Terra’s native cryptocurrency, LUNA, has emerged as one of the best-performing digital assets of the past 11 months.
Hong Kong venture capital firm Chiron Partners has launched a new
ecosystem fund dedicated to Terra (LUNA), opening the door to new
innovations for the layer-one decentralized finance, or DeFi, protocol.
The
Chiron Terra Fund I, also referred to as CTI, will deploy $50 million
in capital to support innovative projects building on top of the Terra
ecosystem. Projects at the intersection of decentralized finance and
“metaverse-linked” nonfungible token platforms are eligible for support,
the company announced Wednesday.
Built using Cosmos SDK and Tendermint, Terra is a DeFi protocol
that uses fiat-pegged stablecoins to power global payment systems. The
native LUNA token has been designed to absorb the short-term volatility
of Terra-based stablecoins. Following its Columbus-5 upgrade in October,
Terra is reportedly set to house over 160 new projects by early 2022.
Terraform Labs, the South Korean development company behind the Terra blockchain, successfully raised
$150 million in funding earlier this year. Major crypto venture funds
including Pantera Capital, Galaxy Digital and BlockTower Capital
contributed to the raise.
Terra
has emerged as one of the largest DeFi-oriented blockchains on the
market, with total value locked surpassing $13 billion, according to industry data. Only Ethereum has a higher TVL.
In
terms of price performance, LUNA has skyrocketed over 9,000% this year.
Last month, the cryptocurrency peaked above $77.00. The cryptocurrency
has a total market capitalization of $24.2 billion, placing it in the
tenth spot among active projects.
source link : https://cointelegraph.com/news/hong-kong-based-chiron-partners-launches-50m-terra-fund
