Binance offered cooperation to Terra-based projects

What’s new? Cryptocurrency exchange Binance has offered projects built on the Terra blockchain to migrate to the BNB Chain. As part of the transition to BNB, project teams will receive priority access to tech support, advertising, business and token development. In addition, developers will receive $1 billion from the fund and other grants, BNB Chain representatives wrote in a blog post.

Information from the BNB Chain blog

What is the purpose of the offer? The company intends to bring in developers from promising crypto projects to help it expand its line of dApps built on the BNB Chain. This will lead to an increase in the number of active users and the popularity of the blockchain. As of May 18, 16:40 Moscow time, the native token BNB is trading at $296,7.

What do Binance representatives say? Gwendolyn Regina, Investment Director at BNB Chain, said that the company is ready to help developers of apps on the Terra blockchain in their quest to “create the next wave of innovative crypto dApps.” BNB Chain’s blog states the following:

“We want to support the community during these difficult times and extend a helping hand to the projects from the Terra ecosystem affected by last week’s turbulent events. We believe that the Terra ecosystem has some of the most talented teams dedicated to building meaningful products and empowering their communities.”

What events happened before? On May 15, Polygon Studios CEO Ryan Wyatt reported that his team was working closely with developers of projects on Terra to help them migrate to the new ecosystem. The Juno Network (JUNO) also offered to allocate 1 million JUNO tokens ($7,45 million) to developers of projects on Terra to switch to their platform.

On May 17, it became known that Terraform Labs’ in-house lawyers began to leave the company. According to profiles on LinkedIn, Terra’s general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler, and chief corporate counsel Lawrence Florio left in May 2022.

South Korean authorities called on Terraform Labs founder Do Kwon to explain the reasons behind last week’s collapse of the UST stablecoin rate.

90% of the Terra community members opposed Do Kwon’s proposal to conduct a hard fork of the network in a preliminary vote.