If You Have Good Decentralized Finance Ideas, This Contest Will Award You $5,000

Not only is the Equilibrium framework holding its Crypto DeFiance conference in Singapore on November 16, but they’ll award $5,000 to any team or individual who can come up with a great idea for a decentralized finance application.

The company will host its first ever DeFi Brainstorm 2019, a competition of DeFi ideas, as part of its conference, but the action begins far before the conference takes place. Equilibrium will accept contest applications from November 1 through November 15. Entrants only need to supply their contact info, a basic writeup of their idea, the current state of the project, and then identify its next major milestone.You can apply and submit your idea here.

A round of community voting with EOSDT — Equilibrium’s USD-pegged stablecoin — will determine who presents their ideas to the panel of judges. This voting opens on the morning of the conference and closes later that afternoon, and participants can vote for one project by sending one EOSDT from one wallet address. The three projects that receive the most EOSDT will get ten minutes to explain their concepts to the jury.

That expert panel will choose one winner by way of its own vote. When that winner demonstrates that his or her project has successfully reached the next milestone, previously defined in their application, they’ll be rewarded with $5,000 of NUT, Equilibrium’s utility token. (If the voting should collect more than $5,000, then the grant is increased accordingly!)

So now’s a great time to be thinking about any gaps in the DeFi market and how they might be filled. This contest simply calls for having a good idea to stand a chance of winning it.

Equilibrium is a framework for DeFi development, and EOSDT is its first product and proof of concept. You can learn more about the project here.