LongHash Ventures and Terraform Labs announced the launch of a stream on the LongHashX accelerator that will focus on startups operating on the Terra network. This is stated in the press release.

Partners will select ten projects for the LongHashX Accelerator Terra. Over the summer, representatives will complete a program with support in areas such as strategy and product design, tokenomics, governance, technical consulting, community building and fundraising.

Selected firms will have access to a network of founders and investors and will be eligible to receive up to $500,000 in financing.

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

Previously, venture firm Polkadot has created accelerators for startups in Filecoin, Algorand, and other blockchains.

According to DeFi Llama, the volume of locked assets in the Terra ecosystem has reached $30.6 billion. TVL According to this indicator, with a 13.5% share of the market as a whole, Terra ranks second after Ethereum ($ 123.05 billion).

According to CoinGecko, on April 5, the price of the native Terra ecosystem token (LUNA) hit an all-time high above $119. In the ranking of cryptocurrencies by capitalization, the asset rose from eighth to seventh.

LUNA is rising in price amid active bitcoin purchases to ensure the stability of the algorithmic stablecoin UST by the nonprofit Luna Foundation Guard (LFG).

Recall that in January Terraform Labs promised to provide more than $4 billion to improve the Terra ecosystem and increase the stability of the UST stablecoin.