Solana will pump up to $100 million into South Korean crypto startups as it looks to penetrate a developer market still reeling from last month’s Terra ecosystem collapse.
Two key players in the speedy network’s ecosystem, Solana Ventures and the Solana Foundation, will seed investments and grants “across all web 3 verticals,” a press release said. But their emphasis will be on courting South Korea’s crypto games development sector.
The weeks-old funding effort puts Solana in direct competition with Polygon, Avalanche and other smart contract platforms all gunning for Korea’s trove of orphaned crypto developers. It’s unclear how many Terra developers will return to the ecosystem after its May implosion wiped out billions of dollars in wealth.
“It's not only due to the drastic crash” in twin tokens TerraUSD and LUNA that developers are balking at Terra 2.0, said Jaemin Park, a growth manager at DeSpread, “but also people's perception that the chain has 'key person' risk, as well as doubts that if their dapps would have any meaningful user base since the fundamental community has almost evaporated.”
While the Solana funding will spread across Web 3 projects, it will have special focus on bolstering Korea-based blockchain game developers, according to Austin Federa, head of communications for the Solana Foundation. South Korea’s gaming sector overall was valued at over $15 billion in 2021. The idea is to harness at least some of that potential for crypto games, too.
“They know how to build stuff over there. Big beautiful games. It’s really something to see,” a source formerly at Solana Labs told CoinDesk.
Solana also plans to get face time with Korea’s developer community via a hacker house planned for early August.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.