Binance’s blockchain hackathon, which was held in Singapore, ended successfully on May 30. The event was sponsored by Binance Smart Chain and Konomi Network and co-organized by BSC and DoraHacks. The first place was awarded to XCarnival, an assets aggregator, which received the majority of the votes.
The hackathon brought together projects and blockchain enthusiasts in the decentralized finance space, which featured an initial prize pool of $1 million. It featured various projects from BSC, Ethereum, Heco, Filecoin, Polkadot and Dora Factory.
The project has been strategic when it comes to its approach and introduced a product that could make synthetic markets easier to access for the masses.
“We are aiming at synthesizing real-world derivatives or those that don’t even exist in the current financial markets, hence we provide more liquidity to the space by lowering the barrier of entry for the masses.”
– Leon Liu, the founder of XCarnival
XCarnival focuses on nonfungible tokens and assets that have low liquidity, with the idea that valuable assets should be able to unlock liquidity.
It believes that the key is to bring the assets to a new user base that might be unaware of the synthetic assets’ existence.
Liu presented four different offerings at the platform during the hackathon, as introduced below.
XBroker is an initial limited-time auction clearing mechanism. To date, the project has presented the pledge model, which was created for assets that suffer from extremely low liquidity. This is currently the issue that NFTs suffer from the most.
XArena is XCarnival’s primary function. It offers a number of changeable and customizable parameter templates with a modular architecture that integrates ideas into a synthetic contract and coin, which could be considered as a game. This product offers standardized components to numerous synthetic games, where users can design their own games and have XCarnival’s users access them.
Whenever users mint the coins of the games or trade them, they generate profits. As such, the more transactions there are, the more successful the game is. The rewards are then distributed to the team members automatically, and the inventors receive their share of the rewards as well.
In essence, XArena offers a wide range of different templates that would allow users to create and publish synthetic products quickly and cheaply, and allow others to join them and participate. Think of what YouTube did for the masses in making the video broadcasting space accessible and easy to use. It made filming and broadcasting cheap, simple and available for creative individuals who lacked the knowledge, equipment or connections to make it in the established filming industry. That is what XArena can do for financial projects. As of now, it is extremely difficult to build a threshold, but if the process of creating these products can be simplified, this sector may gain explosive popularity in a similar way.
Best of all, this is not the same scenario as apps such as Synthetics and Mirror — XArena is something completely new and better, which is why the product brought such popularity and votes to XCarnival.
Megabox allows users to liquidate long-tail assets that suffer from limited liquidity, which mostly concerns liquidity providers and altcoins. Basically, it acts as a better place for borrowing money.