In a bid to make its mark, the Asset Management firm Stone Ridge has commenced the first startup accelerator that is devoted to Bitcoin Lightning network and the Taro protocol, codenamed Wolf’s Clothing (Wolf) as per a post.
It was reported that the startup accelerator is an 8-week program under which prolific founders and startup teams across the world will assemble in New York City. The host will provide accommodation and travel costs.
It was noted that successful applicants will receive $250,000 while another attendee will receive an additional $500,000 at the end of the program.
Meanwhile, there is provision for a guaranteed $250,000 for any startup successfully onboarded into the program.
It was gathered that the program will be held four times in a year with applications for the first round now open and will commence in April next year.
Speaking on the initiative, the CEO of wolf, Kelly Brewster, revealed that attendees will have unfettered access to one-on-one mentorships as well as a range of specialists as additional benefits.
Regardless of the bear market and sharp drop in the price of Bitcoin, the Lightning Network has continued to experience a boost since last 2022. It has reportedly reached a whooping 5,000 BTC mark. Meanwhile, it was just 4,000 BTC in June.
The Lightning Network is regarded as a layer-2 solution developed on top of Bitcoin, which enables users to send satoshis being the smallest units that Bitcoin can be divided into for speed, low transaction fees, and efficiency.
As at the time of writing, the network capacity of Lighting Network is at 5,140 BTC according to the 1ml data report.
Supports for Bitcoin Lightning Network
While some users have undermined the importance of the layer-2 lightning network, the executive chairman of MicroStrategy Micheal Saylor recently expressed strong support, adding that he had done more transactions on the network.
The Bitcoin Maximalist further affirmed that he would like to hold a competition where 1,000.00 satoshis will be distributed to participants so as to demonstrate how to use the Bitcoin’s layer-2 Lightning Network.
