CandleFocus Solana-based answer to Ethena wins ‘Radar’ hackathon
2024-11-12
Author: Content Editor
The Colosseum's Radar hackathon for Solana-based programs received 1,359 project submissions, with Reflect emerging as the grand champion. Reflect is a delta-neutral currency protocol that allows tokens to accrue yield without involving the banking system. It is similar to Ethena, a synthetic dollar protocol. Reflect generates yield through liquid staking tokens and perpetual futures contracts. The project aims to be more decentralized than Ethena, which operates in a more centralized manner. Reflect also plans to integrate with restaking platforms for an insurance fund. The hackathon's organizers noted that DeFi projects dominated the submissions, and they believe some of the startups will be major catalysts in expanding stablecoin and blockchain usage.
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