Working in partnership with Swiss-based startup Solana Ventures, the Solana Foundation will use this new fund to invest in growing Web3 startups in South Korea and offer various grants.

Solana came to the fore earlier this year with the partnership of the popular game PUBG with South Korean game developer Krafton. In the statement made by Solana, it was emphasized that the new moves in South Korea will be focused on NFT and DeFi, as well as Blockchain-based games.

Solana's initiative comes after the Terra collapse, which negatively affected many crypto startups in South Korea. In this way, the initiative will also support the crypto initiatives that have been damaged in the country. Solana also plans to provide consulting, product and engineering support to Korean developers as well as offering venture capital.

Solana Sol-3

The Solana Blockchain network has managed to attract many game developers to its network, especially with its high scalability feature. The most popular among these was STEPN, a play-to-win platform. Solana, which also has an important share in the NFT sector, is currently the network with the highest NFT transaction volume after the Ethereum network.

Despite its rapid rise, Solana occasionally comes up with problems in the Blockchain network. Finally, Solana, which had to stop block production last week, had to restart its network. This is the 9th time since the network went live.

The native token of the blockchain network SOL is among the crypto assets most negatively affected by the mass sales in the cryptocurrency markets in recent days. After peaking at $260 in November 2021, the SOL token entered a steeply accelerated downtrend, losing 86 percent from its peak price and changing hands at $39 today. Solana has returned to last year's price level, reversing its one-year gains with the latest downtrend.