Hong Kong-based Chiron Partners launches USD 50 million Terra fund

Hong Kong venture capital firm Chiron Partners has launched a new ecosystem fund dedicated to Terra (LUNA), opening the door to new innovations in the first-tier decentralized finance or DeFi protocol.

Chiron Terra Fund I, also known as CTI, will deploy $50 million in funding to support innovative projects built on the Terra ecosystem. The company announced on Wednesday that projects at the intersection of decentralized finance and “metafest-related” non-fungible token platforms are eligible for support.

Build using Cosmos SDK and Tendermint, Terra is a DeFi protocol It uses stablecoins linked to fiat currencies to power the global payment system. The native LUNA token is designed to absorb the short-term fluctuations of Terra-based stablecoins. According to reports, following the Columbus 5 upgrade in October, Terra plans to accommodate more than 160 new projects by early 2022.

Terraform Labs, the Korean development company behind the Terra blockchain, succeeded improve Earlier this year, it received $150 million in funding. Major crypto venture funds including Pantera Capital, Galaxy Digital, and BlockTower Capital contributed to this financing.

related: The scourge of stablecoins: regulatory hesitation may hinder adoption

Terra has become one of the largest DeFi-oriented blockchains on the market, with a total locked value of more than 13 billion U.S. dollars. according to To industry data. Only Ethereum has a higher TVL.

In terms of TVL, Terra is second only to Ethereum and ahead of Solana, Avalanche, Tron and Polychain.Source: DeFi Alpaca

In terms of cost performance, LUNA has soared by more than 9000% this year. Last month, the cryptocurrency reached a peak of over $77.00. The total market value of the cryptocurrency is 24.2 billion U.S. dollars, ranking tenth among active projects.