Pi Network has launched its first global hackathon, inviting developers worldwide to build innovative applications around Pi Coin. The event, which kicked off on August 21st, aims to explore the potential of the token for real-world solutions in areas like payments, identity, and community platforms. The response has been positive, with a 2.8% surge in Pi Coin price, bringing its market cap up to $2.88 billion as reported by CoinMarketCap. While the coin’s price has seen fluctuations, it remains down more than 9% over the past week and 24% in the last month.
The hackathon offers a total prize pool of 160,000 Pi tokens to incentivize developers. The winning team will take home $75,000, with second place receiving $45,000, and third place earning $15,000. Five honorable mentions will also receive $5,000 each.
Over 2,100 developers have registered for the hackathon from more than 100 countries. The event is open until October 15th, with all project submissions requiring a demo video showcasing the app’s functionality and Pi Coin integration. Teams can submit up to two applications per team, and members are required to complete KYC for eligibility.
The hackathon follows Pi Network’s commitment to fostering developer innovation for real-world utility of Pi Coin. Teams will be given feedback through a midpoint check-in on September 19th.