Solana looks to enter a developer market still reeling from last month’s Terra ecosystem collapse by pumping up to $100 million into South Korean crypto startups.
A press release said Solana Ventures and the Solana Foundation, will plant investments and grants “across all web 3 verticals”. But their priorities will be on supporting South Korea’s crypto games development sector. It’s unknown how many Terra developers will return to the ecosystem after its May collapse wiped out billions of dollars in wealth.
Jaemin Park, a growth manager at DeSpread said “It’s not only due to the drastic crash” in twin tokens TerraUSD and LUNA that developers are resisting at Terra 2.0, “but also people’s perception that the chain has ‘key person’ risk, as well as doubts that if their dapps would have any meaningful user base since the fundamental community has almost evaporated.”
According to Austin Federa, head of communications for the Solana Foundation, while the Solana funding will spread across Web 3 projects, it will have special focus on supporting Korea-based blockchain game developers. South Korea’s gaming sector overall was valued at over $15 billion in 2021. At least some of that potential for crypto games can be harnessed.
A source formerly at Solana Labs told CoinDesk, “They know how to build stuff over there. Big beautiful games. It’s really something to see,”
Solana also plans to use hacker house to face time with Korea’s developer community planned for early August.