LongHash Ventures and Terraform Labs announced the launch of a stream within the LongHashX accelerator, aimed at Terra-based startups operating on the Terra network, according to a press release.<\/p>\n
The partners will select ten Terra projects for the LongHashX Accelerator. Over the summer, its participants will undergo a program supported in areas such as strategy and product design, tokenomics, governance, technical mentorship, community-building and fundraising.<\/p>\n
Selected companies will gain access to a network of founders and investors, and may expect funding of up to $500,000.<\/p>\n
Terraform Labs chose LongHash Ventures for its track record in accelerating the growth of leading Web3 protocols.<\/p>\n
Previously, the VC firm formed accelerators for startups in Polkadot, Filecoin, Algorand and other blockchains.<\/p>\n
According to DeFi Llama<\/a>, the total value locked in the Terra ecosystem reached $30.6 billion. A year ago the project’s TVL did not exceed $1 billion. By this measure, with a 13.5% share of the market overall, Terra ranks second after Ethereum ($123.05 billion).<\/p>\n According to CoinGecko<\/a>, on 5 April the native token of the Terra ecosystem (LUNA) rose above $119, setting an all-time high. By market capitalization, the asset moved from eighth to seventh place.<\/p>\n LUNA is rising in price amid active purchases of Bitcoin<\/a> by the non-profit Luna Foundation Guard (LFG) to support the stability of the algorithmic stablecoin<\/a> UST.<\/p>\n