Hxro is pleased to announce that core contributors to the ecosystem have come together to offer a 50,000 HXRO reward to one team participating in the Solana Summer Camp Hackathon, an online, global event with up to $5 million in prizes and seed funding running from July 11 – August 16. The aforementioned reward will be given to a team that is building either to Hxro\’s Dexterity or Parimutuel Protocol.
Hxro is a decentralized derivatives primitive for risk-based applications built on the Solana blockchain. Through a series of native protocols, Hxro provides the framework and infrastructure for a robust, fully-functional decentralized exchange for derivatives contracts (futures and options) and parimutuel contracts.
Hxro derivatives are facilitated through two of the network\’s native protocols – Dexterity and Spandex.
Dexterity is an open source collection of smart contracts that provides the base exchange and clearing framework for trading any instrument with a defined payoff function; this is the part of the network that handles the accounting, exchange and settlement function. To learn more about Dexterity, read the whitepaper here.
Spandex is Hxro’s customized derivatives risk engine. It is the first on-chain, real-time complex risk engine to use a portfolio risk-based approach to managing user margin, risk, and liquidations.
Hxro’s Parimutuel Protocol organizes a market in a way that requires no order book or intermediary. The market is pool-based and peer-to-peer. Parimutuels allow users to take a position on the price of liquid crypto pairs going up or down in a given time horizon (1m, 5m, 15m, 1h, 1d).
The 50,000 HXRO reward will be paid out to the winning team in esHXRO or, ““escrowed” HXRO.
Escrowed HXRO (or “esHXRO”) is the mechanism by which HXRO rewards are paid to network participants. esHXRO is a claiming token that is backed 1:1 by standard HXRO. esHXRO is not transferable and cannot be traded.
esHXRO can be used in the following ways:
esHXRO can be staked and locked to the network in the same way standard HXRO can be staked. It will receive the same stakeweight/governance weight and multiplier benefits for the duration of locking, the same as HXRO.
esHXRO can be claimed for HXRO. esHXRO will unlock and automatically convert to HXRO 1/365 per day once it is committed to the claiming contract. It is important to note again that esHXRO is not transferable. Received rewards will be frozen in the associated SPL wallet for any purpose other than staking it to the Hxro Network or claiming it for HXRO.
- All submissions must be made via the official Solana Summer hackathon – click here to register.
- Builders must be writing to either Hxro’s Dexterity protocol OR its Parimutuel protocol to be eligible for the contest.
- All submissions must be demo’d alongside other Solana Hackathon participants at the Chicago location\’s demo day on August 11 (can be remote or onsite)
To connect with other Hxro contributors, join the Discord.