The development group behind the Terra Classic blockchain, TerraCVita, pointed towards applying for Binance for funding to enhance its developing work on the Terra Classic.
The group recently sought the community’s opinion on seeking funds from the exchange. Shortly after the 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.
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TerraCVita To Receive Funding From Binance
It is worth noting that TerraCVita has longed been into project building on the LUNC blockchain which brought up the launch of the Terra Casino last November and the upcoming Terraport, which was once talked about by 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.
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However, Binance’s head once said that the exchange is making investments in the 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.
Furthermore, Binance launched its Industry Recovery Fund program last November after the FTX blowout.
Binance To Resume Its LUNC Burns
Binance, may likely resume its LUNC burns as the community of Terra Classic votes to pass two key signal proposals addressing the exchange’s concerns.
Notably, the signal proposal was suggested by Terra Classic core developer Edward Kim following after Binance made changes to their burn contribution following the passing of Proposal 10983, which sought to re-mint 50% of all burned LUNC tokens instead of 10% to introduce more funds to the community pool.