Solana has turned its focus towards decentralized finance in Southeast Asia with a new $v million development fund.

The Solana Foundation created the fund in partnership with Vietnam-based investment firm Coin98 Ventures, enabling regional startups building on Solana to receive technical, marketing, and community support, too every bit upwards to $100,000 in funding. The fund will run for the side by side three years with a specific focus on projects within the DeFi and Web3 spaces, including marketplaces, exchanges, and other DApps or tooling.

This is 1 of the commencement grants specifying a core region of interest, with a detail focus on Vietnam. Solana Foundation executive manager Eric Williams said:

"Our goal is to create the optimal weather condition for developers in Southeast Asia to build astonishing things on Solana."

According to the proclamation, "Project teams may be distributed, but must take a physical presence in Southeast Asia." The declaration makes it clear that if they do non have a presence at that place, they volition not authorize for the fund.

Williams explained that the foundation partnered with Coin98 Ventures because of the technical and community support it can provide, calculation that the key to this fund existence successful is the combination of financial and technical support:

"Sometimes hurdles can be solved with extra money, other times they cannot."

DeFi is gaining traction inside the Solana ecosystem, driving trading volume to all-time highs earlier this month.

Using treasuries and fund campaigns to heave developer ecosystems inside blockchains is common with programs already available for a range of blockchain networks including Bitcoin, Ethereum, OKCoin and Polkadot.

In September 2020, Polkadot received i of the largest fund boosts to date with digital asset development visitor RockX investing $20 1000000 to back up the Polkadot ecosystem over the next five years.