## Introduction
Bybit and DMCC recently conferred $140,000 upon the champions of the Web3 Unleashed Hackathon, a prestigious event recognizing top-tier projects in the blockchain space. Let’s delve into the details of the competition and the impact it has on fostering innovation in Dubai’s Web3 ecosystem.
### Bybit and DMCC Collaborate for Web3 Unleashed Hackathon
Bybit, one of the world’s leading cryptocurrency exchanges, and the Dubai Multi Commodities Centre (DMCC) teamed up for the third edition of the Web3 Unleashed Hackathon. This event, held in Dubai, saw 90 global teams competing fiercely for recognition and rewards.
### Shaping the Future of Decentralization
Under the overarching theme “Shaping the next wave of Web3: driving the future of decentralization,” developers, entrepreneurs, and investors congregated at S/O Uptown Dubai to showcase their innovative prowess. With various tracks spanning DeFi, Web3 Gaming, and more, the hackathon aimed to push the boundaries of what’s possible in the realm of decentralization.
### Winners of the Hackathon
Following rigorous evaluation based on criteria such as creativity, technical execution, and practicality, standout projects like Yumi Finance and Glint Analytics emerged victorious. The winning teams showcased exemplary skills in shaping the future landscape of Web3.
## The Impact on Dubai’s Web3 Ecosystem
The success of the Web3 Unleashed series not only highlights the technical depth of participants but also cements Dubai’s status as a burgeoning hub for blockchain innovation. As the ecosystem evolves, initiatives like this hackathon play a pivotal role in propelling Dubai to the forefront of the digital economy.
### DMCC’s Vision for Innovation
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasized the importance of staying ahead of technological change through initiatives like Web3 Unleashed. These efforts contribute to defining the future of decentralized innovation, ensuring Dubai remains a frontrunner in fostering technological advancements.
### Bybit’s Commitment to Sustainable Impact
Bybit’s Co-CEO, Helen Liu, stressed the importance of patience and long-term focus in the blockchain industry. By supporting projects with substantial utility and sustainable impact, Bybit remains dedicated to nurturing a conducive environment in Dubai for global talents to thrive.
## Conclusion
The collaboration between Bybit and DMCC in hosting the Web3 Unleashed Hackathon not only celebrates innovation but also underscores the significant strides Dubai has made in establishing itself as a leading player in the Web3 space. As the blockchain landscape continues to evolve, such events will be instrumental in shaping the future of decentralized technologies.