News Crypto and cryptocurrencies

Solana creates $ 100 million development fund for new projects

Solarium (SOL) created a $ 100 million fund to support cryptocurrency projects. The main sectors that will benefit from the fund are the DeFi, the games and non-fungible tokens (NFT). Furthermore, the fund is intended to support some projects built on the Earth network, thus trying to alleviate the suffering matured in the community of cryptocurrency.

According to a recent dossier, in fact, up to 280.000 cryptocurrency investors in South Korea South have lost their fortunes in the collapse of UST and LUNA. However, many retail investors are trying to hold on, hoping that the critical issues can then be dismissed.

The two operators that will handle grants and investments in the vertical sectors of the Web 3 are Solana Foundation e Solana Ventures. The two players will mainly focus on South Korean video game development projects, thus placing the project alongside competitors such as Avalanche, smart contract platforms, and Polygon, also interested in winning over Korean cryptocurrency developers.

For the moment, no one knows the number of Terra developers who will return given the recent crash. But as the Solana Foundation noted, developers shouldn't be blamed for the collapse of the Terra network.

Investments in gaming

As mentioned several times, Solana's stated goal is to become one blockchain for top notch gambling. The fund will probably make this transition possible, also thanks to the experience gained: the company has in fact invested several times in the gaming sector since last year.

One of these investments was the collaboration with Lightspeed Ventures e FTX to launch a $ 100 million gaming fund. Another collaboration also exists between the game companies Solana, Griffin and Forte. The three companies have created a $ 150 million fund to facilitate blockchain gaming.

Solana and other operators now predict that South Korea may soon become a hub for metaverse and NFT developments. The reason is that the country's government supports the operations of the sector. It has pledged to allocate $ 187 million to build a metaversal ecosystem to facilitate digital content and business across the country.

The Solana Foundation therefore intends to increase interest in GameFi and DeFi in South Korea through the new fund. Furthermore, by funding ecosystem growth, Solana could address the continuing instability of the grid that has stopped its operation since 2021.

Currently, many companies are competing to become the best industry platform in South Korea, offering access to NFT and DeFi, such as Upbit and Klaytn Layer-one. Upbit is the biggest exchange of South Korea with its own NFT market. Klaytn also owns KLAYswap, a DeFi platform with $ 274 million in TVL.

However, South Korean law bans cryptocurrencies and monetary rewards in games for the time being. Therefore, it could prevent national companies from launching blockchain-based games in the country ...

 

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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