BNB Chain offers another lifeline to Terra ecosystem projects
Binance’s BNB Chain will offer support to Terra ecosystem projects looking to migrate away from the ailing DeFi protocol. Binance will welcome migration and offer support to projects from the Terra (LUNA) ecosystem following this month’s unraveling of the decentralized finance (DeFi) platform and its algorithmic stablecoin.BNB Chain has committed to providing investment and support to projects that are considering migrating from the Terra ecosystem in the wake of the biggest black swan event to hit the cryptocurrency space in recent years.Stader Labs will become one of the first Terra....
Related News
Binance comes to the rescue of Terra projects, Chainalysis introduces new tools to track stolen crypto funds, Do Kwon's new proposal for a Terra hard fork and more in this week's DeFi newsletter. The past week in the decentralized finance (DeFi) ecosystem was dominated by Terra's collapse and its aftermath on various ecosystems it was connected. Now BNB chain has come to the rescue of several stranded projects on Terra by offering financial and technical assistance.After its spiral collapse, Terra co-founder Do Kown proposed a revival plan and a hard fork to revive the blockchain.....
These efforts are sure to help get many Terra projects back on their feet following last week's devastating events. Numerous developers have been left in uncertainty in the aftermath of the Terra (LUNA) collapse. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to other networks.In a move that is expected to benefit both the Polygon (MATIC) community and Terra projects, Polygon Studios' CEO Ryan Wyatt tweeted on Monday that Polygon is working with a number of Terra projects to assist them migrating to the....
Projects migrating from Terra to other ecosystems have made an example of how to adapt and regenerate after a catastrophic blockchain collapse. At the height of the 2022 bull market, the Terra ecosystem was booming with talent and innovation. The native token of the Terra blockchain had made its way to the top-10 cryptocurrencies by total market capitalization. Protocols were building the next iteration of a super cycle that seemed like it would never end. Terraform Labs created Terra amid the crypto market crash of 2018 and built it all through the bear market. The Terra ecosystem’s main....
Projects formerly running on the fallen Terra blockchain have collaborated to help each other migrate over to the Polygon layer-two network. More than 48 different crypto projects formerly based on the failed Terra ecosystem have found a resurgence by migrating over to Polygon. Polygon Studios CEO Ryan Wyatt expressed delight at his network’s ability to onboard many projects to the ecosystem in a July 9 tweet. He hinted that Polygon’s multimillion-dollar Terra Developer Fund has been effective in attracting the talent that was unexpectedly flung into limbo when Terra collapsed in May.....
Given the ongoing revival campaign for Terra Ecosystem, developers are unveiling roadmaps to launch a comeback for the fallen blockchain. A few weeks after the Terra Rebels revealed their strategies to rebuild Terra Classic (LUNC), a 4-year LUNA revival plan is out. Instead, developers announced a proposal this week while trying to revive the ecosystem […]