The annual ETHDenver event was held online this year due to COVID-19.
The new projects presented focused on NFT and DeFi.
Gas cost saving solutions are growing in popularity
Non-fungible tokens have gained momentum in recent months. Lots of new projects were showcased during the Denver Ethereum Hackathon last week .
This year’s EthDenver event took place from February 5 to 12, however due to the COVID-19 pandemic it was held online. This year, non-fungible tokens ( NFTs ) were all the rage and data provider DeFiPrime took a look at what has caught the eye.
The hackathon brings the Ethereum community together and allows developers to present new projects, some of which end up integrating into the Financial Peak ecosystem .
NFTs have an impact
In essence, non-fungible jtokens are digital goods that are uniquely distinguished, meaning that no two are the same. They are usually issued under the Ethereum ERC-721 standard which creates a verifiable digital scarcity. An NFT equivalent to a virtual piece of land was recently sold for a record $ 1.5 million.
Masterfile is a new platform that links digital rights management to an NFT, thus protecting it against copyright infringement. Its MFT token is focused on digital rights management (DRM), and the team hopes to enable permission-based NFT experiences.
Another interesting platform is the NFTea Room, which is a DAO for determining prices and precise information for NFTs. There are currently several different marketplaces, such as OpenSea and Rarible, but no platform offers accurate price information.
A platform called HEATDEX aims to track the “hype” and social sentiment of popular NFTs. Crypto artists can then use it to assess what’s hot and what’s not in the digital art world.
Numerous prizes were also awarded to the winners of a number of bonuses and bug contests held during the week.
DeFi and savings in gas costs
In addition to the large presence of the NFT, there have been a number of projects and proposals oriented towards DeFi ( decentralized finance ).
Sublimate.Finance is a system that allows users to accept ongoing financial support from anyone, paid automatically over time in ERC-20 tokens per block. FreeFund is a similar project that provides a decentralized funding platform that accepts crypto to launch projects.
A project called Gasless Wallet allows users to pay transaction fees in any ERC-20 token, which means they don’t have to buy ETH to interact with smart contracts. The “Gasless Chain Agnostic Minter” also improves the NFT coin minting process by providing gas-free transaction and cross-chain compatibility.
A protocol called Verager was introduced, allowing traders to use leverage without having to worry about liquidation. Another, called JamBot, works as a collective intelligence platform for teaching DeFi.
It is likely that many of these projects and proposals will disappear into the digital dust, but one or two could become staple in the ever-changing cryptocurrency and DeFi landscape.