Solana Ventures and Solana Foundation have announced a $100 million fund toward gaming and DeFi projects in South Korea.
SOLUSD is up +0.37%
The money will reportedly facilitate projects built on Solana and Terra blockchain that were affected by the recent network collapse. Multiple protocols have reportedly moved from Terra to Solana.
The fund is also aimed at attracting companies to build on Solana, which has been affected by multiple network outages. The outages, including one which lasted over 4 hours at the start of the month, caused SOL tokens to drop significantly.
South Korea has been a digital hub with multiple projects in gaming, decentralized finance, and NFTs. The sector has been affected by recent developments, including the collapse of UST.
Solana has also been gearing up to compete as a suitable blockchain in gaming. Solana Ventures launched a $100 million gaming fund in partnership with FTX in November.