Terra: ecosystem projects find support with other blockchains
Terra: ecosystem projects find support with other blockchains
Blockchain

Terra: ecosystem projects find support with other blockchains

By Stefania Stimolo - 25 May 2022

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Projects from the Terra ecosystem, the blockchain that went into crisis this month, are finding support on other blockchains such as BNB Chain and Polygon. 

Terra: dApps in crisis migrate to BNB Chain

land dapp blockchain
BNB Chain welcomes dApps developed on Earth with a $ 1 billion fund

After the crisis in the Terra ecosystem this month, projects such as Stader Labs, are already starting the new integration to BNB Chain and other blockchains from which they find support and investment. 

Specifically, the BNB Chain (BNB) Fund provides access to $1 billion in investments and grants to projects that want to operate within the BNB Chain ecosystem. In addition, the team is committed to supporting projects migrating from the Terra ecosystem and will provide additional support for networking, tokenomics, marketing and business development.

Stader Labs, the company that builds liquid staking solutions on the four blockchains of Solana (SOL), Near (NEAR), Fantom (FTM) and Hedera (HBAR), is set to offer BNB liquid staking through a partnership. 

In this way, users will be able to stake BNB on Stader and receive the returns offered by the platform. The platform will then also issue a derivative token representing BNB staking, which users will be able to use further in DeFi protocols.

Polygon’s blockchain also supports Terra projects

Both the CEO and co-founder of Polygon, Ryan Wyatt and Sandeep Nailwal respectively, had tweeted some time ago making public their support for the Terra community and all projects that wanted to “save themselves” by moving to the Ethereum-based scaling platform. 

“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”.

“We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform. We will be sharing more soon”.

CZ and his thoughts on the DeFi protocol crisis

BNB Chain’s support, as in the case of Polygon, comes after its founder Changpeng Zhao (or CZ), had already stated in a series of tweets that he hoped that “the project team (Terra) could rise from the ashes”. 

Already at that time, CZ had stated that they were looking for a way to support the Terra (LUNA) ecosystem but that forks or burns would not create value. The only way, according to the CEO of Binance, is to have funds. 

In this regard, one of the key questions in Terra’s crisis concerns precisely what happened to the billions of dollars that the Luna Foundation team was managing to support UST’s peg with the dollar.

According to a study published by Elliptic a few days ago, the money “held” by Luna Foundation Guard (LFG) to secure the peg is actually on exchanges such as Binance and Gemini.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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