Solana Ventures and the Solana Foundation introduced a $100 million investment and grant fund to aid the development of cryptocurrency projects in South Korea. The initiative could also amass developers and companies to the Solana blockchain, which recently went through some serious technical difficulties, including a six-hour outage.
Trying to Revive the South Korean Crypto Ecosystem
The multi-million fund will be mainly distributed towards projects based on Solana and Terra. The latter made the headlines last month after the prices of its native token LUNA, and its algorithmic stablecoin UST crashed to virtually zero. As such, many Korean platforms mitigated from Terra to other blockchain networks.
Johnny Lee – General Manager of Games for the Solana Foundation – said those developers need to receive some help as they are not to be blamed for what happened:
“The developers did nothing really wrong, but they’re left in the lurch.”
In addition, projects based on Solana also need...
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