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Solana Ventures and Solana Basis have raised a $100 million funding fund for crypto tasks in South Korea, weeks after Terra’s community collapse left many crypto tasks within the nation in a state of limbo.
The overall supervisor for video games at Solana Basis, Johnny B. Lee, stated the fund would largely be for crypto tasks within the nation primarily based on Solana. However it can additionally assist tasks that had been primarily based on Terra.
It was revealed that a part of the fund could be devoted to blockchain gaming, whereas different sectors resembling decentralized finance and non-fungible tokens may also obtain important investments.
This fund is the most recent Solana plan to turn into a alternative community for blockchain gaming. Final yr November, it launched the same $100 million fund with FTX and Lightspeed Ventures geared in direction of drawing gaming tasks to its community.
Terra’s collapse wiped off near $40 billion from the crypto market, however the South Korean crypto scene seems to have suffered essentially the most as most of the community’s tasks are from the nation.
Nonetheless, it’s unclear if South Korean builders could be keen to take Solana’s bait as a result of the blockchain community has suffered seven outages in 12 months, leaving many to query its viability.
In the meantime, the South Korean authorities has additionally stepped up its bid to turn into the hub for Metaverse expertise. The nation lately revealed its intention to speculate $187 million in constructing its Metaverse, centered on rising its digital content material footprint.
Crypto networks court docket Terra tasks
A number of crypto blockchain networks have been courting Terra-based tasks emigrate to their ecosystem.
Standard layer2 community, Polygon, launched a $550 million growth fund for Terra tasks emigrate to Polygon.
1/ The way forward for web3 just isn’t about who wins, however how we assist one another. 🤝
That’s the reason @0xPolygon & Polygon Studios will workforce up with @OnePlanet_NFT, a premier market to assist onboard Terra-based tasks to Polygon. pic.twitter.com/J2qsu8NpZ6
— Polygon Studios (@polygonstudios) Might 25, 2022
Based on Polygon Studios CEO Ryan Wyatt, this transfer is designed to assist tasks affected by Terra’s crash.
OnePlanet, an NFT market, is the primary Terra-based undertaking emigrate to the L2 resolution.
Different blockchain networks like Fantom, VeChain, and Juno have additionally sought to draw Terra tasks by way of varied initiatives.
Any Terra Luna tasks on the market in search of a brand new chain, please PM us.
Fantom’s uptime is 100%, quick, low-cost, and dependable, with a terrific group.
Can help with a grant program, integration, advertising, and connections.#terra #Terra_Luna #Luna
— Fantom Basis (@FantomFDN) Might 15, 2022
Juno provides as a lot as $7 million in incentives for tasks keen to port to its ecosystem, whereas Fantom provides grants, advertising, and ecosystem connections.
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