Following the crash of LUNA some days back, Binance's blockchain, BNB Chain, has welcomed Terra projects looking to migrate away from the crumbling platform.
Binance Provides Incentives
BNB Chain, the most widely used blockchain infrastructure, is eager to help Terra ecosystem projects. Binance believes that the Terra ecosystem contains some of the most creative teams working to develop successful solutions and benefit their communities.
The Binance team announced that they want to offer a platform to Terra-based projects in the form of migration or building new decentralized apps. The founders behind the BNB chain lured Terra projects by promising access to investments from the $1 billion BNB Chain Fund as well as other awards.
They have stated their willingness to provide "dedicated support" to migrating projects, as well as network support, marketing, business development, and tokenomics support. Before LUNA's downfall, other Terra projects, including Mirror Protocol and Wormhole, had integrated with the BNB Chain.
Thus far, Stader Labs will become one of the first Terra-based projects to begin migrating to the BNB Chain. The project which offers maximum staking returns is set to offer BNB liquid staking.
In similar fashion, the decentralized Ethereum scaling platform Polygon is following in the footsteps of Binance’s blockchain to open its arms to Terra projects. However, there are not many details from the team as at the time of writing.