BNB Chain offers another lifeline to Terra ecosystem projects

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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 (BNB) 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 ecosystem projects to begin integrating with the BNB Chain. The firm builds liquid staking solutions across four blockchains, namely Solana (SOL), Near (NEAR), Fantom (FTM) and Hedera (HBAR), and is set to offer BNB liquid staking through a newly announced partnership.

Users will be able to stake BNB in Stader and receive yields through the platform, while the firm will also issue a staking derivative representing the staked BNB holdings, which users can then use in DeFi protocols.

TheBNB Chain Fund offers access to $1 billion in investment and grants to prospective projects looking to operate within the BNB Chain ecosystem. The team is committed to supporting projects migrating from the Terra ecosystem and will provide added network, tokenomics and marketing support as well as business development.

Gwendolyn Regina, BNB Chain’s investment director, spoke to Cointelegraph about the move to support ailing projects from the Terra ecosystem. While the potential for the ecosystem to recover is subject to much speculation, Regina said the firm was looking to onboard some important builders from the Terra ecosystem:

Ethereum-based scaling platform Polygon is also opening its arms to Terra-based projects, with CEO Ryan Watt and Sandeep Nailwal announcing migration support on Twitter. Cointelegraph reached out to Polygon for comment, with Wyatt set to confirm further details for interested migrating parties from the Terra ecosystem.

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