BNB Chain will offer support to Terra ecosystem projects looking to migrate away from the ailing DeFi protocol
According to Gwendolyn Regina, BNB Chain’s investment director, BNB Chain will support projects from the Terra ecosystem (LUNA) following the platform’s unwarranted failure this month. It is known that Stader Labs will be the first name in the Terra ecosystem to start integrating with BNB Chain.
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BNB Chain offers another support to Terra ecosystem projects
Accordingly, users will be able to stake BNB to Stader and receive earnings through the platform, while the company will also issue a staking derivative representing the staked BNB holdings, which users can use in DeFi protocols.
Not only supporting projects moving from the Terra ecosystem, adding network, supporting code, marketing, and business development; the BNB Chain Foundation also provides access to a $1 billion investment and funding for potential projects looking to work within the ecosystem.
Regina revealed the company is looking to showcase some of the key builders from the Terra 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.” Particular interest to BNB Chain are companies working in emerging areas of the crypto economy, “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”, she said.
Binance isn’t the only crypto company offering help to custodial projects in the Terra ecosystem. Telos also announced support for developers and projects in the Terra ecosystem this week. There was also Polygon as CEOs Ryan Watt and Sandeep Nailwal announced support for the migration on Twitter.
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