Terra Classic Could Receive $5M in Funding From Binance

The Terra Grants Foundation applied for a grant in December.

The Terra Classic network has fallen far from its glory days. Once the darling of decentralized finance, it promised to bring decentralized money at scale. While the community has largely decided not to give up hopes of recovery, one thing has continually been a roadblock, funding development.

However, this could change as Binance considers the Terra Grants Foundation’s application for $5 million in funding. Terra Grants Foundation Director Edward Kim disclosed this in a Medium blog post on Saturday that updated the foundation’s activities since its inception in November.

Terra Grants Foundation Update https://t.co/nY7MVPmKLw

— Edward Kim (@edk208) April 1, 2023

Binance confirmed receipt of the foundation’s December request in an email last month. 

Requesting support from the crypto exchange’s industry recovery initiative to fund projects on the Terra Classic chain, Kim argued:

“Terra was the largest digital collapse next to FTX, but while FTX ( a centralized exchange) will die, Terra can live on. In fact, the revival and success of Luna Classic might be one of the best ways to instill confidence in DeFi.”

If Binance grants the Terra Grants Foundation’s request, it will receive the $5 million in two $2.5 million tranches.

Despite previous claims by members of the Terra Rebels that the Terra Classic network did not qualify for Binance’s industry recovery initiative, the leading crypto exchange, in a blog post in December announcing changes to its Terra Luna Classic (LUNC) burns, urged developers building for the chain to apply for grants.

As The Crypto Basic reported in February, TerraCVita, an independent Terra Classic development group, was also considering applying for the grant.

Binance remains one of Terra Classic’s biggest supporters. The crypto exchange has already sacrificed millions of dollars in trading fees to contribute to the community’s burn initiative.