Solana Ecosystem Looks To Pour $100 Million Into South Korean DeFi and Web3 Projects

The Solana SOL/USD Foundation and Solana Ventures announced on June 7 a pledge of up to $100 million for cryptocurrency and NFT projects across South Korea.

What Happened: According to CoinDesk, the aim of the contribution is to boost the cryptocurrency and virtual gaming industries in South Korea. Austin Federa, communications head for the Solana Foundation, stated the fund's primary focus will be on enhancing the virtual gaming industry and driving higher market share into crypto gaming. 

Why It's Important: Following the recent infamous crash of Terra LUNA/USD, as a result of the UST de-peg, South Korea houses extensive idle talent in the fields of DeFi and crypto designers and developers. In an interview with Bloomberg, Solana Foundation's General Manager of Gaming Johnny B. Lee stated "The [Terra] developers did nothing really wrong, but they’re left in the lurch.”

Consequently, smart contract platforms such as Kadena KDA/USD, Polygon MATIC/USD, and Avalanche AVAX/USD have been investing in the Web3 talent of South Korea. As the South Korean gaming industry currently sits at a market cap of more than $18 billion as of 2022, investments into its Web3 and cryptocurrency gaming landscape could boost this industry.