Solana Labs' $250M Flagship Social Media and Gaming Fund Has Been Partially Drawn Over the Past Year

According to The Block, Anatoly Yakovenko, CEO of Solana Labs, said in an interview at Breakpoint 2022 in Lisbon that over the past year, Solana Labs’ total encrypted social and gaming fund of US$250 million has only used part of the funds for deployment, focusing on small seed round investments. Among them, the social media fund has deployed "far less than half" of the amount so far. Current social media offerings include Dispatch, Squads, Dialect, and Wordcell, and 37 games are live or ready to go. Foresight News noted that Solana Labs announced two flagship funds at Breakpoint 2021: a $100 million fund focused on decentralized social media, and a $150 million fund to encourage blockchain-based games.