BNB Chain offers another lifeline to Terra ecosystem projects

Binance will welcome migration and offer support to Terra ecosystem (LUNA) projects following the breakup this month of the decentralized finance platform (DeFi) and its algorithmic stablecoin.

It was a matter of hours before it became clear that after Terra's massive collapse, large amounts of funds withdrawn from Terra were moved to BNB, more precisely to Stader, the Minosis Token project or various decentralized protocoins such as PancakeSwap for staking.

Well the BNB blockchain (BNB) has committed to provide investment and support to projects that are considering migrating from the Terra ecosystem following the biggest black swan event to hit the cryptocurrency space in recent years.

Stader Labs will become one of the first projects in the Terra ecosystem to begin integrating into the BNB blockchain. The company builds liquid betting solutions on four blockchains, namely Solana (SOL), Near (NEAR), Fantom (FTM) and Hedera (HBAR), and is poised to offer BNB liquid betting through a recently announced partnership.

Users will be able to make BNB stakes on Stader and receive returns through the platform, while the company will also issue a staking derivative representing BNB's holdings as stakes, which users can use on DeFi protocols.

Binance is not the only cryptocurrency company offering support to beleaguered projects within the Terra ecosystem. Telos has also announced its support for Terra ecosystem developers and projects this week and will work to accelerate migrations of decentralized applications, or DApps, that were operating in the Terra ecosystem - including investments, marketing support and technical assistance.