JAKARTA – Solana disbursed funds worth 100 million US dollars, aimed at developing crypto currency projects in South Korea (South Korea). The initiative was launched by Solana Ventures and the Solana Foundation.
With the fund, it is hoped that crypto developers and companies can pool onto the Solana blockchain. Millions of dollars will be allocated to projects based on Solana and Terra, according to a CryptoPotato report.
Some time ago, Terra experienced a collapse due to its UST stablecoin plummeting causing losses of funds from UST and LUNA investors in various countries. Even so, Game General Manager for the Solana Foundation, Johnny Lee said the developers needed to receive help because they were not to blame for what happened.
"The developers didn't do anything wrong, but they were left in the lurch," Lee said.
In addition, Solana-based projects also need support. Earlier this month, the network experienced an outage that left it out of order for more than six hours, and the team explained the crux of the problem.
In November last year, Solana partnered with crypto exchange FTX to launch another $100 million fund focused on blockchain-based gaming. The initiative, called GameFi, will support start-ups integrating the Solana blockchain into video games on desktop and mobile platforms.
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