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LUNA grows in strength

Chiron Partners, a Hong Kong-based venture capital firm, has launched a new ecosystem fund dedicated to Terra (LUNA), opening the door to new innovations for its decentralized tier one funding protocol, DeFi.

Chiron Terra Fund I, also known as CTI, will allocate $50 million in capital to support innovative projects based on the Terra ecosystem. Projects at the intersection of decentralized finance and "metaverse-linked" non-exchangeable token platforms are eligible for support, the company announced Wednesday.

Built using the Cosmos SDK and Tendermint, Terra is a DeFi protocol that uses stable fiat-pegged coins to power global payment systems. The native LUNA token is designed to absorb the short-term volatility of Terra-based stablecoins. Following the Columbus-5 upgrade in October, Terra will reportedly accommodate more than 160 new projects by early 2022.

"CTI fills an important gap in the digital asset space. We truly believe that every great project needs a well-developed protocol to thrive, and CTI will make that possible. We are excited to expand our thematic approach and identify promising investment opportunities," said Sean Hung, founder and CEO of Chiron Partners.

Terraform Labs, the South Korean development company behind the Terra blockchain, successfully raised $150 million in funding earlier this year. Major venture capital funds including Pantera Capital, Galaxy Digital and BlockTower Capital contributed to the raise. 

"We are pleased to have Chiron Partners join the rapidly growing Terra ecosystem as a valuable resource to help equip ecosystem projects and builders with capital, strategic knowledge and other guidance," said Do Kwon, co-founder and CEO of Terraform Labs.