Bear markets are for building Bitcoin (BTC) companies. At least, that’s what the Legends of Lightning, a nine-week contest for competing Bitcoin businesses, would indicate.
The tournament-come-hackathon ran more than 65 events worldwide as 73 projects battled it out to win 3 BTC ($50,000). The competition crowned Bitcoin startups Lightsats and AgriMint as winners of two separate competition tracks, Global Adoption and Building for Africa.
Organized by Bitcoin startup Bolt Fun, the competition brought together 260 makers (builders, developers, startuppers and hackers) worldwide. Speaking to Cointelegraph via Google Meet, Johns Beharry, co-founder of Bolt Fun and founder and CEO of Peak Shift, explained that the hackathon is the largest yet in the Bitcoin economy: “There is nothing remotely close to this,” he said.
The idea behind the competition was to “Onboard new makers into the ecosystem, innovate on bitcoin and lightning, and help new or existing projects incubate their ideas and turn dreams into a reality.”
In addition, the competition showcases the Bitcoin development space as an arena for developing, tinkering and experimenting in ways that would wow Web3 builders. Edward Pratt, cofounder of Bolt Fun and a Senior Product Designer highlighted that team at Bolt Fun are laser-eye focused on pushing Bitcoin adoption through building companies and expanding the Bitcoin community into other domains:
“The essence of it is that other developer ecosystems are massive. We want to do our part to push bitcoin to compete for mindshare and attention on the application layer.”
As shown in the graph below, Bitcoin has fewer developers than Ethereum and Polkadot. While Bitcoin is by far the largest and most recognized cryptocurrency, data would suggest that Bitcoin is not the space that developers and builders flock to.
Pratt and Beharry conclude that Web3 ecosystems such as Ethereum (ETH), Solana (SOL), Polkadot, and Cosmos are drawing interest and talent away from the Bitcoin-building space, despite the fact that Bitcoin offers the only decentralized infrastructure worth building on. The Legends of Lightning competition is an attempt to remedy the situation and highlight the wealth and depth of opportunities to build on Bitcoin.
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