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Binance, Polygon to offer ‘a new life’ to Terra ecosystem

Binance, Polygon to offer ‘a new life’ to Terra ecosystem
Photo Credit: Pixabay
25 May, 2022
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Binance, one of the most influential players in the crypto sector, has reportedly welcomed the migration and offer support for Terra (LUNA) ecosystem projects after this month’s collapse of the algorithmic stablecoin. BNB the acronym for Build ‘N Build, the native coin of BNB Beacon Chain (former Binance Chain), is committed to providing investment and support for projects for migrating from the Terra ecosystem following the event cryptocurrency space. 

According to the report, Stader Labs will become one of the first Terra ecosystem projects to begin integrating with the BNB chain. The company is building liquid staking solutions on four blockchains, namely Solana, NEAR, Fantom, and Hedera, and is set to offer BNB liquid staking through a recently announced partnership. 

Users will be able to stake BNB in ​​Stader and receive returns through the platform, while the company will also issue a staking derivative representing staked BNB holdings that users can then use in DeFi protocols, it said. 

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BNB Chain Fund provides access to $1 billion in investments and grants to potential 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, tokenomics and marketing support as well as business development. 

Gwendolyn Regina, Chief Investment Officer of BNB Chain, has hinted that the company is looking to “bring in some important builders of the Terra ecosystem”. 

Binance is not the only cryptocurrency firm offering aid to these projects within the Terra ecosystem. Ethereum-based scaling platform Polygon is also offering support to Terra-based projects. 

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“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,” CEO Ryan Watt tweeted, announcing migration support Terra-based projects.