Solana (SOL) is raising $ 100 million 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 considering that the network has suffered seven outages in the last 12 months …

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

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General Manager of Gaming at the Solana Foundation, Johnny B. Lee, comments that the fund is primarily intended for Solana-based crypto projects in South Korea. However, he will also support projects based on Terra.

It became known that part of the fund will be set aside for blockchain games. But other sectors such as decentralized financing and non-fungible tokens will also receive significant investment.

This fund is Solana’s latest plan to become a select network of blockchain games. 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. Many of the network’s projects come from this country.

However, it is unclear whether South Korean developers are willing to take bait from Solana. After all, the blockchain network has suffered a bit of seven outages in 12 months. This makes many doubt its viability.

Meanwhile, the South Korean government has also stepped up its efforts to become the center of Metaverse technology. The country recently announced its intention to invest $ 187 million to build its Metaverse, which will focus on growing its digital content.

Crypto networks are courting Terra projects

Several crypto blockchain networks have courted Terra-based projects to migrate into their ecosystem. Popular Layer2 network Polygon (MATIC), for example, has raised a $ 550 million development fund for Terra projects to migrate to Polygon.

According to Polygon Studios CEO Ryan Wyatt, the initiative aims to help projects affected by Terra’s collapse.

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

Juno offers up to $ 7 million in incentives for projects ready to be ported to its ecosystem. Phantom, on the other hand, offers grants, marketing and ecosystem connections.

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Text Credit: Cryptoslate

Last updated on June 9, 2022

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