Over the years, Solana has developed a strong reputation as a dependable cryptocurrency. Known for its faster speed of transactions, it has become a favorite of celebrities like Michael Jordan and Shaquille O’Neal. Solana Ventures has decided that it is time to boost its popular blockchain by acquiring new talent. Therefore, Solana’s next initiative involves South Korea. Solana Ventures is targeting South Korea with a $100 million Web3 fund. It will use the money to find innovative startups and talent in South Korea.
Solana Directs $100 Million Funding at Web3 Developers in South Korea
Solana is known for its smart contract protocol, which powers platforms like Michael Jordan’s HEIR. Despite associating with the biggest names in the US, it still faces competition from other cryptocurrencies. The only way to stay ahead of the competition is by showing progress to investors. However, it is hard to find top-notch coding talent that can make the necessary breakthroughs and power Solana ahead. Hence, the people at Solana Ventures have targeted South Korea. The Korean nation is already known for its cinematic excellence and gives Hollywood a run for its money regarding technical brilliance. But the question is, does it have the necessary coding talent required for blockchain and smart contract development.
Solana Uses Funds from its Community Treasury to Fund the Venture
The General Manager at Solana labs, Jonny Lee, has confirmed that the funding will target specific Web 3.0 applications like DeFi, NFT, GameFi and blockchain gaming. In a later statement, Austin Federa stated that the funds used are coming from Solana Ventures and Solana Community Treasury.
Why Solana Ventures Chose South Korea?
It is worth noting that Solana Ventures handles the investments of Solana Labs. So, when Solana Ventures spotted the ever-rising popularity of NFTs and crypto-based gaming activities in South Korea, it was tempted to choose it as part of its plans.
There are indications that a significant part of the Korean gaming industry has decided to move to Web 3.0. So, as the GM of Solana Labs, Jonny Lee wasted no time choosing South Korea as Solana’s next destination. Solana’s token SOL is rated 9th among the top 10 list of cryptos, so it is highly likely to attract interest from South Korean IT startups and individual programmers.
Solana Labs Looking to Emerge from Slump with New Funding
The latest funding by Solana Labs will aim to get back the trust and interest of its fans and potential investors. In recent times, SOL has taken a massive hit. Compared to the past month, its price is down by 39.2%.
One of the biggest selling points of Solana is its extensive use in DeFi. Unfortunately, Solana is also lagging in the Total Value Locked (TVL) in its DeFi contracts. There has been a decline of just under 34%, which has taken it to the 5th position. At the time of writing, Solana had a Total Value Lock of $3.57 billion. Its dominance in the market in terms of TVL is at 12.89%.
In recent times, the Solana stock has taken a significant hit. Solana Ventures have looked at South Korea as its next destination for finding talent to return to its previous position. In the upcoming last two quarters of 2022, Solana Ventures is striving to develop top-quality games over the Solana blockchain network. And, it seems like the new initiative will help it find the talent required to develop those games. Whether it will be successful or not? Only time will tell. But it is a good strategy that can become a game-changer in the longer run.