Terraform Labs is partnering with LongHash Ventures, a Web3 investment fund, to increase development activity on the fast-growing Terra blockchain.
As part of the partnership, the LongHashx Accelerator—a program to support Web3 development and crypto startups—will open up to those building in the Terra ecosystem.
In the world of investment, accelerator programs typically provide hands-on assistance to early-stage startups. This could be in the way of building an initial product, mentorship or even helping the startup with hiring employees.
The primary objective of this partnership is for the Web3 fund to assist and invest in protocols building on the Terra blockchain. Ten projects will join the Terra cohort and 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, tokenomics, governance, tech mentorship, community building, and fundraising.
Following the end of the 12 weeks, startups will have an opportunity to pitch to potential investors at a Demo Day.
“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,” Terra’s co-founder and CEO, Do Kwon said.
LongHash Ventures also provides up to $500,000 in funding to each project selected to join the Accelerator program.
The Terra, LongHash partnership
Terra’s partnership with LongHash Ventures is the latest in a series of partnerships between the Web3 investment fund and other ecosystems in the crypto industry, including Polkadot, Filecoin, and Algorand.
Like these other crypto networks, Terra allows developers to build financial primitives like money markets or decentralized exchanges using smart contracts. The network is likely best-known for its dollar-pegged stablecoin UST.
Terra also has a native governance and staking token called LUNA. At press time, LUNA is trading at just over $113, according to CoinMarketCap.
“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,” Emma Cui, founding partner of LongHash Ventures said in a prepared statement.
“The LongHashX Accelerator has a consummate track-record as one of the most successful programs for accelerating Web3 startups,” said Kwon.