Binance will welcome the migration and offer support to Terra (LUNA) ecosystem projects following the breakup this month of the decentralized finance (DeFi) platform and its algorithmic stablecoin.
BNB Chain (BNB) has pledged to provide investment and support to projects considering migrating from the Terra ecosystem following the biggest black swan event to hit the cryptocurrency space in recent years.
Stader Labs will become one of the first projects in the Terra ecosystem to start integrating into the BNB chain. The firm builds liquid betting solutions on four blockchains, namely Solana (SOL), Near (NEAR), Fantom (FTM), and Hedera (HBAR), and is set to offer liquid BNB betting through a recently announced partnership. .
Users will be able to stake BNB on Stader and receive returns through the platform, while the company will also issue a staking derivative representing staked BNB holdings, which users can use in DeFi protocols.
The BNB Chain Fund offers access to $1 billion in investments and grants to prospective projects seeking to operate within the BNB Chain ecosystem. The team is committed to supporting projects migrating from the Terra ecosystem and will provide additional network, tokenonomy and marketing support as well as business development.
Gwendolyn Regina, chief investment officer at BNB Chain, spoke to Cointelegraph about the move to support struggling projects in the Terra ecosystem. Although the potential for ecosystem recovery is subject to much speculation, Regina said the company was looking to bring on board some major builders of the Terra ecosystem:
“The Terra ecosystem has many talented builders and developers, and our support is aimed at helping those builders and teams, building new projects on the BNB chain. Hence, we are simply interested in supporting developers and projects so that they do not lose their future potential.
Regina also confirmed that a handful of projects within the Terra ecosystem had been interacting with the BNB chain prior to its collapse, including Mirror Protocol, Synapse, and Wormhole. Of particular interest to the BNB chain are companies working in emerging sectors of the crypto economy, a space where Terra developers were gaining momentum.According to Regina:
“The BNB Chain community is also open to getting developers to join across categories like DeFi, NFT, GameFi, frontier technology, infrastructure, sustainable technology, etc. We have seen significant interest from gaming companies in Terra, because of our sidechain framework, BAS, which is the benchmark sidechain for a great gaming experience.”
Binance is not the only cryptocurrency company offering help to beleaguered projects within the Terra ecosystem. Telos has also announced its support for Terra ecosystem developers and projects this week and will work to speed up migrations of decentralized applications, or DApps, that were operating in the Terra ecosystem. – including investments, marketing support and technical assistance.
For Terra community projects who want a shared chain, choose @0xPolygon POS chain(ZKRollup soon)
If you are looking for an app specific chain, you can go for SUPERNET
-No weird restrictions on Validators/Bridge
-Future possibility to make your chain a rollup
-Eth community love https://t.co/Ek803OZQlL— Sandeep – Use Stripe on Polygon (@sandeepnailwal) May 15, 2022
For Terra community projects that want a shared chain, choose the chain @0xPolygon POS(ZKRollup coming soon)
If you are looking for a specific string for an application, you can opt for SUPERNET
-No weird restrictions on validators/bridges
-Ability to make your chain a rollup in the future
-Love from the Eth community
Ethereum-based scaling platform Polygon is also opening its arms to Terra-based projects, with CEO Ryan Watt and Sandeep Nailwal announcing support for the migration on Twitter. Cointelegraph has reached out to Polygon for comment, and Wyatt is willing to confirm more details for those interested in migrating from the Terra ecosystem.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.