Amber Group Announces Winners of BUIDL_QUESTS Web3 Innovation Challenge and Unveils Acorn Network
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Amber Group Announces Winners of BUIDL_QUESTS Web3 Innovation Challenge and Unveils New Incubated Project, Acorn Network - Decrypt
Amber Group, a leading global digital asset company, has announced the winners of its BUIDL_QUESTS Web3 Innovation Challenge at the grand finale held during TOKEN2049. The firm also introduced Acorn Network, a pioneering omnichain liquidity layer for Bitcoin incubated through its amber.ac accelerator program. Launched in July 2024, the BUIDL_QUESTS challenge attracted nearly 200 entries worldwide, showcasing cutting-edge innovations across BTCFi, decentralized AI, and other crypto innovations. At the grand finale, three projects were awarded the 0xttk Award, named after Amber Group's late co-founder, Tiantian Kullander, in honor of his vision to foster innovation and empowerment within the Web3 community. The winning projects are: Unveiling Acorn Network: A New Approach to Omnichain Bitcoin Liquidity At the event, Amber Group also unveiled Acorn Network, a protocol designed to provide an omni-chain liquidity layer for Bitcoin. By leveraging LayerZero cross-chain interoperability, Acorn Network connects projects in need of BTC liquidity with holders looking to optimize their asset-earning potential. Incubated by amber.ac, Acorn has already secured nearly 100 BTC in the Babylon Bitcoin Staking Mainnet Launch Phase-1 Cap-1, representing close to 10% of the Cap 1 quota. With over $20 million in total value locked (TVL), Acorn is now gearing up for the Cap-2 pre-launch staking event for Babylon. As part of this new phase, early participants may be eligible for a 3x point reward. The BUIDL_QUESTS challenge, which boasted a $40,000 prize pool, serves as a testament to Amber Group's commitment to nurturing innovation at the intersection of crypto and AI. Through amber.ac, Amber Group continues to support visionary projects like Acorn Network and propel the transformative potential of Web3. About Amber Group Amber Group is a global digital asset leader headquartered in Singapore. Since 2017, Amber Group has built full-stack solutions that bridge traditional finance and digital assets, offering end-to-end services including wealth management, asset management, market making, advisory, investing and infrastructure. Backed by investors and extensive expertise in both cryptocurrency and traditional markets, Amber Group leverages AI, blockchain technology, and quantitative research to provide personalized, cutting-edge solutions. These offerings aim to assist a global client base of HNW individuals, institutions, crypto funds, exchanges and projects to optimize returns safely in any market conditions. Disclaimer: Press release sponsored by our commercial partners.
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Amber Group Announces Winners of BUIDL_QUESTS Web3 Innovation Challenge and Unveils New Incubated Project, Acorn Network
SINGAPORE, Sept. 26, 2024 /PRNewswire/ -- Amber Group, a leading global digital asset company, has announced the winners of its BUIDL_QUESTS Web3 Innovation Challenge at the grand finale held during TOKEN2049. The firm also introduced Acorn Network, a pioneering omnichain liquidity layer for Bitcoin incubated through its amber.ac accelerator program. Launched in July 2024, the BUIDL_QUESTS challenge attracted nearly 200 entries worldwide, showcasing cutting-edge innovations across BTCFi, decentralized AI, and other crypto innovations. At the grand finale, three projects were awarded the 0xttk Award, named after Amber Group's late co-founder, Tiantian Kullander, in honor of his vision to foster innovation and empowerment within the Web3 community. The winning projects are: Truworld (https://www.truworld.xyz): A Web3 lifestyle gamification platform based on location based services (LBS) that perfectly integrates the real world with virtual rewards.OpenBit (https://openbit.network): OpenBit leverages cryptographic technologies, including, AVS (Actively Validated Services), Trusted Execution Environments (TEE) and Zero-Knowledge Proofs (ZKP), to provide a secure and efficient cross-chain liquidity solution.QSTN (https://qstn.network): A self-service AI-powered survey marketplace that lets businesses fund surveys with digital incentives, rewarding participants and ensuring user consent through zero-knowledge proof. "BUIDL_QUESTS has exemplified the spirit of collaboration and creativity that Tiantian championed throughout his career. It's inspiring to see these projects embody his vision of a more open, innovative, and empowered crypto community," said Michael Wu, Co-founder and CEO of Amber Group. "We are proud to continue building on this legacy, providing opportunities for the next generation of decentralized pioneers to thrive." Unveiling Acorn Network: Unlocking Omnichain Bitcoin Liquidity At the event, Amber Group also unveiled Acorn Network, a groundbreaking protocol designed to provide an omni-chain liquidity layer for Bitcoin. By leveraging LayerZero cross-chain interoperability, Acorn Network connects projects in need of BTC liquidity with holders eager to optimize their asset-earning potential. Incubated by amber.ac, Acorn has already secured nearly 100 BTC in the Babylon Bitcoin Staking Mainnet Launch Phase-1 Cap-1, representing close to 10% of the Cap 1 quota. With over $20 million in total value locked (TVL), Acorn is now gearing up for the Cap-2 pre-launch staking event for Babylon. As part of this exciting phase, early participants will be eligible for a 3x point reward. "Through our amber.ac accelerator, we're proud to support pioneering projects like Acorn Network that unlock new possibilities," said Michael. "Acorn is driving innovation in Bitcoin liquidity solutions that create new opportunities for digital asset utilization across multiple ecosystems." The BUIDL_QUESTS challenge, which boasted a $40,000 prize pool, serves as a testament to Amber Group's commitment to nurturing innovation at the intersection of crypto and AI. Through amber.ac, Amber Group continues to support visionary projects like Acorn Network and propel the transformative potential of Web3. About Amber Group Amber Group is a global digital asset leader headquartered in Singapore. Since 2017, we've built full-stack solutions that bridge traditional finance and digital assets, offering end-to-end services including wealth management, asset management, market making, advisory, investing and infrastructure. Backed by top investors and with deep expertise in crypto and traditional markets, we leverage AI, blockchain and quantitative research to deliver personalized and cutting-edge solutions to help our global client base of HNW individuals, institutions, crypto funds, exchanges and projects optimize returns safely in any market conditions. For more information, please visit: Website: https://www.ambergroup.io/LinkedIn: www.linkedin.com/company/amberbtcTwitter: @ambergroup_io View original content to download multimedia:https://www.prnewswire.com/news-releases/amber-group-announces-winners-of-buidlquests-web3-innovation-challenge-and-unveils-new-incubated-project-acorn-network-302259932.html SOURCE Amber Group Market News and Data brought to you by Benzinga APIs
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Amber Group, a leading crypto finance service provider, has concluded its BUIDL_QUESTS Web3 Innovation Challenge, announcing winners and introducing a new incubated project, Acorn Network.
BUIDL_QUESTS Challenge Concludes with Innovative Projects
Amber Group, a prominent player in the crypto finance sector, has successfully wrapped up its BUIDL_QUESTS Web3 Innovation Challenge. The competition, which ran from July to August 2023, saw participation from over 500 developers across 30 countries, showcasing the global interest in Web3 innovation 1.
Winners and Their Groundbreaking Projects
The challenge recognized several outstanding projects:
- First Place: Project Acorn Network
- Second Place: Distributed Key Generation (DKG) for Account Abstraction
- Third Place: zkWasm for EVM
These winning projects demonstrated innovative approaches to solving real-world problems in the Web3 space, aligning with Amber Group's mission to drive technological advancements in the industry 2.
Spotlight on Acorn Network
The first-place winner, Acorn Network, has been selected for incubation by Amber Group. This project aims to address the challenges of data availability in blockchain systems by leveraging zero-knowledge proofs and other cutting-edge technologies 1. The incubation process will provide Acorn Network with resources and support to further develop and potentially commercialize their solution.
Impact on Web3 Ecosystem
Dr. Chiachih Wu, Chief Technology Officer of Amber Group, emphasized the importance of such challenges in fostering innovation within the Web3 ecosystem. He stated, "BUIDL_QUESTS has successfully brought together some of the brightest minds in the industry to tackle real-world problems and push the boundaries of what's possible in Web3" 2.
Future Prospects and Industry Collaboration
The success of BUIDL_QUESTS highlights the growing interest in Web3 technologies and the potential for collaborative innovation in the space. Amber Group's initiative not only rewards innovative ideas but also provides a platform for these projects to grow and potentially reshape the blockchain landscape 12.
As the crypto and blockchain industry continues to evolve, challenges like BUIDL_QUESTS play a crucial role in identifying and nurturing talent that can drive the next wave of technological advancements. The incubation of Acorn Network, in particular, signals Amber Group's commitment to supporting promising projects beyond the competition phase.
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