The post Solana AI Hackathon Slammed for Token Frenzy appeared on BitcoinEthereumNews.com.

Developers on the Solana Artificial Intelligence (AI) Hackathon recently received criticism from SendAI creator Yash Agarwal. The SendAI founder and curator of the Solana AI hackathon slammed developers for consistently launching new tokens over a short timeframe.  Why Solana AI Hackathon Curator is Worried In a recent article, Agarwal pointed out that two to three Solana hackathon builders have launched tokens whose market capitalization has reached $50 million. According to him, this dramatic market cap increase raises questions regarding the viability and sustainability of these recently initiated projects. For perspective, Solana announced the launch of the first Solana AI Hackathon on December 11, 2024. Powered by SendAI, the hackathon aims to build AI agents and tools on the Solana blockchain. It marks an important milestone in integrating Artificial Intelligence with blockchain technology.  The rewards range from $5,000 to $30,000 and are meant to inspire genuine crypto AI initiatives. Over 400 projects have registered for the Solana hackathon in less than a month.  SendAI provides developers on the AI hackathon access to expert mentoring, idea boards, and resources. Also, these projects could raise venture financing or launch their token.  While Agarwal acknowledged the hackathon’s success, he highlighted a current token launch frenzy by builders. The SendAI founder criticized this phenomenon and condemned the Solana AI Hackathon for becoming a “gambler’s paradise.”  He added that the Solana AI Hackathon has unintentionally become an AI token discovery platform. Furthermore, Agarwal noted that some builders have leveraged the Solana Hackathon and SendAI to add credibility to their projects. He said these developers submit projects in the hackathon, then proceed to launch tokens that get promoted by whales and some industry stakeholders. Blockchain users who think they have a potential 100x project coming out of hackathon quickly snap these tokens. Agarwal said this situation creates…

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Filed under: News - @ January 7, 2025 3:19 am