Dubai: DMCC, the international business district promoting global trade through Dubai, and Bybit, a global crypto exchange, successfully concluded the third edition of their Web3 hackathon, awarding a total of US$140,000 to innovative decentralized projects. The event, hosted at S/O Uptown Dubai, brought together innovators, investors, and industry leaders under the theme 'Shaping the next wave of Web3: driving the future of decentralisation.'
According to Emirates News Agency, this year's hackathon featured two new tracks, DeFAI and DeSci, extending the competition to six focus areas, including DeFi, Web3 Gaming, SocialFi, Infrastructure, and Tokenisation. Ten finalist teams showcased their projects to a panel of industry experts, vying for a share of the prize pool. The winners were Yumi Finance, Glint Analytics, Sorachain AI, Aurayale, and Spout Finance.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, remarked on the event's significance, stating that the hackathon's success underscores Dubai's position as a global hub for next-generation technologies. In just three years, the platform has become a global reference point for Web3 innovation, bringing together builders, investors, and partners worldwide. The introduction of DeFAI and DeSci tracks this year highlights DMCC's commitment to anticipating technological change and maintaining Dubai's leadership in the digital economy.
Helen Liu, Co-CEO of Bybit, emphasized the rapid advancement of the Web3 ecosystem in the UAE, noting the increasing technical depth and global caliber of teams participating in Web3 Unleashed. She highlighted the industry's long-term nature, urging patience from founders and builders amid market fluctuations. Bybit remains dedicated to supporting innovators focusing on real utility and sustainable impact, fostering an environment where world-class talent can thrive in Dubai.
The hackathon was co-organized with partners including DWF Labs, CROSS, Verse8, The Open Platform, Blockchain for Good Alliance (BGA), CV Labs, Hacken, Cointelegraph, and Blockchain Gaming Alliance (BGA). These partners provided mentorship, resources, and exposure to participating teams throughout the competition.
DMCC's Crypto Centre, with over 700 member companies, offers a comprehensive ecosystem for Web3 technology development and associated services. It has become the largest concentration of crypto and Web3 firms in the region. Bybit, headquartered in Dubai, is the world's second-largest crypto exchange by trading volume, serving over 50 million users.