Terraform Labs, the company behind the Terra (LUNA) blockchain, has partnered with Web3-focused venture fund LongHash Ventures to “open up the LongHashX Accelerator to founders and startups building in the Terra ecosystem,” per a press release shared with CryptoSlate today.
As a result of this partnership, LongHash Ventures will open its network of investors and founders to Terra-native startups and will provide up to $500,000 in funding to each project approved to join the program. Terraform Labs co-founder and CEO Do Kwon added:
“The LongHashX Accelerator has a consummate track-record as one of the most successful programs for accelerating Web3 startups. The new Terra cohort unlocks a streamlined 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.”
We’re proud to announce that LongHashX Accelerator will be partnering with @terra_money to launch the LongHashX Accelerator Terra Cohort!
Applications are now OPEN! 🚀🌝
If you’re a start-up building on Terra, the LongHashX Accelerator will be perfect for you.
Here’s why 🧵👇 pic.twitter.com/TFqGHHv9Rh
— LongHash Ventures (@LongHashVC) April 4, 2022
Building Web3 on Terra
According to the announcement, 10 projects will join the so-called LongHashX Accelerator Terra cohort. In June, they will take part in a 12-week guidance program focused on six areas such as product strategy and design, tokenomics, governance, tech mentorship, community building, and fundraising.
Additionally, LongHashX will organize “weekly workshops and fireside chats with industry leaders” and “weekly one-on-one problem solving sessions with venture builders and weekly mentor office hours.” According to Emma Cui, a founding partner of LongHash Ventures, the fund plans to “significantly scale up our LongHashX Accelerator program” in 2022:
“We are thrilled to partner with Terra to run our next cohort. 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.”
Ultimately, the program will conclude with a “Demo Day” where the selected startups will be able to pitch their products to investors.
As CryptoSlate reported, Terra added additional $125 million worth of Bitcoin to its reserve on March 22. Meanwhile, the network’s native token LUNA is currently the sixth-largest cryptocurrency by its market capitalization while the blockchain itself is the second-biggest after Ethereum in terms of the total value locked on it.