The $5 million fund requires only projects in Southeast Asia with a physical presence to apply for a grant that offers up to $100,000 plus technical and community support.
With a new $5 million development fund, Solana has shifted its attention to decentralized finance in Southeast Asia.
In collaboration with Vietnam-based investment company Coin98 Ventures, the Solana Foundation developed the fund, allowing regional startups building on Solana to receive technological, marketing, and community support, as well as up to $100,000 in funding. Over the next three years, the fund will concentrate primarily on projects within the DeFi and Web3 spaces, including markets, exchanges, and other DApps or resources.
This is one of the first grants, with a special emphasis on Vietnam, identifying a core region of interest. Executive Director Eric Williams of the Solana Foundation:
“Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana.”
Project teams may be dispersed, according to the announcement, but must have a physical presence in Southeast Asia. The announcement makes it clear that they would not apply for the fund if they don’t have a presence there.
Williams clarified that, because of the technological and community help they can offer, the foundation collaborated with Coin98 Ventures, adding that the secret to the success of this fund is the combination of financial and technical support:
“Sometimes hurdles can be solved with extra money, other times they cannot.”
Within the Solana ecosystem, DeFi is gaining momentum, pushing trade volumes to all-time highs earlier this month.
With programs already available for a number of blockchain networks, including Bitcoin, Ethereum, OkCoin, and Polkadot, it is popular to use treasuries to finance projects to improve developer ecosystems within blockchains.
Polkadot got one of the biggest fund boosts to date in September last year, with Digital Asset Creation firm RockX committing $20 million over the next five years to finance the Polkadot ecosystem.