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Bear markets are designed to build Bitcoin (BTC) companies. At least that would be Legends of Lightning, a nine-week competition for competing Bitcoin businesses.

The tournament-come-hackathon held more than 65 events around the world as 73 projects battled it out to win 3 BTC ($50,000). The competition crowned Bitcoin startups Lightsats and AgriMint as winners of two separate competition tracks: Global Adoption and Building for Africa.

Organized by Bitcoin startup Bolt Fun, the competition brought together 260 creators (builders, developers, startups and hackers) from around the world. Speaking to Cointelegraph via Google Meet, Bolt Fun co-founder and Peak Shift founder and CEO Jones Behari explained that the hackathon is still the biggest in the Bitcoin economy;

The idea behind the competition was to “bring new creators into the ecosystem, innovate on Bitcoin and Lightning, and help new or existing projects incubate their ideas and turn their dreams into reality.”

The competition seeks to drive more talent to build in the Bitcoin space. Source: Twitter

In addition, the competition showcases the development space of Bitcoin as a platform to develop, develop and test in ways that will excite Web3 developers. Bolt Fun co-founder and senior product designer Edward Pratt emphasized that the Bolt Fun team is laser-focused on driving Bitcoin adoption through construction companies and expanding the Bitcoin community into other domains.

“The bottom line is that other developing ecosystems are massive. We want to do our part to push Bitcoin to compete for thought and attention at the application layer.”

As shown in the graph below, Bitcoin has fewer developers than Ethereum and Polkadot. Although Bitcoin is the largest and most recognized cryptocurrency, the data shows that Bitcoin is not an area where developers and builders congregate.

A graph showing developers by crypto ecosystem in 2020 and 2021. Source: Electric Capital

Pratt and Beharry conclude that Web3 ecosystems such as Ethereum (ETH), Solana (SOL), Polkadot, and Cosmos are driving interest and talent away from the Bitcoin building space, despite the fact that Bitcoin offers is the only decentralized infrastructure worth building on. The Legends of Lightning competition is an attempt to remedy the situation and highlight the richness and depth of opportunity to build on Bitcoin.

Solana Hackathons offer huge prize money, and this summer more than 350 projects were submitted to win a $5 million treasure chest. In comparison, The Legends of Lightning first prize awarded 3 BTC ($50,000) to one of 73 competing projects, one-hundredth of the total prize money.

Pratt continued. “It shows the difference between the Bitcoin ecosystem and other ecosystems like Solana.” Finally, the Bitcoin space is competing for builders and developers participating in Web3 playgrounds like Solana and Ethereum.

“There is definitely activity [in Bitcoin] but we don’t see that much ingenuity in Bitcoin yet.”

Interestingly, the winner of the competition, Lightsats, built their project based on an idea shared in a tweet by Bitcoin entrepreneur Brad Mills. The tweet set off a lightning-quick chain reaction of Bitcoin’s creation. In a matter of weeks, Lightsats built their Precoiner onramp project, pitched it to the team at Bolt Fun, and won the Global Adoption competition.

One way to get more people to participate and build on Bitcoin is to connect with developers in other ecosystems, Pratt explained. “We want to target people on the fringes of crypto and Web3” is a question. “How do we get stories to talk to these people?” Pratt thought.

Related: Bitcoin Defender Dishes Out Lightning Network To Raise BTC Awareness

Behari joked that it could happen naturally. “Your web3 platform is offline, Bitcoin fixes it,” referring to the many instances where the Solana blockchain simply stopped working.

The Legends of Lightning team hopes to repeat the event every year with bigger prizes, more participants and more creativity. The goal is to reach 1,000 applicants next year, which is a significant jump from the current perspective.