Tezos-Focused DeFi Accelerator Program Launches in Singapore
The DeFi Catalyst Accelerator (DCA), a six-week program aimed at supporting startups building on Etherlink and Tezos, has just launched in Singapore.
600 words, 3 minute read
This week marks the beginning of an exciting journey as the DeFi Catalyst Accelerator (DCA) kicks off in Singapore. This six-week-long accelerator program brings together six teams of early-stage innovators to build the next generation of DeFi applications on the Tezos ecosystem.
Over the next month and a half, participants will receive resources, mentorship, and the chance to receive funding of up to $200k to develop their ideas on Tezos and Etherlink, an EVM-compatible L2 rollup being built on Tezos.
Meet the DeFi innovators #
Here are the teams that make up this year’s DCA:
Plenty will be the first lending and borrowing platform on Etherlink. The vision expands beyond the initial launch; the Plenty Labs team aims to transform Plenty into the first lending and borrowing aggregator for the entire EVM landscape.
Hanji is an on-chain spot exchange built with Solidity that offers lower gas costs than alternatives like AMMs (automated market makers). During DCA, they plan to implement an LP token with a market-making strategy, embedded wallets featuring one-click trades, and credit accounts for margin trading.
SaveX is a non-custodial neobank and payment service tailored for remittances and e-commerce. It provides users with local on-ramps in emerging markets, ensuring high transaction success rates, favorable exchange rates, and low costs. An integrated wallet facilitates frictionless one-step checkout via stablecoin rails, making it an attractive alternative to traditional methods like SWIFT.
Hashleap is a payment and financial management platform catering to Web3 businesses, freelancers, and contractors. Its objective is to streamline cryptocurrency payments management by offering users a suite of on-chain and off-chain tools and seamless integrations with complementary products. Hashleap’s mission is to simplify payment flows, facilitating efficient tracking, receipt, and reconciliation of token transactions.
Rivo offers a self-custodial AA wallet and one-click yields on multiple blockchains, leveraging innovative blockchain technologies like ZAPs and account abstraction. Its users get a familiar Web2-like investing experience while simplifying the entire DeFi investment cycle.
StableTech is a Tezos consortium with expertise in building core elements of the DeFi toolkit, including asset-backed stablecoins (StableTez), decentralized exchanges (TEZEX), and decentralized lending (TezFin).
Together with Etherlink, these projects aim to revolutionize the DeFi landscape, benefiting the broader DeFi community by bringing distinctive expertise and solutions.
What’s in store for the participating teams? #
By providing comprehensive support and fostering industry connections, DCA empowers each project to:
Develop a functional product: Participants receive the resources and guidance to transform their ideas into functional DeFi products. With an MVP (minimal viable product), they have a version for users to test, provide feedback, and present to potential investors.
Make industry connections: Through mentorship and networking opportunities, participants will build valuable industry connections, paving the way for possible partnerships, collaborations, and investment opportunities.
Position themselves for success: Armed with innovative solutions and industry connections, participants will be well-positioned to succeed in the fast-paced and dynamic DeFi ecosystem, driving growth and innovation in the industry.
Introducing DeFi on Etherlink #
Etherlink offers multiple benefits for DeFi projects. Powered by Tezos Smart Rollup technology, it delivers lightning-fast transactions, robust censorship resistance, and low fees while being EVM-compatible and benefitting from a host of existing Ethereum-based tools.
The upcoming introduction of a decentralized sequencer contributes to security and decentralization, complemented by built-in MEV protection to safeguard users against potential exploitation. These qualities contribute to a fairer, more secure, and dependable platform for DeFi builders and users.
For more updates, follow Etherlink on Twitter and Medium channel, and join the Etherlink Discord server.
DCA is just beginning to unfold. Stay tuned!