Sunday, April 14, 2024

Hong Kong-based Chiron Partners launches $50M Terra fund

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Hong Kong enterprise capital agency Chiron Partners has launched a brand new ecosystem fund devoted to Terra (LUNA), opening the door to new improvements for the layer-one decentralized finance, or DeFi, protocol.

The Chiron Terra Fund I, additionally known as CTI, will deploy $50 million in capital to help progressive initiatives constructing on high of the Terra ecosystem. Initiatives on the intersection of decentralized finance and “metaverse-linked” nonfungible token platforms are eligible for help, the corporate introduced Wednesday.

Constructed utilizing Cosmos SDK and Tendermint, Terra is a DeFi protocol that makes use of fiat-pegged stablecoins to energy world cost programs. The native LUNA token has been designed to soak up the short-term volatility of Terra-based stablecoins. Following its Columbus-5 improve in October, Terra is reportedly set to accommodate over 160 new initiatives by early 2022.

Terraform Labs, the South Korean improvement firm behind the Terra blockchain, efficiently raised $150 million in funding earlier this yr. Main crypto enterprise funds together with Pantera Capital, Galaxy Digital and BlockTower Capital contributed to the increase. 

Associated: The stablecoin scourge: Regulatory hesitancy may hinder adoption

Terra has emerged as one of many largest DeFi-oriented blockchains available on the market, with complete worth locked surpassing $13 billion, according to business knowledge. Solely Ethereum has a better TVL.

When it comes to TVL, Terra is second solely to Ethereum and forward of Solana, Avalanche, Tron and Polychain. Supply: DeFi Llama

When it comes to value efficiency, LUNA has skyrocketed over 9,000% this yr. Final month, the cryptocurrency peaked above $77.00. The cryptocurrency has a complete market capitalization of $24.2 billion, inserting it within the tenth spot amongst energetic initiatives.