SettleTON: A Triumph of Innovation in The Open League Summer 2024 Hackathon

In the fast-paced world of blockchain and decentralized finance (DeFi), innovation is key. One standout team in The Open League Summer 2024 Hackathon, held by the TON Foundation, showcased just that:

SettleTON. The project is revolutionizing passive investing and yield farming on the TON Network, providing modern investors with an automated, one-click solution for investing in a curated index of TON projects.

SettleTON’s success has been nothing short of extraordinary. In just a month, the project reached an impressive 120,000 TVL (Total Value Locked) and witnessed an incredible 160% growth, attracting 30,000 active monthly users. Some of SettleTON’s vaults have boasted APY (Annual Percentage Yield) rates of 100% to 200%, while their NFT collection has made waves, amassing 1,600 TON in sales. This rapid success serves as a testament to the team's vision, work ethic, and the innovative solutions they presented during the hackathon.

As part of the TON Giants Series, SettleTON’s story is one of persistence, teamwork, and deep industry expertise. The project’s growth and success during the hackathon have been a direct result of their strong background in traditional finance (TradFi) and their unwavering determination to create something truly revolutionary in the world of decentralized finance.

The Team Behind SettleTON: A Fusion of Talent and Expertise

SettleTON’s core team consists of four developers, one UX/UI designer, and one marketing/product manager. With extensive experience in the traditional finance space, they previously triumphed in the EVAA hackathon, where they developed a low-latency liquidation bot. This success further fueled their eagerness to take part in The Open League Hackathon hosted by the TON Foundation.

For SettleTON, collaboration and the ability to adapt quickly were crucial. The team credits the bootcamps organized as part of the hackathon for enhancing their ability to work together, gain valuable insights, and gather feedback from judges that proved vital to their success.

The Motivation Behind SettleTON’s Hackathon Participation

While the prize pool certainly played a role in motivating SettleTON to participate, the team’s focus was far more ambitious. They were determined to secure the top spot in the hackathon, with their eyes firmly set on the first-place prize. Confidence in their collective skills and unity was the driving force behind their success, as they pushed through countless sleepless nights to bring their vision to life.

A Unique Approach: Solving Unmet Needs in the TON Ecosystem

SettleTON’s winning strategy was built around developing solutions that no other project on the TON blockchain had tackled before. Identifying a gap in the ecosystem and addressing it head-on gave the team a distinct competitive edge. Open communication, constant feedback, and a relentless pursuit of innovation were key to their success.

The development process wasn’t without its hurdles, particularly when it came to smart contract development. The team faced a critical decision: should they use FunC, a lower-level programming language for the TON Virtual Machine (TVM), or Tact, a more beginner-friendly alternative? While Tact might have been easier to use, SettleTON’s team chose FunC, as it allowed them to develop their DeFi project closer to the raw instructions of the TVM, offering them greater control and flexibility.

Navigating the complexity of the TON ecosystem also posed a challenge. However, SettleTON leveraged the collaborative strength of the TON builders' community to overcome this hurdle. Through engaging with both public and private chats, the team was able to quickly resolve issues that others had already encountered, cutting down on the time spent troubleshooting and enabling faster progress.

Leveraging TON’s Tools for Success

SettleTON’s success in the hackathon was not only due to their innovative ideas but also their effective use of TON’s developer tools. The team highly recommends using the Sandbox and Blueprint frameworks over the testnet for testing smart contracts. These tools helped them streamline the development process by enabling them to test both positive and negative scenarios quickly and efficiently. According to the team, testing is crucial—daily reviews and continuous testing can save invaluable time when it comes to troubleshooting issues in the long run.

Reflecting on the Hackathon Experience

Looking back, the most rewarding part of the hackathon experience for SettleTON was the invaluable feedback and mentorship they received. Winning the bootcamp and securing the top spot gave the team a major confidence boost, but they didn’t stop there. They continued attending additional bootcamps to gather more feedback, build relationships, and refine their product.

One key takeaway from the experience was the importance of honing a winning strategy. The team took full advantage of resources such as Notion documents on creating pitch decks, positioning, and refining their approach. These insights allowed them to develop a product that truly meets the needs of users and sets SettleTON apart in a crowded DeFi space.

Advice for Future Hackathon Participants

For those considering participation in future hackathons, SettleTON’s advice is simple but powerful: focus on building a strong team, perfecting your positioning and narrative, and creating real value for your users. The hackathon experience is about more than just the competition; it’s an opportunity to refine your product, gather feedback, and network with like-minded individuals.

Building a community around your project and ensuring that your onboarding process is seamless are also key components of success. With these fundamentals in place, you’ll be well-equipped to tackle any hackathon and potentially emerge as a winner.

Looking Ahead: SettleTON’s Future

With their impressive achievements and commitment to innovation, SettleTON is poised for continued success. As the TON blockchain continues to grow, SettleTON’s platform will play a pivotal role in shaping the future of passive investing and yield farming. With the TON ecosystem as their foundation, SettleTON is not just a product of The Open League Summer 2024 Hackathon; it’s a testament to what happens when expertise, determination, and collaboration come together to push the boundaries of what's possible.

The SettleTON team’s journey is a powerful reminder that the future of finance lies in the hands of those willing to innovate, collaborate, and take bold steps toward building the next generation of decentralized solutions.