The development group recently inquired from the community if they should apply to Binance for funding.
TerraCVita, an independent development group working on the Terra Classic blockchain, may be on track to receive funding from Binance to support its development work on Terra Classic. The group recently sought the community’s opinion on seeking funds from the exchange.
Following Terra Rebels’ fallout with the Terra Classic community, TerraCVita has positioned itself as the primary development group working towards bolstering the LUNC revival campaign on a code level. Efforts to build on the blockchain require funds, and the group is mulling the idea of applying for funding from Binance.
Should @TerracVita apply to @binance for funding as a developer group?
— TerraCVita (@TerracVita) February 24, 2023
The group has been actively involved in project building on the LUNC blockchain, leading to the Terra Casino launch last November and the upcoming launch of Terraport, which is teased as a LUNC furnace with an in-built native decentralized exchange for the blockchain. These projects have appealed to the community, considering their potential to contribute to the burning campaign.
Accordingly, TerraCVita has received a go-ahead from the majority of the community to seek funds from Binance, as evidenced in replies so far. Terra Classic validator BetterLunc further pushed for the idea, highlighting that Binance has always been in the business of supporting DeFi projects with funds. The exchange is also known for providing liquidity.
They invested billions into DeFi projects at the end of the year last year because they believe it’s the future and I heard they can help provide liquidity. 👀🚀🌕 $LUNC $TERRA
— 🔥BetterLunc🚀🌕 (@BetterLunc) February 24, 2023
Binance’s Penchant for DeFi Investments
Last October, Binance Chief, Changpeng “CZ” Zhao revealed that the exchange is pouring massive investments into the decentralized finance (DeFi) sector. Reports suggest that Binance had invested $325 million in 67 projects in 2022 alone at the time of the tweet. CZ also disclosed to Bloomberg that the exchange has $1 billion reserved for investments.
Binance is investing heavily in DeFi.
(not financial advice)
— CZ 🔶 Binance (@cz_binance) October 23, 2022
Moreover, recall that Binance launched its Industry Recovery Fund program last November after the FTX blowout. The initiative aimed to support promising projects suffering a liquidity crunch due to exposures to FTX. The LUNC community suggested applying, but ReXx, a Terra Rebels admin, dismissed this idea, noting that the program is not for LUNC.