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Market’s pulling back

October 18, 2025
in Altcoin
Reading Time: 3 mins read
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Think about you are a fresh-faced developer, overvalued and able to construct your first large challenge. You’ve got received at the least 3 RedBulls in your veins, a GitHub repo open, and a dream.

Then you definitely see it: a hackathon. Massive names, large prizes, large alternative. Sounds… excellent… proper?

On September 2, Base hosted the Onchain Summer season Awards, a hackathon celebrating essentially the most revolutionary and extensively used client mini-apps within the Base ecosystem. 500+ developer groups joined in to chase a $200,000 prize pool.

Fairly stable deal, props to Base for supporting the neighborhood…

… is one thing I would be saying if this factor wasn’t rigged.

On October 7, Base introduced the winners.

That is when an X consumer named Alanas, co-founder of Ogvio (a global cash switch service), seen one thing… off.

Whereas searching via the Prime New Shopper Apps class, he realized two of the successful initiatives – owatch (second place) and Opi Commerce (third) – have been hella sus.

Based on his findings, each apps have been mainly AI-generated touchdown pages with no working buttons, no product, and no actual performance.

Additional investigation revealed that a few of these AI-generated shell initiatives have been linked to Coinbase workers – the identical firm behind the Base community, and, conveniently, the hackathon’s organizer.

Which is VERY attention-grabbing, to say the least.

Hackathons are presupposed to be these thrilling, open occasions the place anybody can showcase their expertise, meet different builders, and possibly even flip a facet challenge right into a funded startup.

However when insiders and AI-generated initiatives win over precise working merchandise, that complete neighborhood empowerment factor begins to sound a bit hole.

And it is not simply Base. Builders have been skeptical about hackathons for years.

Throughout boards and social media, folks have complained that many of those occasions are extra about PR and model picture than real innovation.

Some even name them exploitative – getting builders to pour hours into constructing concepts that firms can then use totally free, all below the comfy banner of “neighborhood constructing.”

The checklist of hackathon controversies is lengthy, truly: CodeX with its underwhelming rewards, Hack the Hill elevating charges on pupil individuals, Salesforce’s “pre-made challenge” winner scandal again in 2013…

It is virtually like you possibly can’t host a hackathon as of late with out a little bit of drama. So, it makes you surprise: are hackathons even price it?

Hm meme

Perhaps the higher reply is: not in the best way we’re informed they’re.

Hackathons promote the thought of “one of the best builders win.”

However in observe, they usually reward connections, presentation expertise, or just being on the within. The judging is opaque, the timelines unrealistic, and the prizes disproportionately small in comparison with the worth firms extract from the publicity and submissions.

That doesn’t imply nobody advantages – simply that it is hardly ever the individuals:

👉 For organizers, a hackathon is reasonable advertising: a burst of social media buzz and free R&D disguised as neighborhood engagement.

👉 For builders, it’s unpaid labor dressed up as alternative.

Positive, you may nonetheless study one thing or meet somebody helpful – however these are negative effects, not the purpose.

So possibly the query is not “are hackathons price it?”

It is “price it for whom?”



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Tags: MarketsPulling
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