Solana Ventures launches $100 million fund in South Korea

Solana Ventures supports DeFi and GameFi in South Korea

Solana Ventures, the funding arm of the Solana Ecosystem (SOL), has set up a $100 million fund for Web3 projects in South Korea.

This initiative addresses decentralised finance (DeFi) and GameFi applications from two different angles. The first angle is to support local developers who were looking to build on the Terra (LUNA) ecosystem.

After the collapse, they were caught off guard by a situation they had not seen coming. This is what Johnny B. Lee, Executive Director of Gaming for the Solana Foundation:

The ecosystem is thus hoping to attract projects into its fold by welcoming those, who are looking for just such a new blockchain ready to host the creations they are working on.

Fertile ground for the sector

The second angle on which Solana Ventures is seeking to capitalise is the interest in Web3 in South Korea. Many players are developing projects there, whether related to non-fungible tokens (NFT) or DeFi in particular.

Thus, the Solana ecosystem hopes to make a name for itself in the country thanks to its fast blockchain and extremely competitive transaction fees. These last elements make it a network that is well suited to the GameFi sector, even if the blockchain must, at the same time, resolve the recurrent breakdowns it suffers from.

Last week, Alchemy announced its arrival on Solana, in this case, to make its tools available to developers. Such initiatives will probably help to improve this ecosystem, which is certainly promising in its approach, but which still has to overcome the challenges of its youth.