LongHash Ventures and Terraform Labs to Launch Terra-based Accelerator

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.

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.

Selected companies will gain access to a network of founders and investors, and may expect funding of up to $500,000.

Terraform Labs chose LongHash Ventures for its track record in accelerating the growth of leading Web3 protocols.

Previously, the VC firm formed accelerators for startups in Polkadot, Filecoin, Algorand and other blockchains.

According to DeFi Llama, 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).

According to CoinGecko, 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.

LUNA is rising in price amid active purchases of Bitcoin by the non-profit Luna Foundation Guard (LFG) to support the stability of the algorithmic stablecoin UST.

Earlier this year, Terraform Labs pledged to provide more than $4 billion to develop the Terra ecosystem and bolster the stability of the UST stablecoin.

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