KEY TAKEAWAYS
- Flow blockchain has seen a 600% increase in DeFi TVL and a 1000% rise in smart contracts, highlighting its rapid growth.
- The Forte network upgrade on Flow introduces protocol-level composability and native automation, enhancing blockchain development.
- Forte Hacks hackathon offers $250,000 in bounties, encouraging innovation with new Flow features.
The Flow blockchain has experienced remarkable growth over the past year, emerging as one of the fastest-growing networks globally. It has become the top choice for developers at ETHGlobal hackathons. This growth is evidenced by a 600% increase in decentralized finance (DeFi) total value locked (TVL), a 1000% rise in smart contracts deployed, and over 1 million new active accounts in the last 12 months.
This success is attributed to Flow’s focus on empowering developers, engaging with the community, and providing a robust platform for building scalable applications. The network’s ability to facilitate faster development without compromising on quality has been a key factor in its expansion.
Forte Network Upgrade Introduces New Development Paradigm
The Forte network upgrade, now live on Flow’s testnet, introduces significant advancements in blockchain development. As demonstrated by Dieter Shirley at Pragma, New York, Forte brings protocol-level composability and native automation to the blockchain.
Forte introduces two new primitives: Actions and Agents. Flow Actions are protocol-native, composable operations that allow developers to create complex workflows in a single atomic transaction without custom code. Flow Agents are onchain resources that enable automated workflows, functioning like an onchain cron job.
The Forte upgrade is scheduled to go live on Flow’s mainnet on October 22nd. More details about the upgrade can be found here.
Forte Hacks Hackathon Offers $250,000 in Bounties
With Forte now on testnet, developers are invited to participate in the Forte Hacks hackathon, starting October 1st. This month-long online event encourages builders to innovate and compete for a share of $250,000 in bounties.
The hackathon features four core tracks: Best killer app on Flow, Best use of Forte features, Best vibe coded app, and Best existing code. These tracks aim to push the boundaries of onchain innovation and showcase the potential of Forte’s new features.
Supported by partners like Dune, Dapper Labs, Quicknode, Moonpay, and Thirdweb, the hackathon offers dedicated bounties for projects built with these partners. The event highlights the ongoing growth and activity within the Flow ecosystem, with Forte poised to further enhance its capabilities.
Why This Matters: Impact, Industry Trends & Expert Insights
The Flow blockchain has seen substantial growth, driven by a 600% increase in DeFi TVL and a 1000% rise in smart contracts, with the Forte network upgrade now live on its testnet. This upgrade introduces new development paradigms with Actions and Agents, poised to enhance blockchain capabilities.
Recent industry reports indicate that Flow’s ecosystem developments have significantly contributed to its growth, marked by a record $112 million in TVL. This aligns with the network’s expansion and the introduction of Forte, which is expected to further boost developer engagement and application innovation.
As per insights from Forte’s Firewall, the upgrade is set to enhance security and scalability in blockchain development, supporting a rollup-centric future. This supports the anticipated impact of Forte on Flow’s ecosystem, enhancing its capabilities and developer productivity.
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