Solana Foundation Empowers Developers with Colosseum-Managed Hackathons and Accelerator Program
Summary:
The Solana Foundation is intensifying its bid to draw in developers and startups by assigning the management of hackathons and an accelerator program to the online platform, Colosseum. The organization will fast-track accepted projects into the Solana ecosystem, supported by a $250,000 pre-seed investment from Colosseum. The initiative comes amid the Solana Foundation's drive to make its tech stack more developer-friendly, highlighted by increased documentation and developer tooling. The platform's hackathons have attracted over 60,000 participants, leading to the launch of 4,000 products and raising over $600 million in venture funding since 2020.
The Solana Foundation is intensifying its efforts to draw developers and startups to its platform by assigning the responsibility of hackathons and an accelerator arrangement to an online platform, Colosseum. This organization will hold two or three internet-based hackathons yearly for the Solana Foundation together with the Colosseum Accelerator, a scheme whereby winners of the hackathons are expedited entry into the Solana ecosystem. Those projects that make it into the accelerator course will also gain a pre-seed quarter of a million dollar investment from Colosseum. A co-founder of Colosseum, Matty Taylor, having led the Solana Foundation's hackathons as its former head of growth, mentioned to Cointelegraph that the ecosystem has seen noteworthy progress in rendering its technology pile more convivial to developers since Solana's establishment.
Teams engaged in the accelerator scheme will also receive continuous developer backing and take advantage of mentorship, learning content and an established customer fraternity in the Solana ecosystem. The Colosseum accelerator journey concludes with a demo day on which founders will advance a pitch to venture funds for more investment and backing.
According to Taylor, the non-dilutive prize pool of Colosseum will be roughly six hundred thousand dollars for hackathon victors. Furthermore, successful founding squads from the hackathon, accepted into the accelerator scheme, gain an added quarter of a million dollar seed investment.
The hackathons of Solana have pulled in more than 60,000 contenders to the eight campaigns that have been run since 2020. Hackathons participants have reportedly introduced 4,000 products and generated over $600 million in venture capital.
The Solana ecosystem estimates that it has managed to keep between 2,500 to 3,000 monthly developers during 2023. Ethereum’s total monthly active developer count was projected to be 5,769 on Oct. 1, 2023, according to data from Electric Capital.
Taylor clarified that the quotas indicated by the foundation are open-source developers traced on GitHub, representing a minor fraction of all developers in the ecosystem. He stated, "The majority of developers building on Solana are closed source, like all the devs at Phantom, which is a closed source product."
Taylor also said that the main objective of Colosseum is to augment the quantity of developers and technical creators who can fashion products functioning on blockchain technology.
The Solana Foundation made a recent note of the fact that its developer retention was on a rising trend toward the end of 2023, an uptick that happened along with an activity surge on Solana’s network, and a sizeable increase in the value of Solana’s native (SOL) token in parallel with Bitcoin (BTC).
Published At
1/29/2024 10:37:44 AM
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