Solana launches $100M fund to attract crypto projects from South Korea 🚨 This article is 3 years old...
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Solana launches $100M fund to attract crypto projects from South Korea
South Korean developers might be unwilling to take the new Solana's fund bait considering the network has suffered seven outages in the last 12 months.
2 min read
Updated: Jun. 9, 2022 at 5:18 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana Ventures and Solana Foundation have raised a $100 million investment fund for crypto projects in South Korea, weeks after Terra’s network collapse left many crypto projects in the country in a state of limbo.
The general manager for games at Solana Foundation, Johnny B. Lee, said the fund would mostly be for crypto projects in the country based on Solana. But it will also support projects that were based on Terra.
It was revealed that part of the fund would be dedicated to blockchain gaming, while other sectors such as decentralized finance and non-fungible tokens will also receive significant investments.
This fund is the latest Solana plan to become a choice network for blockchain gaming. Last year November, it launched a similar $100 million fund with FTX and Lightspeed Ventures geared towards drawing gaming projects to its network.
Terra’s collapse wiped off close to $40 billion from the crypto market, but the South Korean crypto scene appears to have suffered the most as many of the network’s projects are from the country.
However, it is unclear if South Korean developers would be willing to take Solana’s bait because the blockchain network has suffered seven outages in 12 months, leaving many to question its viability.
Meanwhile, the South Korean government has also stepped up its bid to become the hub for Metaverse technology. The country recently revealed its intention to invest $187 million in building its Metaverse, focused on growing its digital content footprint.
Crypto networks court Terra projects
Several crypto blockchain networks have been courting Terra-based projects to migrate to their ecosystem.
Popular layer2 network, Polygon, launched a $550 million development fund for Terra projects to migrate to Polygon.
1/ The future of web3 is not about who wins, but how we help each other. 🤝
That is why @0xPolygon & Polygon Studios will team up with @OnePlanet_NFT, a premier marketplace to help onboard Terra-based projects to Polygon. pic.twitter.com/J2qsu8NpZ6
— Polygon Studios (@polygonstudios) May 25, 2022
According to Polygon Studios CEO Ryan Wyatt, this move is designed to help projects affected by Terra’s crash.
OnePlanet, an NFT marketplace, is the first Terra-based project to migrate to the L2 solution.
Other blockchain networks like Fantom, VeChain, and Juno have also sought to attract Terra projects through various initiatives.
Any Terra Luna projects out there looking for a new chain, please PM us.
Fantom’s uptime is 100%, fast, low-cost, and reliable, with a great community.
Can assist with a grant program, integration, marketing, and connections.#terra #Terra_Luna #Luna
— Fantom Foundation (@FantomFDN) May 15, 2022
Juno offers as much as $7 million in incentives for projects willing to port to its ecosystem, while Fantom offers grants, marketing, and ecosystem connections.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Polygon
$0.50074
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Terra Classic
$0.00011
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Fantom
$1.02806
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
VeChain
$0.04826
VeChain is an enterprise-focused blockchain ecosystem that aims to enhance supply chain management by connecting blockchain technology with the real world through ‘a comprehensive governance structure, a robust economic model, and advanced IoT integration’.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Solana Labs
Solana Labs builds products, tools, and reference implementations to expand the Solana ecosystem further.