BNB Chain offers another lifeline to Terra ecosystem projects
Binance will welcome the migration and support projects from the Terra (LUNA) ecosystem after dissolving the decentralized finance platform (DeFi) and its algorithmic stablecoin this month.
BNB Chain has pledged to provide investment and support for projects considering migrating from the Terra ecosystem after the largest black swan event hit the cryptocurrency space in recent years.
Stader Labs will be one of the first Terra ecosystem projects to start integrating into the BNB chain. The company builds liquid staking solutions for four blockchains namely Solana, NEAR, Fantom and Hedera and will offer BNB liquid staking via a newly announced partnership.
Users will be able to stake BNB in Stader and receive returns through the platform, while the company also issues a staking derivative representing the staked BNB holdings, which users then use in DeFi protocols be able.
The BNB Chain Fund provides access to $1 billion in investments and grants for potential projects looking to operate within the BNB Chain ecosystem. The team is committed to supporting projects migrating from the Terra ecosystem and will provide additional networking, tokenomics and marketing support, and business development.
BNB Chain Investment Director Gwendolyn Regina spoke to Cointelegraph about the move to back ailing projects from the Terra ecosystem. While the potential for ecosystem recovery is the subject of much speculation, Regina said the company is looking to onboard some key builders from the Terra ecosystem:
“The Terra ecosystem has many talented creators and developers and our support is aimed at helping these builders and teams build new projects in the BNB chain. Therefore, we are simply interested in supporting developers and projects so that they don’t miss any future potential.”
Regina also confirmed that a handful of projects within the Terra ecosystem had interacted with the BNB chain prior to its collapse, including Mirror Protocol, Synapse and
wormhole. Of particular interest to BNB Chain are firms working in emerging sectors of the crypto economy — an area where Terra developers are gaining momentum, according to Regina:
“The BNB chain community is also open to onboarding developers in categories like DeFi, NFTs, GameFi, Frontier tech, infrastructure, sustainable tech, etc. We’ve seen a lot of interest from gaming companies on Terra due to our sidechain framework BAS. This is the ideal sidechain for an excellent gaming experience.”
Related: Polygon and others support Terra blockchain projects
Binance is not the only cryptocurrency company offering assistance to beleaguered projects within the Terra ecosystem. Telos also announced this week that it will support developers and projects within the Terra ecosystem and will work to accelerate migrations of decentralized applications that have been running in the Terra ecosystem – including investments, marketing support and technical support.
Vote for Terra community projects that want a common chain @0xpolygon POS chain (ZKRollup soon)
If you are looking for an app specific chain, you can go for SUPERNET
-No weird limitations for validators/bridge
-Future way to make your chain a rollup
-Eth community love https://t.co/Ek803OZQlL
— Sandeep – Use Stripes on Polygon (@sandeepnailwal) May 15, 2022
Ethereum-based scaling platform Polygon is also opening its arms to Terra-based projects, with CEOs Ryan Watt and Sandeep Nailwal announcing migration support on Twitter. Cointelegraph reached out to Polygon for comment, and Watt wanted to confirm further details for interested migrating parties from the Terra ecosystem.
https://cointelegraph.com/news/bnb-chain-offers-another-lifeline-to-terra-ecosystem-projects BNB Chain offers another lifeline to Terra ecosystem projects