[{"data":1,"prerenderedAt":120},["ShallowReactive",2],{"blog-post-\u002Fblog\u002Fbsa-epfl-hackathon-2026":3},{"id":4,"title":5,"author":6,"body":7,"category":101,"cover":102,"date":103,"description":104,"extension":105,"featured":106,"meta":107,"navigation":108,"path":109,"readingTime":110,"seo":111,"stem":112,"tags":113,"__hash__":119},"blog_en\u002Fblog\u002Fbsa-epfl-hackathon-2026.md","The Hackathon 2026 at EPFL: StackTrace Takes 2nd on the Belem Capital Track","DeVinci Blockchain",{"type":8,"value":9,"toc":91},"minimark",[10,22,27,30,33,36,40,45,51,54,57,60,63,71,79,83,86],[11,12,13,14,21],"p",{},"On October 10 and 11, 2026, the Blockchain Student Association of EPFL (BSA EPFL) ran ",[15,16,20],"a",{"href":17,"rel":18},"https:\u002F\u002Fhackathon.bsaepfl.ch",[19],"nofollow","The Hackathon",", a 30-hour event in the BC Building of the EPFL campus in Lausanne. 98 hackers submitted 49 projects across tracks on DeFi risk and self-custody wallets, set by the two sponsors, Belem Capital and Swissquote, with a total prize pool of 5,700 dollars. Karim Boukedjar, Maëlann Penhard and Maxime Sempels, three DeVinci Blockchain members studying engineering at ESILV, took 2nd place on the Belem Capital track with StackTrace, a DeFi risk engine, and won 600 dollars.",[23,24,26],"h2",{"id":25},"the-belem-capital-challenge","The Belem Capital challenge",[11,28,29],{},"Belem Capital is an on-chain asset manager based in Luxembourg, running market-neutral yield strategies for professional and institutional investors. Its track, the DeFi Risk Dependency Challenge, came straight from the questions its own risk team works on.",[11,31,32],{},"An on-chain position rarely stands alone. A single position can depend on several protocols, assets, oracles and chains at once, and most of that chain is invisible from the position itself. When one of these components fails, the hard part is not noticing the incident, it is working out what it does to the portfolio, and how fast. Belem Capital asked teams to discover a position's dependencies automatically, estimate the economic impact when one of them breaks, and answer the question a portfolio manager actually asks: stay in the position, or accept the cost of getting out.",[11,34,35],{},"The jury weighted dependency discovery and impact estimation at 30% each, the usefulness of the decision at 25%, and a working demo on real data at 15%.",[23,37,39],{"id":38},"our-winning-project","Our winning project",[41,42,44],"h3",{"id":43},"_2nd-place-belem-capital-track-stacktrace","2nd place, Belem Capital track: StackTrace",[11,46,47],{},[48,49,50],"em",{},"Karim Boukedjar, Maëlann Penhard, Maxime Sempels",[11,52,53],{},"StackTrace takes a real position on Ethereum, rebuilds everything it depends on, prices what each failure would cost, and gives a clear verdict: stay, partially exit, or exit, with the reasons.",[11,55,56],{},"The team's main example is a Pendle principal token (PT-sUSDe) used as collateral on Morpho Blue to borrow USDC. StackTrace rebuilds its dependency graph down seven layers: the lending market, the principal token, the USDe stablecoin and its staked version sUSDe, Ethena as their issuer, then the custodians and exchanges behind it, plus the oracles, the Pendle liquidity pool, the lenders and the Ethereum chain itself. No link in the graph is drawn by hand. Each one comes from an on-chain read at a fixed block, from an API response checked again on-chain, or from an official source with its URL and date. A contract the tool cannot identify is flagged as unresolved rather than guessed.",[11,58,59],{},"From that graph, StackTrace propagates a shock link by link up to the position and measures the loss in dollars, for the borrower and for the lenders. It reproduces the logic of the position's oracle, which only switches to the market price after sixteen hours of divergence, and the liquidation rules of Morpho. The result is a useful finding: what liquidates this position is the duration of a crisis more than its depth. A USDe trading at 0.93 dollars for six hours costs nothing, while the same price held for a full day triggers the liquidation, a loss of about 37,000 dollars. The model also surfaces a risk the position cannot see: an exploit of Pendle would not move the oracle, so there would be no liquidation, but it would leave about 152,000 dollars of bad debt to the lenders.",[11,61,62],{},"The decision rests on a single threshold. StackTrace measures the real cost of exiting on current liquidity, around 850 dollars for this position, and compares it to the potential loss: if the probability of the incident exceeds that ratio, about 1.6% over a week here, it is worth getting out. The team also replayed real USDe crises, including the crash of October 10, 2025, and extended the engine to any wallet, any Morpho vault and the curator book of twelve vaults that Belem Capital shared with participants.",[11,64,65,66],{},"DoraHacks: ",[15,67,70],{"href":68,"rel":69},"https:\u002F\u002Fdorahacks.io\u002Fbuild\u002F49564",[19],"StackTrace",[11,72,73,74],{},"GitHub: ",[15,75,78],{"href":76,"rel":77},"https:\u002F\u002Fgithub.com\u002Fkarim3309\u002FBelemCapital-Epfl-Hackathon",[19],"karim3309\u002FBelemCapital-Epfl-Hackathon",[23,80,82],{"id":81},"what-it-means-for-dvb","What it means for DVB",[11,84,85],{},"Several DVB members made the trip to Lausanne for The Hackathon, and three of them came back with a prize on a track set by a professional asset manager, on a problem close to the quantitative finance taught at ESILV: modelling risk, pricing a loss and turning it into a decision a manager can act on.",[11,87,88],{},[48,89,90],{},"The Hackathon was organized by the Blockchain Student Association of EPFL, with Belem Capital and Swissquote as sponsors.",{"title":92,"searchDepth":93,"depth":93,"links":94},"",2,[95,96,100],{"id":25,"depth":93,"text":26},{"id":38,"depth":93,"text":39,"children":97},[98],{"id":43,"depth":99,"text":44},3,{"id":81,"depth":93,"text":82},"Hackathon","\u002Fblog\u002Fbsa-epfl-hackathon-2026.jpg","2026-10-11","Three DVB members took 2nd place on the Belem Capital track at The Hackathon, run by BSA EPFL in Lausanne, with StackTrace, a DeFi risk engine.","md",false,{},true,"\u002Fblog\u002Fbsa-epfl-hackathon-2026",null,{"title":5,"description":104},"blog\u002Fbsa-epfl-hackathon-2026",[114,115,116,117,118],"DeFi","risk","Ethereum","EPFL","hackathon","6kelPACPKSPJRV6WGnYwEl3pVQCdmToGo6a66C-gmO8",1793038220476]