The fall of Terra had a devastating effect on the DeFi projects and led to the loss of jobs for many Terra Developers. Now Solana Ventures has come to the rescue for some of the Terra Developers. Solana has set aside a $100M fund for GameFi and DeFi in South Korea. It will help some of the former Terra developers who for no fault of theirs became a part of the Terra ecosystem crash.
Solana Ventures Will Cater To The Growth Of Nft, Gaming, Blockchain Gaming And DeFi
The new fund will cater to the growth of NFT, gaming, blockchain gaming and decentralized finance (DeFi) projects in South Korea. It will provide respite to former Terra developers following Terra’s fall. the fund is also intended to keep a few Terra-linked projects afloat after the crash of the Terra ecosystem last month.
According to a statement by Solana Foundation, the Terra developers are the victims of the crash of the ecosystem for no fault of theirs and must not be made a victim. The General Manager of Solana in an interview to Bloomberg on June 8 expressed these views.
Solana Fund Will Aid Former Terra Developers
The Solana Foundation Johnny B. Lee said: “The developers did nothing really wrong, but they’re left in the lurch.”
The latest initiative will help build Solana’s image as an ideal Blockchain for gaming. In the past also Solana had launched similar initiatives. Last November Solana launched a $100 million gaming fund with crypto exchange FTX and Lightspeed Ventures. It also has initiated a $150 million fund with game-focused firms Forte and Griffin Gaming Partners.
South Korea is expected to become a NFT and Metaverse development powerhouse and the government has pledged $187 million to build its own metaverse ecosystem. The Korean version of metaverse will focus on the development of digital content and digital corporations within the country.
The Solana Foundation is hoping to cash upon the interest in gaming finance (GameFi) and decentralized finance (DeFi) which is expected to surge in the country.