Amidst the rising tide of crypto enthusiasm in a new bull market, a growing number of Web3 startups are seeking refuge and guidance in accelerator programs, attracting investors eager to participate in the crypto boom.

These accelerator programs offer invaluable mentorship and guidance to early-stage startups in exchange for a stake in their ventures. Notable examples include Y Combinator, a renowned accelerator based in the United States, whose alumni boast prominent crypto firms like Coinbase and OpenSea.

Recently, on March 26, Andreessen Horowitz (a16z) unveiled the roster for its spring 2024 crypto startup accelerator. This 10-week mentorship program, led by the a16z crypto team in London, features 25 startups specializing in various crypto-related projects. Participants receive $500,000 from a16z in exchange for 7% equity, with past alumni including notable names like Flashbots and Phantom.

Similarly, on November 9, 2023, the Avalanche Foundation and Ava Labs launched their accelerator, Codebase, which pledges investments ranging from $500,000 to $1 million for participating startups.

In a bid to further fuel innovation in the Web3 gaming sector, Helika, a Web3 gaming infrastructure company, has teamed up with leading venture capital firms such as Pantera Capital, Spartan Capital, and Sfermion to allocate up to $50 million to startups enrolled in its Helika Accelerate program.

The resurgence of venture capital activity within the cryptosphere is evident, with firms like 1kx recently closing an oversubscribed $75 million fundraising round, and Hack VC finalizing a $150 million round in February.

According to Sam Lehman, principal at Symbolic Capital, robust crypto accelerators play a crucial role in nurturing community among founders within the network-centric Web3 ecosystem. However, Lehman warns of potential predatory practices among accelerators, cautioning founders to carefully evaluate the terms offered before committing.

Moreover, investment activity in Web3 gaming has surged, exemplified by 0G Labs' successful closure of a $35 million pre-seed funding round on March 25, with backing from over 40 crypto-native institutions, including Hack VC and the Blockchain Builders Fund.