Polkadot’s North American hackathon was won by a decentralized application (dApp) dubbed “XCM DOT Autostake,” developed by a team called Entity 54.
Polkadot is a protocol that connects numerous, incompatible blockchains (“parachains”) and allows them to exchange money and data. The Polkadot network’s token is DOT.
According to the project introduction, the cross-chain DOT staking dApp promises to simplify the DOT staking procedure by directing users through a compressed interface to stake DOT from parachains to Polkadot’s decentralized finance (DeFi) hub Acala.
Staking is a technique in which investors lock up crypto assets for a certain amount of time in order to maintain the blockchain’s functioning and collect bounties from it.
Entity 54 claims that its approach eliminates the need for users to manually manage their DOT assets across various parachains when staking.
Polkadot also announced 18 other winners from the hackathon’s 1,137 participants.
Polkadot is hosting hackathons in various places around the world in order to recruit more developers. Polkadot had the second largest development community behind Ethereum in 2021.