The Solana project is working with Coin98 Ventures to fund development of solutions on the Solana blockchain by setting aside $5 million in grants, according to an announcement made on Jan. 26.
- The Coin98 Solana Ecosystem Fund will provide $100,000 over 3 years to early-stage startups in Southeast Asia that are building solutions on the Solana blockchain, besides receiving marketing and technical guidance
- The funding is intended to boost DeFi and Web 3.0 development in the region, with Solana Foundation Executive Director Eric Williams saying that the focus is “to create the optimal conditions for developers in Southeast Asia”
- The Solana blockchain is touted as an improved alternative to Ethereum, with a transaction throughput of 50,000 tps and transaction costs of $0.00001
- However, it has not all been smooth sailing for Solana, with the network having experienced downtime in Dec. 2020
- Coin98 Ventures is an up and coming Vietnam-based blockchain investment firm that has a strong investment focus on DeFi projects
- Solana is the protocol upon which FTX has built the Serum DEX, which launched in Jul. 2020