EVMOS StayKing House, a decentralized finance protocol developed by engineers from Sooho.io, the South Korea-based DeFi infrastructure service provider, won the Grand Champion award of $80,000 worth of USDC and EVMOS at Evmos’ inaugural Momentum Hackathon.
Funded by Web3Scholarships, the Evmos Momentum Hackathon was held over seven weeks from July until September 2022, according to a statement.
Up against 172 other teams, the EVMOS StayKing House protocol was deemed the strongest out of all competing Ethereum-based applications to resolve pain points within the Evmos ecosystem with potential to scale.
Evmos is the first EVM-compatible blockchain within the Cosmos Ecosystem. It plays a critical role in enabling interoperability and communication between Ethereum based applications and Cosmos Ecosystem chains.
Building on Evmos allows immediate access to large audiences in multiple chains, low transaction fees, fast transaction speeds, and security provided by proof of stake consensus.
EVMOS Stayking house is the first leveraged DeFi service that utilizes OSMO, ATOM, USDC, and EVMOS to maximize the profit on COSMOS Hub.
This protocol allows stakers to maximize their yields and lenders to earn stable profit by lending their assets to stakers using leverage, creating better and wider profit for all participants.
The main functions of the protocol are leveraged staking and lending, working to generate relatively stable and low-risk profits for lenders.
A third multichain staking function (coming soon), will support cross-chain functionality for multichain asset inflow into StayKing, further increasing user profits.
“Our approach to the hackathon and EVMOS StayKing House, was to realize how services could create potential inflow of users and multichain assets leveraging high EVMOS staking APY,” said Jeongjoo Lee, the team’s tech lead.
“Pooling our working knowledge and understanding of key infrastructures and components of EVMOS chain, we were able to successfully hypothesize and test a way for the ecosystem to expand and create opportunities for other protocols to enter,
“Above all, we’re proud to have introduced the first leveraged staking service on the EVMOS chain,” he added.
Evmos is the one of the first Ethereum Virtual Machine-based blockchains in the Cosmos ecosystem and enables developers to launch apps that run smart contracts across any number of EVM and Cosmos-based blockchains.
It makes that process as simple and seamless as possible by allowing developers to continue creating apps in Solidity and Vyper like they’re accustomed to in the Ethereum ecosystem.
Evmos opens a new frontier for blockchain applications, expanding the functionality of the EVM by enabling cross-chain applications that tap the liquidity and user bases of multiple blockchain ecosystems to provide more unified experiences.
Founded in 2018, Sooho.io is a leading DeFi infrastructure service provider trusted by Fortune 500s including Samsung SDS, LG CNS, and more.
Headquartered in South Korea, the company aims to become the SWIFT for Web3.0 and connect the Korean DeFi ecosystem with the rest of the world. The company specializes in developing DeFi products and smart contract auditing, offering one-stop customizable solutions to financial institutions.
The company is backed by prominent investors including Consensys and WeMade Tree.
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