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...
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