Solana (SOL) Raises $ 100M Fund for South Korean Crypto Projects

Solana (SOL) has launched a $ 100 million fund to attract crypto projects from South Korea. However, South Korean developers may not be willing to take the bait of the new Solana fund. At least given that the network has suffered seven disruptions in the last 12 months…

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Solana Ventures and the Solana Foundation launched a $ 100 million investment fund for crypto projects in South Korea weeks after the collapse of Terra Network left many crypto projects in the country in uncertainty.

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The general manager of games at the Solana Foundation, Johnny B. Lee, comments that the fund is primarily intended for Solana – based crypto projects in South Korea. However, it will also support Terra – based projects.

It was known that part of the fund will be focused on blockchain gaming. But other sectors such as decentralized finance and non-interchangeable signals also offer significant investments.

This fund is Solana’s latest plan to become a network of choice for blockchain gaming. Last November, a similar $ 100 million fund was raised with FTX and Lightspeed Ventures. It aims to bring gaming projects into its network.

Terra’s collapse took nearly $ 40 billion from the crypto market, but the South Korean crypto scene seems to have suffered the most. After all, many of the network’s projects come from this country.

However, it is not clear whether South Korean developers are willing to take the bait from Solana. After all, the blockchain network suffered seven crashes in 12 months. This casts many doubts on its viability.

Meanwhile, the South Korean government has stepped up efforts to become a hub for Metaverse technology. The country recently announced plans to invest $ 187 million to build its Metaverse, which will focus on expanding its digital content.

Terra projects are being courted by crypto networks

Many crypto blockchain networks have given courtesy to Terra-based projects to migrate into their ecosystems. For example, Polygon has raised a $ 550 million development fund for the popular Layer2 network (MATIC) to migrate to Polygon.

1 / The future of web3 is not about who wins, but how we help each other. 🤝
That is why @ 0xpolwg & Polygon Studios would like to partner with @OnePlanet_NFTexcellent market to help Terra-based projects aboard to Polygon. pic.twitter.com/J2qsu8NpZ6
– Polygon Studios (@polwgstudios) May 25, 2022

According to Polygon Studios CEO Ryan Wyatt, the move is intended to help projects affected by the fall of Terra.

NFT marketplace OnePlanet is the first Terra-based project to switch to L2 solution. Other blockchain networks like Fantom, VeChain, and Juno have also tried to attract Terra projects through various initiatives.

Any Terra Luna project out there looking for a new chain, please PM us.
Fantom uptime is 100% fast, low cost, and reliable, with a great community.
It can help with grant programming, integration, marketing, and links.#terra #Terra_Luna #luna
– Fantom Foundation (@FantomFDN) May 15, 2022

Juno is offering up to $ 7 million in incentives for projects ready to launch into its ecosystem. Fantom, on the other hand, provides grants, marketing and ecosystem links.

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Text credit: Cryptoslate

Last updated June 9, 2022