In the weeks since Terraform Labs CEO Do Kwon first revealed plans for Terra blockchain to accumulate $10 billion worth of Bitcoin to back its UST stablecoin, the strategy has put the network squarely in the spotlight.
With the ambitious plans already being executed, the blockchain’s native LUNA token has climbed the rankings to reach the 6th most valuable cryptocurrency by market capitalization.
Now at over $30 billion and counting of total value locked (TVL) within decentralized finance (DeFi) protocols atop the Terra blockchain, Terraform Labs has teamed up with LongHash Ventures to encourage ecosystem development and advance related Web3 projects through LongHash’s accelerator program.
As the second-largest DeFi ecosystem behind Ethereum, Terra’s decision to enlist the LongHashX Accelerator comes when it is trying to drive Web3 innovation and adoption to become the preferred destination for decentralized finance (DeFi) protocols.
This new LongHashX Accelerator Terra cohort marks the first time an accelerator program has been open to startups and founders constructing within the Terra ecosystem. Applications are now being accepted for the June 2022 accelerator class, and 10 projects will be selected to join the 12-week program.
During this program, selected projects will be eligible to receive up to $500,000 in funding alongside the opportunity to engage with Web3 thought leaders, investors, and founders. The program will focus on six main areas of project development, including community building, fundraising, governance, product strategy and design, tech mentorship, and tokenomics.
Since 2021, when it opened its first fund, LongHash Ventures has built a reputation for partnering with blockchain ecosystems and supporting Web3 protocols through investment, mentoring, and support for teams. Already, it has partnered with Polkadot and Filecoin to achieve similar aims.
According to LongHash Ventures Founding Partner Emma Cui, “We have been very impressed by the protocols and development of the Terra ecosystem, and we are very excited to continue to expand our accelerator partnership model with one of the world’s leading Web3 ecosystems. The collaboration gives us an opportunity to accelerate and invest in the next generation of projects building on Terra.”
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