BNB Network Offers Support to Terra Developers

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The BNB ecosystem team is ready to support Terra blockchain developers wishing to migrate from the dying network.

Cryptocurrency exchange Binance officially suggested developers of the collapsed Terra ecosystem (LUNA) support. The site-owned BNB team has announced that it will commit to providing investment and support to projects that are considering transitioning from the Terra network. One of the first projects Terra, which will begin integrating with the BNB network, will be Stader Labs, a liquid staking solutions company operating on four blockchains: NEAR, Hedera, Solana, and Fantom.

Users will be able to deposit BNB in ​​Stader and earn income through the platform. The company also plans to issue staking derivatives representing staked BNB assets that users can use in decentralized finance (DeFi) protocols.

Binance reminded Terra developers of its $1 billion BNB Chain Fund focused on promising projects that want to operate on the BNB network and are able to qualify for investments and grants. The exchange says it will aim to support projects transitioning from the Terra network by providing additional tokenomic, networking and marketing support.

BNB Investment Director Gwendolyn Regina told Cointelegraph that there are a lot of talented developers in the Terra ecosystem, and the BNB team is trying to give them the opportunity to work and create. The team is interested in DeFi, NFT and GameFi, therefore, Regina says, she is open to proposals from projects specializing in these technologies. The director also confirmed that even before the collapse of Terra, such partners as Synapse, Mirror Protocol and Wormhole cooperated with the BNB network.

Recall that the Terraform Labs project collapsed in just three days, which led to a panic on the part of investors and the collapse of the entire cryptocurrency market.


Source: Bits

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