Polygon and Binance swoop in to rescue projects running on Terra

• Both Polygon and Binance want to offer investment support to the projects, while also porting to their chains.
• The BNB Chain has a billion-dollar growth fund, while Polygon invests through Polygon Studios.
• Stader Labs will be the first to port to the BNB Chain.

Two of the largest blockchain players in the world are coming to the aid of projects that were built on the beleaguered Terra blockchain. Ethereum-based layer-2 scaling platforms, Polygon and Binance, have both welcomed projects built on the Terra network to port over to theirs.

The Terra platform, which hosts the UST stablecoin and the Luna cryptocurrency, was halted earlier this month after a massive sell-off led to a big drop in the tokens’ pricing. Luna’s price fell to nearly zero, while the stablecoin, UST, also suffered significant drops. While Terra founder Do Kwon has suggested ways to revive the platform, investor interest is unlikely to return to earlier levels.

In an interview with Cointelegraph, Gwendolyn Regina, investment director for the BNB Chain, which is the blockchain platform run by Binance, said, “The Terra ecosystem has a lot of talented creators and developers, and our support is aimed at helping those builders and teams, building new projects on the BNB Chain. Hence, we are simply interested in supporting developers and projects so that they do not miss out on future potential.”

The report also confirmed that crypto staking platform Stader Labs will be the first from the Terra ecosystem to port over to the BNB Chain. The company provides staking solutions for the Solana, Near, Fantom and Hedera blockchains. It will also offer liquid staking for the BNB Chain going forward.

The move seems to be part of Binance’s billion dollar growth fund, which was announced in October last year. The fund consists of a $100 million Liquidity Incentive Program, a $300 million Builder & Incubation Program, a $100 million talent development program, and a $500 million investment program.

Other projects, like Mirror Protocol, Synapse and Wormhole will also be moving to the BNB Chain after Terra’s collapse.
Saving Terra projects
But Binance isn’t the only company that is taking interest in Terra projects either. On May 15, Ryan Wyatt, the chief executive officer of Polygon Studios, announced intentions to help projects migrate over to that platform.

“We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform. We will be sharing more soon,” he wrote on Twitter.

Polygon Studios was announced in March this year, and focuses on gaming and non-fungible token (NFT) projects, which aim to bridge the gap between web2 and web3. The company provides developers with investment, marketing and developer support.