Swap Wallets that use the OpenBook infrastructure can list $KIN.

We have created some OpenBook Markets via Raydium! Huge shoutout to the Raydium support team for helping us create these new OpenBook markets. Couldn’t have done it without them!

In order to make sure $KIN pools have sufficient liquidity we started adding liquidity over at the Raydium Website! We followed these steps:

  • Visited the Raydium Pools page
  • Find the OPENBOOK liquidity pools for KIN-SOL and KIN-USDC
  • Hit the Add Liquidity button to chip in some liquidity

Before you do anything, you need to learn what AMM’s are and how liquidity pools work. We recommend you read the Raydium Documentation! There is risk involved. This is not financial advice! Any questions, the Raydium Support crew are awesome!

Learn what De-Fi is before Getting Started!

How is the KIN Community Gonna Move Forward Now?

Things are looking good for Mango Markets!

🔥 Let’s F’KIN Go! 🔥

Solana Compressed NFT’s Drive Minting Costs to Near Zero! TipLink Demo

https://solana.blog/solana-compressed-nfts-drive-minting-costs-to-near-zero-tiplink-demo/

The team over at https://tiplink.io/ have built something impressive. NFT Collectooor’s can now use AI to generate images and then use Solana NFT Compression to mint them for free!

This is our favourite NFT we generated! Thanks to TipLink using Solana Compression minting for free (to the user) and Stable Diffusion 2.1

Solana NFT Compression is a Game-Changer

NFT compression on Solana drives down the cost of minting new NFT’s to near zero! This enables businesses to scale to millions and even billions of users. Think millions of event tickets minted on-chain, ecommerce vouchers, land & property titles, you name it… we are finally at a point where NFT technology can scale and now it is up to entrepreneurial Buildooors to discover which markets are prime for disruption.

Try Out the TipLink Compressed NFT Tool Yourself!

We haven’t stopped minting and have collected several AI generated NFT’s, all minted on the TipLink Compressed NFT Tool. Try it out yourself!

Here’s another example taken step by step!

What Else Have TipLink Built?

TipLink have built technology where anyone can send crypto anyone without them requiring a crypto wallet. You can anyone a link to where the funds are, which can be sent via social media or private messages or email, you name it, it is just a link! You can connect this account with your web2 login (ie: Google account) and even connect via web3 account using a Solana Wallet like Phantom.

Check out the TipLink website!

Make sure to see Solana Compressed NFT’s live in action and for free. Claim yours now!

https://tiplink.io/

Solana ChatGPT Plugin Released

https://solana.blog/solana-chatgpt-plugin-released/

Introducing the ChatGPT Plugin by Solana Labs for the Solana blockchain! This powerful tool simplifies interaction with Solana. In this guide, we’ll explore its features and how to use it effectively. Let’s dive in!

The Solana ChatGPT GitHub Repository

The ChatGPT Plugin’s codebase is available on GitHub, accompanied by permissive licensing. You can access the repository to review the code, contribute, or use it as a reference for building your own projects.

Features and Example Queries

Fetch Account Balance

  • Query: “What is the balance of MY-WALLET-ADDRESS?”
  • Response: Retrieves the Solana balance associated with the specified wallet address.

Interpret Solana Accounts

  • Query: “What data is in ACCOUNT-ADDRESS?”
  • Response: Provides information about the Solana account, including the account owner, SOL balance, and any human-readable data stored in the account (if the owner program has an Anchor IDL).

Interpret Solana Transactions

  • Query: “What happened in transaction TRANSACTION-ID?”
  • Response: Returns details about the specified transaction, along with any human-readable information about program instructions (if the programs have Anchor IDLs).

Find NFTs for a Wallet

  • Query: “What NFTs does MY-WALLET-ADDRESS own?”
  • Response: Lists the NFTs owned by the given wallet address along with their metadata. In case of a large number of NFTs, you can request the plugin to list them five at a time.

Inspect Wallet Activity

  • Query: “What are the latest transactions for WALLET-ADDRESS?”
  • Response: Enables you to explore on-chain activity by providing details about the most recent transactions associated with the specified wallet address.

Search NFT Collections by Name or Floor Price

  • Query: “Can you find me the cheapest Mad Lads NFT for sale?”
  • Response: Allows you to search NFT collections based on name or sort them by floor price, catering to your specific preferences.

Note: To support this plugin’s NFT collection search functionality, it relies on Hyperspace’s API.

Calculate Wallet Value

  • Query: “What is the value of MY-ADDRESS?”
  • Response: Calculates the estimated value of all tokens and NFTs owned by the given wallet address, presenting the values in USD. Please keep in mind that these values may fluctuate due to market changes, and the price estimates are sourced from HelloMoon’s API.

An AI Building Block for the Open Source Solana Ecosystem

Github Repo: https://github.com/solana-labs/chatgpt-plugin

The ChatGPT Plugin by Solana Labs is a valuable addition to the Solana ecosystem, streamlining interactions with the blockchain and simplifying queries. From fetching account balances to exploring NFT collections, this plugin offers a range of functionalities that can enhance your experience with the Solana blockchain. With its permissive licensing, you can use it as a reference or contribute to its development on GitHub. Harness the power of the ChatGPT Plugin and delve into the exciting world of Solana blockchain!

Are you Building an AI Project on Solana?

Make sure you check out the Solana AI Grants here!

Solana Dapps to be Powered by AI

https://solana.blog/solana-dapps-to-be-powered-by-ai/

Solana Foundation announced today a series of initiatives related to artificial intelligence (AI) on Solana, ranging from chatbots to accelerators to grant programs. Anatoly Yakovenko, the co-founder and CEO of Solana Labs, recently talked about his vision for AI on Solana and how it can make the platform more accessible and intuitive for users and developers.

It feels like it’s as big of a shift as when Microsoft Windows and the computer mouse were first introduced. 

Anatoly Yakovenko

Key talking points by Anatoly

  • He believes that AI can enable a new paradigm of interacting with computers through natural language, similar to how Microsoft Windows and the mouse revolutionized the user interface in the past. He thinks that every developer building consumer-oriented apps on Solana should consider how their app can be integrated with an AI model that can understand and execute complex actions.
  • Anatoly says that AI can make Solana more usable and understandable because crypto APIs are superior to traditional finance APIs in terms of trustlessness, programmability, and security. He says that an AI that can deploy smart contracts and do transactions on Solana is more powerful than one that can’t.
  • He talks about the Solana ChatGPT plugin, which allows users to interact with the Solana blockchain through text, is one of the examples of how AI can be applied to Solana. He says that the plugin was easy to build and it can provide a text-based block explorer that can describe objects on-chain, such as NFT accounts. He hopes that the plugin will eventually be able to write to the chain as well, but that’s still a work in progress.
  • Anatoly explains that Solana’s speed and low cost are key advantages for AI applications, as they enable a smooth user experience and a fast feedback loop. He says that Solana is cheap and fast enough for ChatGPT to run transactions within its loop, which means that the machine interface to the chain is affordable and efficient.
  • Anatoly admits that we are still in the early stage of discovering what AI can do on Solana, but he thinks it’s important enough to invest resources and provide reference examples for developers to start building their applications with AI in mind.

Check out this Solana ChatGPT Plugin Demo Video

The Solana team run through how to install the plugin into OpenAI’s ChatGPT website as a plugin, then do some cool queries using normal chat on the Solana Blockchain.

How to Start Buildoooring on Solana with AI

If you are interested in learning more about AI on Solana, check out some of the projects and programs that are happening right now:

  • ChatGPT plugin: A text interface for interacting with the Solana blockchain using natural language. You can try it out here: https://github.com/solana-labs/chatgpt
  • SolanaU Accelerator: A program that supports startups building on Solana with funding, mentorship, and exposure. You can learn more about them here: https://solanau.org/accelerators
  • Solana Grants Program: A program that provides funding for projects that contribute to the growth and innovation of the Solana ecosystem. https://solana.com/developers/ai. You can apply for a grant here: https://solana.com/developers/ai

We are Building too! Introducing HeyToly!

We want to talk to our Saga’s and tell it to do cool stuff on-chain. It’s open source, feel free to contribute!

What are you Building with Solana + AI? Tweet Below!

Solana Mobile Saga Launched!

https://solana.blog/solana-mobile-saga-launched/

Solana SAGA Mobile is revolutionizing the world of Web3 with its cutting-edge features and premium hardware, making it easier than ever for users to seamlessly transact across their favorite Solana DeFi protocols, NFT marketplaces, and Web3 apps, all from the convenience of their phone. With its unique offerings and commitment to performance, security, and user experience, Solana SAGA Mobile is poised to become a game-changer in the world of Web3.

This is a Community Guest Post
by M Hamilton!

M Hamilton on Twitter | LinkedIn | Medium

A Seamless dApp Store

Say goodbye to browser extensions and separate wallets — Solana SAGA Mobile’s dApp Store allows users to access their favorite Solana dApps on the go. With its Seed Vault feature, which protects private keys via secure hardware and AES encryption, users can transact securely and hassle-free with just a tap of their finger. The Solana Mobile Stack (SMS), a comprehensive toolkit and Android build environment, also simplifies the process of building mobile-first dApps for developers, offering greater distribution through the dApp Store. Solana SAGA Mobile empowers both users and developers to explore the full potential of Web3 in a seamless and convenient way.

Premium Hardware for Unmatched Performance

Solana SAGA Mobile has partnered with OSOM to deliver a flagship-quality device that offers unmatched performance. With its 6.67″ OLED display, 512GB of storage, 12GB of RAM, and Snapdragon 8+ Gen 1 mobile platform, Solana SAGA Mobile provides a premium experience for users. The integrated Secure Element adds an extra layer of security to protect user data. The phone’s sleek and stylish design, featuring a ceramic back, stainless steel frame, and titanium accents, makes it a premium choice for users who value both aesthetics and performance.

Incredible Cameras and Stunning Display

Solana SAGA Mobile is not just about performance and security, but also offers an exceptional multimedia experience. With its 50MP main and 12MP ultrawide dual-camera system, along with a 16MP selfie camera, users can capture stunning photos and videos. The 6.67″ FHD+ AMOLED screen with a peak refresh rate of 120Hz provides a visually immersive experience, making Solana SAGA Mobile a top choice for content creation, gaming, and multimedia consumption.

Powered by Android 13 for Enhanced Accessibility

Solana SAGA Mobile runs on Android 13, a pure version of the mobile operating system with full Google Play Services. This ensures that users have access to all their favorite apps from the Google Play Store, providing a seamless and familiar experience for Android users. The phone also features a rear fingerprint sensor for easy and secure access, adding an extra layer of convenience and security.

Exclusive Benefits for Early Adopters

As a limited-release collection, the first 10,000 people who pre-order Solana SAGA Mobile will receive the exclusive Saga Pass, which grants them access to VIP events, community forums, and unique NFTs. This demonstrates Solana SAGA Mobile’s commitment to building a vibrant and engaged community of users, and rewards early adopters for their support and enthusiasm.

This is a Community Guest Post
by M Hamilton!

M Hamilton on Twitter | LinkedIn | Medium

Conclusion

In conclusion, Solana SAGA Mobile is set to revolutionize the mobile era of Web3 with its premium hardware, secure transaction capabilities through Seed Vault, and exclusive features such as the Solana Mobile Stack (SMS) and the Solana SAGA Mobile dApp Store. With its incredible performance, stunning display, advanced cameras, and powered by Android 13, Solana SAGA Mobile offers an unparalleled experience for users to seamlessly access and transact on the Solana blockchain and beyond.

Don’t miss out on the opportunity to be part of the future of Web3 — pre-order Solana SAGA Mobile today and join the revolution!

This is a Community Guest Post
by M Hamilton!

M Hamilton on Twitter | LinkedIn | Medium

Retweet and follow Buildooors on Twitter!

Solana Grizzlython Winners Announced !

https://solana.blog/solana-grizzlython-winners-announced/

Over 6 weeks 10,000 registrants from around the world participated in the biggest Solana Hackathon to date. With 813 project submissions from 79 countries there was a huge amount of winners and honorable mentions announced. We dive into each track so see what the winners submitted.

https://solana.com/news/solana-grizzlython-winners

Hacker House Melbourne Wrap-up!

https://solana.blog/hacker-house-melbourne-wrap-up/

Last week was huge for the Solana Australia Community of Buildooors! It was a pleasure to see a huge amount of people building on Solana all at one event in Port Melbourne, Australia. The Melbourne Hackerhouse event ran across 5 days between the 20th to the 24th of Feb.

The Huge Timber Yard Venue was Amazing!

Solana Hackerhouse events are world-class. Everything from the week-long packed agenda, working spaces were full of devs & creatives, music & lighting vibes were all spot on.

The beer garden was epic with fantastic lunches served for the almighty buildooors.

Check out some sweet pro-video here of the event including cameo appearances by yours truly.

Solana Pay + Decaf + Samo

A Big Week with a Packed Agenda

In traditional Solana Hackerhouse fashion the whole week was packed out with fun events, solana updates, ecosystem project presentations, industry panels, developer workshops, VC pitch and a demo day!

Melbourne Hacker House – Day 1

Melbourne Hacker House – Day 2

Melbourne Hacker House – Day 3

Melbourne Hacker House – Day 4

Melbourne Hacker House – Day 5

Fun Events

Can KIN Rise from the Ashes?

https://solana.blog/can-kin-rise-from-the-ashes/

Kin has been around since the middle of 2017 and was one of the earlier projects to migrate from an Ethereum consortium/Stellar fork to Solana due its scalability and low fees. It has been testing a Kin Rewards Engine (KRE) business model that was designed to help ecosystem apps earn a weekly revenue based off metrics such as in app earns, spends and transfers. However, over the past few weeks parts of this vision have failed and the community have been active trying to rebuild. Let’s outline what has happened since the fallout.

Disclaimer: The writer of this post has attempted to build an app to be a part of the KIN ecosystem earning KRE income. It just missed out & has since pivoted business model. Welcome to the Startup Grind.

Pet Legends

So What Happened to the Kin Foundation?

At the heart of it, there was 70% of $KIN token supply controlled by very few actors, hence making governance less than ideal. There were disagreements between the two entities over inflation, sustainability of the foundation, the calling in of loans, and who should be on the board. Code Wallet announced they have forked $KIN token and airdropped $BITS to most $KIN holders. Therefore the Kin Foundation decided to stop operating with many people being let go.

So what are the learnings from all of this? Do not trust centralised intermediaries where toxic leadership by a small few can undermine the values of whole communities. Web3 projects need to align to a different value set, as highlighted by Anatoly in this post, “The Values That Got Us Here“. This post was more talking about the year of 2022 and the FTX drama but is completely relevant to the recent developments at Kin.

“Web3 is the promise of an internet where users are in control, true owners of the platforms and services they use… Decentralization is the heart of web3 — and to truly embrace web3’s promise, it needs to be the uncompromising core of everything a project does. Fully open-sourced code. All activity on-chain. Self-custody. Community-owned… Trustless and permissionless systems that are specifically designed to prevent fraud and counterparty risk and ensure the highest levels of transparency and accountability for all parties involved… Virtually none of the players that melted down in 2022 valued those principles. The ecosystems that do are still alive and building a better future for us all.”

The Values That Got Us Here

What does Moving Forward Look Like?

With the Kin Foundation effectively ceasing operations and Ted Livingston (original founder) taking over again, he has posted his thoughts on what “Moving Forward” would look like. The BITS fork has been abandoned with the team moving forward with $KIN. In summary:

  1. We Need to Acknowledge That the KRE Has Been Paused, and Will Remain So For Now
  2. We Should Decentralize the KRE by Launching Many Different Smart Contract Experiments
  3. Transfers Out of the Kin Reserves Should Be Approved by Kin Holder Votes

With Ted Livingston’s posts, the community has put forth several proposals with the two prominent ones being X and Y.

Proposal 1 – Move to an Investment DAO and a new SPL Token

Proposal 2 – Build a Decentralised KIN Protocol and Potential DAO Keeping the $KIN Token

Read the official proposal here: Introducing the Kin Protocol: A New Era for Decentralized Governance of Kin

Enter Kin Protocol

The Kin Protocol is not the panacea to all kin’s problems, but it is a step in the right direction towards decentralized governance. By utilizing skin-in-the-game and stake-weighted voting, it empowers the Kin community to make decisions that will shape the future of in-app digital economies. The protocol also creates incentives for participation by offering staking rewards from the Kin reserves, motivating users to vote on proposals and engage in the governance process. Likewise it also has disincentives as those who vote on malicious or destructive proposals that are executed will see their voting amount of Kin burned as a consequence. To get an idea of what a system like this could look like take a look at AAVE Safety Module

Staking

The staking will play a crucial role in bringing a decentralized model to reality. Initially, it will function as a stake-weighted voting system, allowing token holders to cast their votes based on the amount of Kin they hold. However, the staking module will soon evolve to incorporate governance, staking incentives, a slashing system, and a burn mechanism. These components will empower participants in the process by allowing them to make decisions such as what percentage of the stake can be forfeited, and how the burning mechanism and slashing will work. The staking module will be a key component in ensuring the decentralization and fairness of the Kin ecosystem, allowing the community to govern and make decisions that drive the future growth of the project.

Voting

Voting is an essential component of the proposed decentralized governance system using smart contracts. The system intends to time lock a portion of the tokens staked for a vote to ensure that they cannot be used for another vote until the time lock period has expired. This mechanism ensures that the voting process is fair and transparent and prevents vote manipulation or double voting. This time-lock feature would help to maintain the integrity of the voting process, allowing all participants to have a say in the decision-making process. It also helps control for whales repeatedly exerting their power over everyone because the tokens will become locked in their vote. With this approach, the Kin community can be confident that their voices are being heard and their decisions are being implemented in a democratic and effective manner.

Slashing

The slashing mechanism is a key component of the proposed staking and governance system. The way this typically works in decentralized finance (DeFi) protocols is that it is used to cover a shortfall event regarding liquidity causing a deficit. This could work the same way but pertaining to the Kin reserves. If a user is staking, then whatever they have staked could be subject to losing a percentage in a shortfall event. The governance process becomes responsible for maintaining solvency. How to solve the problem of the method to determining these events is not one I think is prudent to solve immediately, but I imagine it could a novel oracle design that could align incentives in a way that achieves the desired result. For a similar concept check out Chainlink Proof of Reserves

Burning

The burning is the process by which a part of the staked tokens are destroyed and removed from circulation based on whether they voted for the destructive consequence. The aim of the burning is to discourage and penalize harmful actions by any participant in the system. By taking away a part or all of their voting stake, it serves as a punishment for negative behavior and helps maintain the stability of the overall system. Stakers could assign any amount up to the total amount they have staked, minus whatever is currently frozen in the voting process. This ensures that everyone plays by the rules and acts in the best interest of the community as a whole. The conditions for burning, as well as the extent to which tokens will burn, will be a community led decision through the governance process. Similar to the slashing, this could use an oracle system to determine success metrics or it could be a role delegation to certain community members via the vote as trusted arbiters of success criteria.

Governance process

Additionally, the process for submitting and evaluating proposals for the Kin ecosystem is crucial for ensuring the long-term success and decentralization of the platform. Having a structured and transparent proposal process helps to ensure that the community is able to make informed decisions and hear all voices. By having clear steps and a defined process, we can cut the potential for bias, manipulation, and prevent any one individual or group from having too much control over the direction of the project. This not only protects the integrity of the Kin ecosystem, but also builds trust and confidence in the platform among its users and stakeholders. In short, a well-defined proposal process is essential for the continued growth and decentralization of Kin.

Read the official proposal here: Introducing the Kin Protocol: A New Era for Decentralized Governance of Kin

This Experiment is What Decentralisation is All About

What has happened at KIN is similar to what has happened in the past. This is all an experiment of Web3 projects finding product/market fit and sustainable business models. Read a similar story of how the OpenBook DEX was born out of Serum’s ashes.

One of the cool things to come out of this whole FTX drama is seeing the Solana community come together and fork the Serum repo to build their own DEX. No longer is the smart contract running one of the big DEX’s potentially compromised (as Serum was made my FTX team) it is now community led with a multi-sig wallet with a variety of Solana Defi Projects holding the keys. Ultimately, this means a stronger, more resilient and decentralised Solana Defi ecosystem. To rebuild will be tough and will take time to grow trust and Defi TVL over coming months & years.

Serum Forked – Replaced by Community-led OpenBook DEX

No doubt there will be more decentralised participants helping push the KIN Project forward and will endeavour to list their proposals here and keep this post updated.

Will KIN Survive this Bear Market?

Time will tell. All projects need to find P/M Fit before their runway is depleted. Perhaps they should enter the Solana Hackathon Grizzlython that is running now with their own entry.

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Buildooors Fighting the Bear in the Solana Grizzlython

https://solana.blog/buildooors-fighting-the-bear-in-the-solana-grizzlython/

Since the 2nd February 2023 buildooors from around the world have been signing up for the latest Solana Hackathon – the Grizzlython. They have 6 weeks to build their team, product and present a finishing prototype by the 14th March 2023.

Sign-ups have crossed 5000 Buildooors!

Over the past couple of weeks it has been fun to watch on CT the growth of sign-ups to the current Solana Hackathon. Starting at 1000 sign-ups during the kick-off week we have seen it grow quickly to 5000 sign-ups a couple of weeks later.

7 In Real Life IRL Places to Meetup

Locations all around the world have formed up in a decentralised manner to support the Solana Grizzlython!

Singapore > Metacamp

Berlin > Superteam Build Station Berlin

Salt Lake City > MtnDAO Grizzlython Signup

Ho Chi Minh City > Superteam Build Station Vietnam

Bangalore > Superteam Build Station India

Delhi > Superteam Build Station India

Melbourne > Drift & Magic Eden Summer Camp

There are 7 tracks you can Build In

Check out more info at the Official Solana Grizzlython website!

Mobile – Solana Mobile Stack & Saga Phone

DEFI – Move the World from TradFi to an Open Financial System

Payments – Enable Global Payments to Happen on New Rails

Consumer – Apps for the Next Billion Users

Tools & Infrastructure – to Power the Whole Solana Ecosystem

Gaming – Enable Players to Own Their Assets

DAO’s & Network States – Support Internet First Organisations

Have you Signed Up to the Grizzlython? What are you Building?

https://solana.com/grizzlython

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