Viction: 'We want to be the ones creating alphas, instead of chasing them'

More than 300 applications, 36 impressive presentations during Demo Days, 9 winning teams in 3 categories: Social, Gaming, and DeFi & Stablecoin, and a total prize pool of 300,000 USD: these are the remarkable statistics from the Viction Horizon.

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Published Feb 26 2024

Updated May 13 2024

3 min read

In February, winning teams from around the globe will embark on a special experience tour in Vietnam, organized by Viction and sponsored by the Arche Fund. During this event, they will witness the vibrant crypto space in Vietnam and connect with builders in the region.

The next 9 potential projects on Viction

The 9 winning teams and their projects are:

Hakifi - First prize in the DeFi & Stablecoin category - a decentralized risk prevention protocol that specializes in insuring users' losses with spot assets and futures positions. The protocol provides simple, automated tools with intelligent algorithms to empower traders and promote responsible investing.

ApeState - Second prize in the DeFi & Stablecoin category - a real estate investment platform combining decentralized finance with real-world asset trading. The protocol aims to democratize global real estate investing using web3, Viction, and Chainlink's oracles.

Doldrums - Third prize in the DeFi & Stablecoin category - a protocol allowing the issuance of Delta-Neutral stablecoins to address the problem of liquidity fragmentation. It offers a seamless user experience with Viction's zero-gas transactions, Omnichain’s Fungible Token V2 multi-chain feature, and enhanced stability for collateral-based stablecoins.

Buzzkill - First prize in the Gaming category - a macroeconomic NFT strategy game where players stake bees, search for resources and participate in raids to collect HONEY tokens. The game also allows users to explore the world of digital beekeeping.

Town Story Galaxy - Second prize in the Gaming category - a crypto social network game offering a play-to-own experience with NFTs in the form of in-game items. The game provides cross multi-chain compatibility and F2P/F2O models for collecting and storing crypto assets.

Joy Gotchi - Third prize in the Gaming category - a blockchain-based virtual pet game inspired by Tamagotchi. Players hatch, raise, and care for their Joygotchi pets, represented as verifiable blockchain assets.

Givefund - First Prize in the Social category - a crypto fundraising platform enabling individuals and non-profit organizations to launch and support campaigns. The protocol leverages blockchain technology to facilitate global giving.

Atbash - Second prize in the Social category - a privacy-focused e-voting platform for decentralized autonomous organizations (DAOs) and community-driven projects. The protocol ensures secure and transparent voting through advanced encryption technologies.

Vicbot - Third prize in the Social category - a Telegram trading bot designed for alpha traders. The protocol provides a fast and seamless trading experience by leveraging the Viction chain, maximal extractable value (MEV) protection, and a user-friendly interface.

'Chasing money is an exhausting process'

These winning projects will be the foundation for a community of talented builders on Viction. In 2024, Viction aims to select about 20-50 projects with products that have a significant impact and the potential to become industry leaders. The focus is on creating better engagement mechanisms within the developer community, including DAO voting and community forums.

Viction places special emphasis on network stability, scalability, and developer resources. An upcoming protocol on Viction is the Stake derivative protocol with hardware solutions to help validators avoid errors and ensure smooth transactions.

According to Mr. Thanh Le, a board member of the Viction Foundation and founder of Ninety Eight, the goal is not to compete with other Layer 1 and Layer 2 projects but to identify activities that make Viction better. “This is how we build a strong community as well as a robust Layer 1," he said.

Taking Solana as an example: its ecosystem currently trades at around $30 billion fully diluted value (FDV). The founders of Ninety Eight invested in Solana when the system had a mere $20 million FDV and the project's ecosystem was almost non-existent. According to Mr. Thanh Le, nearly all the "alphas" and upside in the crypto space are captured when everything is still at a very small scale.

"Viction may not be significant at the moment, but as the ecosystem develops, the upside potential may diminish. Upside opportunities are typically available for those who dedicate their time when projects are in their early stages. This is why we believe, instead of pursuing alphas elsewhere, it's more prudent to concentrate on the aspects we can control and generate an alpha," Mr. Thanh Le suggested.

According to Mr. Thanh Le, adopting this mindset is advantageous in the current market landscape, where thousands of blockchains exist and people are constantly rotating money.

"Persistently chasing money is an exhausting process. It will be more rewarding if you invest your time in building a truly exceptional product and share memorable moments with people who are equally committed to the long-term success of that product," he concluded.

The Ninety Eight team is actively implementing this approach with Viction.