Where Do Solana Executes $100m Support to Crypto Projects?
Solana will transfer up to $100 million to crypto startups in South Korea. It has been trying to penetrate the developer market as early as last month with the collapse of the Terra ecosystem. The two major players in the fast-paced ecosystem, Solana Foundation, and Solana Ventures, will provide investments and grants across all aspects of Web 3. However, their focus will be on the South Korean crypto game development sector.
The weekly funding effort puts Solana in direct competition with Avalanche, Polygon, and other innovative contract platforms, which all hinder the accumulation of Korean orphan crypto developers. It is unclear how many Terra developers will return to the ecosystem; Since the May bombing has destroyed billions of dollars in wealth.
According to DeSpread Growth Manager, developers are avoiding Terra 2.0 due to the sudden crash of TerraUSD and LUNA dual tokens and people’s perception that the chain has a “key person” risk. Also, doubts that their boards will have any significant user base; Because the entire society has almost evaporated.
According to the head of communications at the Solana Foundation, While Solana funding will be extended to Web 3 projects, He will pay special attention to empowering the developers of Korean-based blockchain games. South Korea’s gaming sector was valued at more than $15 billion in 2021. The idea is to use some of this potential for crypto games. It is worth noting that Solana also plans to get acquainted with the Korean developer community; Through a hacker house scheduled for early August.
Crypto Grasps Firm as Football Titan Gets Shiba Inu Payments
Brazil’s leading football club Sao Paolo FC is now accepting Shiba Inu as ticket payment. It is easy to forget that crypto is a genuinely global phenomenon; However, news like this is a good reminder. Brazil is becoming a kind of cryptocurrency power, and this is a good example.
Cryptocurrency prices were maintained last week. Investors rated the landscape for cryptocurrency. Bitcoin is now stable at $30,000 for several weeks. This reinforces the hope that the worst period of the “crypto winter” in price drop has now passed. Bitcoin started the week down below $29,000. And rose to $32,000 on Tuesday; before the trade, it was less than $29,500. Since then, it has risen again and now trades at just $31,000.
Ether is subject to constant variability. This is likely due to the uncertainty of some investors around The Merge, which is now firmly on the horizon. ETH Token started below $1,800 last week; Before exceeding $1,950 on Tuesday. However, the value fell below $1,750 over the weekend; Before now, it was trading at around $1,850.
ETH will likely continue to be impacted by externalizing factors until the merger results clear. The technical update of the blockchain has a profound impact on its use and symbolic meanings. Theoretically, it would have a “deflationary” effect on the cryptocurrency. This can be a valuable aspect in the current context of high inflation. Despite the constant price volatility, the underlying fundamentals surrounding the Ethereum blockchain look strong. They are especially noticeable ahead of future mergers.
Ethereum and Blockchain
New data from Glassnode shows a record number of addresses containing ether. Although the nominal price has fluctuated significantly in the last few months, one thing is clear. There are more network participants than ever before. Accordingly, the blockchain performs the function for which it was created. The amount of ETH in Ethereum 2.0 deposit contracts is also at a record level.
This indicates that many investors and market participants are playing a long-term game by participating in the network and taking a position of interest; Despite recent short-term volatility. This is a potentially promising strategy, especially if you have faith in using ETH – which is essential for a good investment case.
The merger will be a massive test for the network and will likely give it a travel destination shortly. Investors will closely monitor the progress; it is expected that the blockchain and, consequently, the price potential will be further strengthened.
Crypto and Cardano Stakes
Cardano has had some dramatic ups and downs over the last two years. However, despite losing the highest value of all time recorded in August last year, Institutional investors quietly hold essential positions in Token. Two processes are going on here. The first comes only from the aspect of diversification. Institutional investors who have a mandate to invest in crypto; Must browse the entire market, including hundreds of tokens. Cardano is now a significant component of this market; It looks like a selection of technical promotions. You can be sure it will contain Meta; It’s the biggest, but it’s an important player.
The second fundamental process comes from selecting potential winners from an active manager position. While we see that the crypto space continues to be a highly diversified market with various significant blockchains, there will also be winners and losers.
Although not yet on a chain scale-like Ethereum, Cardano is a serious competitor. In this sense, it is pointless for fund managers to consider potentially profitable investments. Compared to other sectors, crypto is still at an early stage. Who would not take the opportunity now to invest in Meta in the early days? It is essential to have substantial investments when looking at any asset, and crypto is no different.