Solana Ventures Launches $100 Million Fund Centered on Web3 Projects in Asian country

Solana Ventures has disclosed the launch of a $100 million fund dedicated to Web3 startups in South Korea. per Solana Labs’ top dog grayback Lee, the capital is dedicated to non-fungible tokens (NFTs), suburbanised finance (defi), and game finance (gamefi) development.

Solana Ventures Reveals $100 Million Web3 Fund Dedicated to Finding Talent and Innovative Startups in South Korea

Proponents behind the good contract protocol Solana arrange to expand into Asian country by providing a Web3 fund value $100 million to startups and developers making Web3 comes.

Solana Labs’ top dog grayback Lee told Techcrunch newsperson Jacquelyn Melinek that the fund can concentrate on Web3 applications that revolve around NFTs, defi, blockchain diversion ideas, and gamefi.

Austin Federa, the top of communications at Solana Labs, explained to Melinek that the fund stems from the Solana community treasury and Solana Ventures’ pool of capital.

Solana Ventures, the investment arm of Solana Labs, explained that diversion and non-fungible tokens are standard in South Korea. Lee elaborates that a lion’s share of NFT and diversion activities on the Solana network derive from the East state.

“A huge portion of Korea’s diversion trade is getting in web3,” Lee elaborate on weekday. “We need to be flexible; there’s a good vary of project sizes, team sizes, therefore a number of [our investments] are venture-sized checks,” the Solana Labs top dog remarked.

Solana’s native token solana (SOL) is within the prime 10 crypto market positions in ninth place in terms of capitalization. SOL’s $13.22 billion market capitalisation represents 1.03% of the crypto economy’s $1.290 trillion market valuation.

SOL, however, is down 39.2% over the last month and 19.6% of the autumn was throughout the past fortnight. In terms of total price fastened (TVL) in defi, Solana is hierarchical fifth with $3.76 billion. Solana’s TVL in defi has lost 33.96% within the past month, per defillama.com statistics.

Additionally, Solana suffered another network outage because the network halted block production on June one. In December 2021, Solana Ventures, in an exceedingly partnership with gryphon diversion and Forte, launched a $150 million fund for Web3 products.

Amid the announcement regarding Solana Ventures’ latest fund centered on Asian country and Web3 development, Lee aforesaid he expects Solana to showcase “high-quality and fun games” throughout the last 2 quarters of 2022.