Binance Looking To Rope In 'Terra-Struck' Crypto Projects Migrating Away From Ecosystem

Binance Chain BNB/USD is looking to bring on board some important builders from the Terra LUNA/USD ecosystem.

What Happened: Speaking to Cointelegraph on Thursday, BNB Chain’s investment director Gwendolyn Regina confirmed that a number of projects within the Terra ecosystem had been interacting with the BNB Chain even before TerraUSD’s UST/USD collapse.


Included in the list of projects looking into BNB were Mirror Protocol, Synapse, and Wormhole.

Terra developers actively involved in sectors like GameFi, NFTs and DeFi have also expressed interest in the BNB Chain, according to the chain’s investment director.

“We have seen significant interest from gaming companies on Terra, because of our sidechain framework, BAS, which is the go-to sidechain for an excellent gaming experience,” said Regina.

The total value locked in DeFi on the Terra blockchain fell from $29 billion at the start of the month to under $156 million today, as per data from DeFi Llama. TVL locked into DeFi on BNB Chain stood at $8 billion, an increase of 4.27% over the last day.

“We are ready to provide dedicated support to projects migrating from the Terra ecosystem to build on BNB Chain. Teams will enjoy privileged access to network support, marketing, business development, and tokenomics support,” said Binance in a May 17 blog directed at Terra developers.

Read Next: AVAX In Terra's (LUNA) Reserves Is 'Immobilized,' Says Blockchain, As Token Declines 50% This Month

Price Action: According to data from Benzinga Pro, BNB was trading at $307, up 3.97% in the last 24 hours. The leading digital asset Bitcoin BTC/USD was trading at $30,165, gaining 3.32% over the same period.

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Posted In: CryptocurrencyNewsMarketsBinanceLunaMirror ProtocolSynapseTerraWormhole
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