Terraform labs partnered with Longhash ventures to boost the Web3 development on the Terra blockchain so let’s read more in our latest crypto news today.
Terraform Labs partnered with Longhash ventures which is a Web3 investment fund that can increase the development activity on the Terra blockchain. As a part of the partnership, the Accelerator LonghashX will support Web3 development and crypto startups that will open up to the building in the Terra ecosystem.
In the world of investment, the accelerator programs often provide hands-on assistance to early-stage startups which could be in the way of building an initial product and mentorship or help the startup with hiring employees. The main objective of the partnership is for the web3 fund to assist and invest in protocols that are building on the Terra blockcahin so ten projects will join the Terra network and will go through a 12-week program in June 2022. The Terra cohort will receive guidance and support in six key areas, product strategy and design, tech mentorship, community buildings, fundraising, and tokenomics. After the end of the 12 weeks, startups will have an opportunity to pitch to potential investors at Demo Day. The co-founder Do Kwon said:
“The new Terra cohort unlocks a streamline pathway for builders to pursue bold ideas replete with first-class resources, workshops, and guidance—further accelerating a wave of innovation in the Terra ecosystem.”
Longhash ventures also provided $500,000 in funding to each proejct that is selected to join the Accelerator program. The latest partnership is only one in a series of partnerships between the Web3 investment fund and other ecosystems in the industry like Filecoin, Polkadot, and Algorand. Terra allows developers to build financial primitives like decentralized exchanges and money markets using smart contracts so the network is likely best known for the dollar-pegged UST stablecoin.
Terra also has native governance and staking tokens dubbed LUNA which is trading for over $113 at the time of writing. The founding partner of Longhash ventures Emma Cui said:
“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 LongHashX Accelerator has a consummate track-record as one of the most successful programs for accelerating Web3 startups.”
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