Hong Kong-based venture capital firm Chiron has raised a $50 million fund dedicated to backing projects on the Terra blockchain, the company announced Wednesday.

The firm will use the funds to boost “decentralized finance applications, metaverse-linked non-fungible token (NFT) platforms and more,” according to a press release.

The fund is the latest cash influx into Terra’s rapidly growing ecosystem, which attracted a $150 million decentralized finance (DeFi) fund in July.

Investor confidence in the Terra ecosystem has never been higher, a representative of the fund told CoinDesk, as the blockchain’s native LUNA token continues testing all-time highs despite an overall market downturn.

Chiron is just the latest of many funds to bet on the future of metaverse and Web 3 gaming. South Korean-based Hashed raised a $200 million Web 3 fund last week, along with a $100 million Solana gaming fund raised by Lightspeed and FTX in November.

“The Terra ecosystem’s growth potential, particularly after the latest Columbus-5 upgrade and announcements on Risk Harbor insurance wrapped protection, is limitless,” said Jake Cormack, chief operating officer at Chiron Partners. “We want to work closely with visionaries behind up-and-coming projects built on Terra, supporting them with not just capital, but also our strategic, extensive resources and expertise.”