TerraCVita raises $1 million in funding for a DeFi project.
In a tweet, TerraCVita, an independent Terra Classic development group, announced that it has raised $1 million in funding for its decentralized finance project dubbed “Terraport.”
The project will include the long-anticipated Terra Classic decentralized exchange (DEX).
“It was reported a few days ago that a project on Terra Classic received a massive $1m in funding,” TerraCVita wrote. “We over the LUNC moon to say @TerracVita achieved our target funding in our first Private Sale for our new defi platform ‘Terraport’ which includes the new Terra Community DEX.”
It was reported a few days ago that a project on #TerraClassic received a massive $1m in funding.
— TerraCVita (@TerracVita) January 9, 2023
It bears mentioning that Terra Casino, a TerraCVita partner, first hinted at the development on New Year’s Eve, noting that it was yet to receive full details of the deal.
Unsurprisingly, the community excitedly welcomed the development, congratulating the group for their achievement. At the same time, some users are also calling for details on the massive deal.
Recall that TerraCVita has been hinting at developing a Terra Classic DEX since last October. It came following a poll that saw DEX dominate as the most desired DApp by members of the Terra Classic community.
In November, the group asserted that development was on track, hinting at a presale launch in the following weeks. Senior TerraCVita member Rex Harrison AKA Rexzy (@RexYellerBelly), has hinted that the DEX will burn Terra Luna Classic, calling it a “furnace,” in a November tweet.
Less than 2 weeks ago, the group confirmed a close launch date, saying that the DApp would launch in early Q1 2023.
The group is one of the several independent development groups currently working on the Terra Classic network. It recently replaced the Terra Rebels as the maintainers of the Terra Station for the classic chain. The latter is embroiled in controversy over the alleged misuse of $150k in community pool funding.