In an interview on June 7, Johnny B. Lee, the Solana Foundation’s general manager of gaming, revealed that Solana Foundation and Solana Ventures have formed a $100 million investment and grant fund to assist crypto and Web3 initiatives in South Korea. The collapse of Terra blockchain and its South Korean CEO Do Kwon, being named in many money laundering and tax evasion cases has severely affected the nation’s crypto industry. The fund intended to assist projects in the country that are based on it’s network and ideas. Some Terra-based platforms are now transitioning to Solana-based blockchains.
According to the Solana foundation, the fund will support the crypto initiatives built on Terra and Solana blockchain as it wants to help the crypto developers who were left stranded by the blockchain’s collapse.
General Manager of gaming Solana Foundation, Johnny B. Lee, remarked:
“The developers did nothing really wrong, but they’re left in the lurch.”
Solana has also been advertising itself as a blockchain that is suitable for gamers. In November, Solana Ventures announced the launch of a $100 million gaming fund with FTX and Lightspeed Venture Partners, and in December, a $150 million gaming fund with Forte and Griffin Gaming Partners.
SOL believes to be a cheaper, speedier alternative to Ethereum as it has become the choice for many DeFi services, however, it could be harmed by these flaws. According to the Solana website, more than 2000 transactions per second are happening on the Solana blockchain.
The $100 million investment will also aid the platform in attracting South Korean crypto entrepreneurs and developers to the beleaguered Solana blockchain, which suffered a network outage on June 1. Because of the indignation, Solana stopped manufacturing blocks for four and a half hours, effectively shutting down the Solana network.
Since the mainnet network outrage on June 1, the SOL price has dropped 85.89% compared to it’s all-time high of $260.06. SOL is currently trading at $39.11 per SOL at the time of writing.
Read more:
- Chainlink launches price feed technology on Solana for DeFi developers
- Solana developers fix bug in order to avoid another network outage
