The Crypto Massacre in early May has left many crypto investors with heavy losses. Terra(LUNA) collapse triggered this downturn in digital assets prices this time. Even flagship currencies such as Bitcoin and Ethereum experienced steep dips in their prices.
Do Kwon, the Terra founder, too is trying to improve the situation by bringing a fresh ecosystem dubbed Terra 2.0 or LUNA 2.0, however so far it has received mixed reactions.
However, wounded Terra investors, especially South Koreans, could soon receive ointment from another popular crypto asset, Solana.
Solana will be providing funds worth $100 million into South Korean crypto startups. The main purpose behind the initiative of high-performance blockchain is to help affected investors revive from last month’s crypto market meltdown.
A press release stated that Solana Ventures and the Solana Foundation and Solana Ventures will offer grants and seed investments “across all Web3 verticals.” However, their main focus is going to be on South Korea’s crypto games development sector.
This move by Solana has incited competition among other smart contract platforms such as Polygon and Avalanche, who seek the attention of Korean developers.
At this point, it can’t be clearly stated how many Terra developers will trace their journey back to the ecosystem after it wiped them of billions of dollars worth in wealth.
In addition, Terra or LUNA-based platforms could be seen making a gradual shift to other blockchains such as Solana to receive the support of victims. Solana has come forward to support developers affected due to the Terra crash.
Do Kwon too is making all the possible efforts to gain back the trust of crypto investors with the launch of the latest version of Terra (LUNA) containing more advanced features. While some crypto experts and enthusiasts are doubtful about the new launch, it is getting the attention of crypto investors.
Due to the Terra meltdown several stablecoins-based projects were even shut down. This has led to many countries introducing stricter laws on cryptocurrencies. The South Korean government is among them as it has increased scrutiny on the digital-asset related laws.
The Solana blockchain is trying to participate at a “web-scale” through its collaboration with the Terra stablecoin of one of the e-commerce giants, TMON. The Solana blockchain network seeks to expand the space for multiple developers, programmers, and crypto investors through introducing ways for different applications requiring payments.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/06/11/solana-to-pull-in-100-millions-to-support-terra-affected-south-koreans/