The firm at the back of LUNA (Terra blockchain), Terraform Labs, has collaborated with a Web3-based startup fund called LongHash Ventures for the launch of LongHashX Accelerator to be accessed by startups constructing in the ecosystem of Terra as well as the founders, according to a press release.
Consequently, LongHash Ventures will provide the network of founders and investors thereof with access to the local startups of Terra and will deliver funding of nearly $500,000 to every project certified to be a part of the program. Do Kwon – the co-founder of Terraform Labs mentioned that the track record of the LongHashX is quite excellent as being among the most effective programs in terms of elevating Web3 ventures.
He added that the latest Terra cohort provides the builders with a way to seek innovative concepts taking account of first-class resources, guidance, and workshops, bringing additional acceleration to a stream of innovation across the ecosystem of Terra.
Terra to construct Web3
As per the declaration, there will be 10 projects to join the LongHashX Accelerator Terra cohort. The respective projects will participate in a guidance project of 12 weeks across six areas including fundraising, community building, governance tech tutorship, tokenomics, as well as product design, and strategy. Apart from this, LongHashX will conduct fireside chats and weekly workshops with the leaders of the industry along with one-on-one issue solving sessions targeting venture builders.
One of LongHash Ventures’ founding collaborators, Emma Cui, stated that the fund has a strategy to substantially scale up the LongHashX Accelerator project this year. She moved on to express her enthusiasm to have Terra as their partner in executing their next cohort. They have been moved by the development and protocols under the ecosystem of Terra. She also revealed that they will keep on spreading their accelerator collaboration model taking into account the prominent Web3 ecosystems across the globe.
Terra’s place in the crypto industry
Ultimately, at the denouement, the project will organize a Demo Day to permit the selected ventures to pitch the products thereof to the investors. It was reported earlier that a further amount of nearly $125 worth in Bitcoin (BTC) has been added by Terra to the reserve thereof on 22nd March. In the meantime, the value of the local token of the network, LUNA, makes it the sixth-biggest crypto-token in terms of market capitalization whereas the respective blockchain is the second-largest following Ethereum so far as its total value locked is concerned.