BNB Chain offers another lifeline to Terra ecosystem projects

cointelegraph.com:

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 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, NEAR, Fantom and Hedera, 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.

BNB 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:

Regina also confirmed that a handful of projects within the Terra ecosystem had been interacting with the BNB Chain before its collapse including Mirror Protocol, Synapse, and

Wormhole.