Dubai ComEx and Paybit Unveil Winners of 'Web 3 Unleashed' Hackathon

Dubai just wrapped up its third annual Web3 Unleashed hackathon, awarding $140,000 in prizes to five innovative blockchain projects. The event drew 90 teams from around the world and shows how the UAE is positioning itself as a major player in next-generation tech development.

The Dubai Multi Commodities Centre partnered with Bybit to run the competition, which covered six main areas: decentralized finance, Web3 gaming, social finance, infrastructure, and tokenization. This year they added two new tracks for decentralized AI and decentralized science, reflecting how quickly the space is evolving.

Ten teams made it to the finals and pitched their projects to a panel of global experts and investors. The winners were Yomi Finance, Glint Analytics, Surashin AI, Oraiyal, and Sprout Finance. Each team gets both prize money and access to mentorship from industry veterans.

Ahmed Bin Sulayem, CEO of Dubai Multi Commodities Centre, said the growing momentum shows Dubai's commitment to becoming a global hub for emerging tech. The hackathon started as a regional event three years ago and now attracts participants worldwide. That growth mirrors Dubai's broader strategy to get ahead of technological shifts and build a thriving innovation ecosystem.

Helen Liu, co-CEO of Bybit, pointed out that the quality of submissions keeps improving each year. The exchange sees real value in supporting projects that create genuine impact rather than just hype. Bybit moved its headquarters to Dubai and has become the world's second-largest crypto exchange by trading volume, with over 50 million users.

The event had backing from major industry players including DWF Labs, Cross, Verse8, The Open Platform, Blockchain for Good Alliance, CV Labs, Hacken, Cointelegraph, and Blockchain Game Alliance. These partners provided guidance and resources to help teams refine their projects.

Dubai's crypto hub now houses more than 700 companies working on Web3 technologies and related services. The emirate has built regulatory frameworks that attract blockchain businesses while maintaining oversight. This approach has paid off as traditional financial institutions and tech startups both set up operations there.

For investors and entrepreneurs, Dubai's Web3 ecosystem offers a unique combination of regulatory clarity, government support, and access to global markets. The hackathon results suggest the region is producing projects that could have real commercial potential, not just proof-of-concept demos.