New Funding for a Prosperous Future
Solana, through its venture and foundation arms, has set up a hundred million dollar fund to support South Korean projects. The target of the fund includes projects in DeFi, blockchain games, and NFTs.
Further to supporting projects based on the Solana network, the fund will also aid some Terra projects. After the collapse of the Terra ecosystem and its subsequent upgrade, it needs all the support it can get.
Solana Foundation has said that Terra developers should not be blamed for the blockchain collapse incident. Solana’s Games General Manager, Johnny B, said the developers did nothing wrong. He also said they have been left in a lurch by Terra in his interview with Bloomberg.
The latest funding cements Solana’s goal of becoming the best gaming blockchain. Solana Ventures also unveiled the same kind of $100 million funds for games in November 2021. It was in conjunction with Lightspeed Ventures and FXT. The Venture also possesses a fund worth $150 million with Forte and Griffin Game Partners.
The government of South Korea has pledged $187 million for building its own metaverse. This has aided projections that South Korea will become a huge center of Metaverse and NFT development very soon. The metaverse will be primarily focused on digital corporations and digital content growth in the country.
The South Korean Haven
The Solana Foundation is putting so much hope on the interest to be accrued from Defi and GameFi. The Foundation believes it will increase in South Korea since companies are applying for grants.
There is now a fast-paced competition to have the best platform in South Korea. A lot of platforms have begun to offer access to decentralized finance and NFTs. Examples include Upbit Exchange and Klaytn Layer-1.
The biggest DeFi platform belonging to Klaytn, the KlaySwap, is estimated to have $274 million in TVL. This is as published by DeFi Llama, a tracker of the DeFi ecosystem. Upbit, being the largest exchange in the country, has its own NFT marketplace.
Domestic companies might, however, find it difficult to launch their blockchain games in South Korea. The legislation is presently against games giving financial rewards, which includes crypto. Google and Apple were asked to remove P2E games from their respective stores in December.
NFT and Defi transactions on Solana have been increasing lately. Magic Eden, the leading NFT marketplace on Solana is the second largest in the world. It has up to 35,526 transactions worth $7.31 million daily – just behind OpenSea.
Solana might equally be able to tackle its continuous network outage through this funding. The outages continue halting operations on the network since last year. SOL price is presently experiencing a flat time. It is down by 0.5% in the last 24 hours and trading near $39.05.