Solana had shifted her focus to decentralized finance in Southeast Asia with a new development fund of $5 million.
The Solana Foundation created the fund in partnership with Vietnam-based investment firm Coin98 Ventures, enabling the regional startups that built Solana to receive technical, marketing and community support, as well as funding of up to $100,000. The fund will run over the next three years with a particular focus on projects in the DeFi and Web3 space, including marketplaces, exchanges, and DApps or other tools.
This is one of the first grants to define a core area of interest, with a particular focus on Vietnam. Solana Foundation Executive Director Eric Williams:
“Our goal is to create optimal conditions for developers in Southeast Asia to build amazing things in Solana.”
According to the announcement, “the project team can be distributed, but must have physical presence in South East Asia.” The announcement made it clear that if they were not present, they would not be eligible for the funding.
Williams explained that the foundation partnered with Coin98 Ventures because of the technical and community support they can provide, adding that the key to the fund’s success is the combination of financial and technical support:
“Sometimes obstacles can be overcome with extra cash, other times they can’t.”
DeFi is gaining traction within the Solana ecosystem, pushing trading volume to an all-time high earlier this month.
Using treasury and fundraising campaigns to enhance the developer ecosystem in blockchain is common with programs already available for various blockchain networks including Bitcoin, Ethereum, OkCoin, and Polkadot.
In September last year, Polkadot received one of the largest funding increases to date with digital asset development company RockX investing $20 million to support the Polkadot ecosystem over the next five years.