Solana's $100M crypto fund targets South Korea

Given that the network has experienced seven disruptions in the past year, South Korean developers may be reluctant to accept the new Solana's fund bait.

Solana Ventures and Solana Foundation have created a $100 million investment fund for crypto projects in South Korea, weeks after the collapse of the Terra network put numerous crypto projects in the country in limbo.

Johnny B. Lee, general manager for gaming at Solana Foundation, stated that the grant would mostly be used for Solana-based crypto initiatives in the country. However, it will also support Terra-based projects.

It was disclosed that a portion of the fund would be devoted to blockchain gaming, while other industries, such as decentralized finance and non-fungible tokens, will also receive substantial investments.

This fund is the most recent Solana initiative to become a blockchain gaming network of choice. In November of 2012, the company created a $100 million fund alongside FTX and Lightspeed Ventures to attract gaming ideas to its network.

As many of the network's projects are based in South Korea, the South Korean crypto sector appears to have been hit the most by Terra's failure.

However, it is unknown whether South Korean developers would accept Solana's offer, as the blockchain network has seen seven outages in the past 12 months, causing many to question its feasibility.

The South Korean government has likewise increased its efforts to become the center of Metaverse technology. Recently, the country announced its desire to invest $187 million in the development of its Metaverse, with an emphasis on expanding its digital content footprint.

Crypto networks pursue Terra initiatives

Several crypto blockchain networks have been soliciting Terra-based projects to transfer to their respective ecosystems.

Polygon, a popular layer2 network, has established a $550 million fund for the migration of Terra projects to Polygon.

According to Polygon Studios CEO Ryan Wyatt, this action is intended to assist affected projects.

The first Terra-based project to switch to the L2 solution is the NFT marketplace OnePlanet.

Through various initiatives, other blockchain networks such as Fantom, VeChain, and Juno have also sought to attract Terra projects.

Fantom offers subsidies, marketing, and ecosystem connections, whereas Juno offers up to $7 million in incentives for enterprises ready to port to its ecosystem.

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