Last October, we announced and kicked off our Elrond Dubai Incubator, a program committing $15M in funds to support teams building on top of the Elrond technology. We are happy to share that soon we will announce the first project supported by our incubator.

In the last two months, we have experienced considerable interest in our program and received hundreds of emails (to our official email — elrond@morningstar.ventures) from upcoming projects. We spoke to about ten teams, and among them have recognized a team with the right properties, relevant geographical fit, and the needed ambition that fits our program. In 7 days, we will officially announce the first project of our Incubation Program.

While we have been working hard on supporting this first team from our program, the Elrond team has pushed some strong developments on its end. The Elrond team released the highly anticipated Maiar Exchange (the first Elrond-based DeFi platform) and kicked off its Elrond Launchpad along with the launch of the Holoride project and its native token $RIDE — another exciting Elrond based project that we are invested in.

We couldn’t have chosen a better time to present you one of our most important initiatives to this date, so stay tuned and follow our updates on Twitter to learn more.