Avalanche Asia Hackathon announces all it’s quadratic funding pools of up to $600,000 from matching funds by AVATAR and Avalaunch to support builders
Avalanche Hackathon @ Asia officially went live on February 1. Jointly initiated by Avalanche Asia Star Fund (AVATAR) and Dorahacks, the event offers a $5 million+ investment prize pool and welcomes participation from builders across the globe. The hackathon is primarily sponsored by ecosystem funds of Avalanche including Blizzard Fund, AVATAR and Avalaunch along with more than 20 other prominent players in the space. Designed to invest in and grow innovative and impactful projects together, this is a valuable opportunity for all projects wanting to build on Avalanche to secure a strong network of resources to bring them to the next level.
This hackathon will also feature quadratic funding pools that are worth up to $600,000 together to allow the global community to decide who gets funded through quadratic voting. This provides an opportunity for the community to participate meaningfully in this hackathon by voting for projects they think will bring the most impact to the overall ecosystem with their own tokens.
A $200,000 XAVA pool and a $400,000 AVAX pool will be available for submitted projects to register for and get the community to vote for them so they can be in the running to win a bigger portion of the matching fund. Avalaunch’s involvement in the quadratic funding and as a sponsor in this hackathon will also allow the projects to get early exposure with their community which will be valuable should they decide to do an IDO on the platform in the near future.
Quadratic voting is a voting scheme for organizational governance and democratic distribution, widely used in the crypto space. As it becomes increasingly expensive the more votes cast per individual for a particular project, it helps to ensure fairness and wider distribution. This is important as the quadratic pools reward more funds to projects getting more number of votes despite the value behind the votes vs projects getting fewer votes but with high value behind them. Find out how this works in more detail below:
How to vote, and how will the prizes be distributed: https://hackerlink.io/blog/guides/voting-guide-avalanche-hackathon-asia/
Stay tuned for upcoming demo days that will be announced where projects will showcase their solutions to both investors and the wider community. Some of the projects might even announce or give out some rewards to the community to appreciate their early support and votes!