Paving the Way for DeFi in Southeast Asia
As the world of decentralized finance (DeFi) continues to evolve, Solana has decided to place its bets on Southeast Asia, launching a $5 million development fund. This initiative, created in partnership with Coin98 Ventures, a prominent investment firm based in Vietnam, aims to empower local startups focused on building innovative solutions on the Solana blockchain.
The Fund’s Objectives
The fund will provide selected projects with not only financial aid—up to $100,000 each—but also crucial technical and marketing support. This ensures that developers are not left out in the cold as they navigate the exciting yet complex world of DeFi. The initiative is set to run over the next three years, targeting projects in booming sectors such as decentralized applications (DApps), exchanges, and marketplace platforms.
Focus on Vietnam
In a strategic move, the Solana Foundation has explicitly marked Vietnam as a focal point for this fund. Eric Williams, the executive director of the Solana Foundation, expressed their ambition to stimulate a flourishing development community in the region:
“Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana.”
Eligibility Criteria
However, there’s a catch! Project teams must have a physical presence in Southeast Asia to be eligible for funding. According to the foundation, being distributed in various locations is okay, as long as there’s at least one member rooted in the region, ensuring commitment to local development.
Combining Resources for Success
William’s remarks about the necessity of both monetary and technical support couldn’t ring truer. As he noted,
“Sometimes hurdles can be solved with extra money, other times they cannot.”
This partnership with Coin98 Ventures is expected to leverage their technical expertise and local insights to guide funded projects toward greater success.
Trend of Developer Support in the Crypto World
It’s not uncommon for blockchain projects to launch funds aimed at boosting their ecosystems. Just look at Bitcoin, Ethereum, OKCoin, and Polkadot; the trend is undoubtedly picking up steam. For instance, Polkadot once received a hefty $20 million support injection from RockX to fortify its ecosystem. It seems the race to attract and nurture talent in the crypto space is officially on!
