Hong Kong venture capital letter house 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 every bit CTI, will deploy $l million in capital to support innovative projects edifice on elevation of the Terra ecosystem. Projects at the intersection of decentralized finance and "metaverse-linked" nonfungible token platforms are eligible for support, the company announced Midweek.

Built using Cosmos SDK and Tendermint, Terra is a DeFi protocol that uses fiat-pegged stablecoins to ability global payment systems. The native LUNA token has been designed to blot the short-term volatility of Terra-based stablecoins. Post-obit its Columbus-5 upgrade in October, Terra is reportedly ready to house over 160 new projects by early 2022.

"CTI fills a vital gap in the digital assets space. Nosotros truly believe every neat project requires a well-built protocol to flourish, and CTI volition brand that happen. Nosotros're excited to advance our thematic approach and identify promising investment opportunities," shared Sean Hung, Founding Partner and CEO of Chiron Partners.

Terraform Labs, the South Korean development visitor behind the Terra blockchain, successfully raised $150 million in funding before this twelvemonth. Major crypto venture funds including Pantera Capital, Galaxy Digital and BlockTower Capital contributed to the heighten.

"We're thrilled to have Chiron Partners join the booming Terra ecosystem as a valuable resource to assistance equip ecosystem projects and builders with capital, strategic expertise, and other guidance," said Do Kwon, co-founder and CEO of Terraform Labs.

Related: The stablecoin scourge: Regulatory hesitancy may hinder adoption

Terra has emerged as one of the largest DeFi-oriented blockchains on the marketplace, with full value locked surpassing $13 billion, according to industry data. Only Ethereum has a higher TVL.

In terms of TVL, Terra is second merely to Ethereum and alee of Solana, Barrage, Tron and Polychain. Source: DeFi Llama

In terms of price operation, LUNA has skyrocketed over 9,000% this year. Terminal 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.