London, Europe Brief News-Solana decides to help the crypto projects in South Korea to help them to perform better. This has been the new famous news among the public as it is expected to pay off well in the future. The crypto projects in South Korea need help in accordance with their performance.
Crypto Projects
Solana Ventures and the Solana Foundation announced a $100 million funding. And grant it to support the growth of cryptocurrency ventures in South Korea. The move might potentially attract developers and businesses to the Solana blockchain. Which previously experienced major technical challenges, along with a six-hour outage.
The multi-million dollar financing will mostly go to initiatives centered on Solana and Terra. The latter grabbed news last month when the values of its native token LUNA and algorithmic stable coin UST fell to near zero. As a result, numerous Korean sites switched from Terra to certain other blockchain networks.
Read More: Crypto Market Crash: Bitcoin falls below $30,000
According to Johnny Lee, General Manager of Games at the Solana Foundation, such developers require assistance. Because they are not too responsible for what happened:
“The developers did nothing wrong, yet they’ve been abandoned.”
Furthermore, Solana-based initiatives require assistance. Late last month, the network had an outage that rendered it inoperable for six hours. And the team identified the root cause:
“Earlier today, a problem in the durable nonce transactions feature caused nondeterminism. When nodes produced multiple outcomes for the same block, preventing the network from progressing.”
Additional Information
Solana joined with the crypto exchange FTX in November of last year to form an additional $100 million fund targeted at blockchain-based games. The GameFi program will provide funding to start-ups. They will incorporate the Solana blockchain with video games on desktop and mobile platforms.
Also Read: HEIR will Debut NBA Star NFT Lonzo Ball’s Membership
It is reasonable to conclude that Terra’s recent unfavorable events have greatly hurt the South Korean cryptocurrency scene. Moreover, the government has demonstrated its desire to become a hub of the digital asset market. Yoon Suk-yeol, the newly elected President, positioned himself as a strong supporter of the industry, promising to legalize initial coin offerings (ICOs).
He also committed to raising the minimum limit for collecting capital gains on crypto investment revenues. Presently, investors must pay taxes if their gains surpass $2,000 per year, but the leader demanded that this occur if gains surpass $40,000 per year.
Last month, the President’s administration announced that it will conclude its crypto-friendly set of regulations in 2023 and implement it in 2024. The MPs also backed the Bank of Korea’s plan to launch a central bank virtual currency (CBDC) next year to help the crypto projects.
