The BNB Chain offers a lifeline to the Terra ecosystem projects that look to migrate away from the ailing DEFI protocol so let’s read more today in our latest Binance news.
Binance will welcome the migration and will offer support to projects from the Terra ecosystem after this month’s unraveling of the DEFI platform and the algorithmic stablecoin. The BNB Chain offers a lifeline for Terra and aims to provide investment and support to projects from the LUNA ecosystem in the wake of the biggest black swan event to hit the crypto space recently.
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 | Polygon (@sandeepnailwal) May 15, 2022
Stader Labs will be one of the main projects to begin integrating with the BNB chain and the company builds liquid staking solutions on all four blockchains like NEAR, Fantom, Hedera, and Solana and will offer BNB Liquid staking in a new partnership. Users will be able to stake BNB in Stader and get yields via the platform while the company will issue staking derivatives representing staked BNB holdings that users can use in DEFI protocols. The BNB Chain offers access to $1 billion in investments and grants to projects that look to operate in the BNB Chain ecosystem so the team is committed to supporting more projects that migrate from the Terra system and providing added network and market support as well as business development.
The BNB Chain investment director Gwendolyn Regina, spoke about the move to support failing projects and it has potential to support the ecosystems to recover is subject to speculation saying the company is onboarding important builders from the ecosystem:
“The Terra ecosystem has a lot of talented creators 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 miss out on future potential.”
Regine confirmed that a few other projects in the ecosystem which were interacting with the BNB chain before the collapse like Mirror Protocol:
“BNB Chain community is also open to getting developers onboard across categories such as DeFi, NFTs, GameFi, frontier tech, infrastructure, sustainable tech, etc. We have seen significant interest from gaming companies on Terra, because of our sidechain framework, BAS, which is the go-to sidechain for an excellent gaming experience.”
Binance is not the only crypto company that offers help to projects like Terra. Telos also supports developers and projects in the Terra ecosystem. The ETH-based Polygon is opening its arms to Terra-based projects as well.
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