The independent Terra Classic (LUNC) development group known as TerraCVita is putting into consideration applying for the Binance Industry Recovery Fund (IRF). Responses show that most LUNC community members want them to make the move.
This development comes months after Terra Rebels, a rival independent LUNC dev team disclosed that it was ineligible for the recovery funds.
The Industry Recovery Fund initiative was rolled out last November by CZ’s Binance, a leading cryptocurrency exchange, following the historic collapse of Sam Bankman-Fried’s FTX exchange.
To mitigate the damages several crypto entities may have encountered either directly or indirectly from the fall of FTX, Terra (LUNA), or other top meltdowns, Binance set out to offer grants to qualified project teams facing liquidity crises. The aim is to support credible projects with clear use cases to get back on their feet and in turn, build a stronger crypto ecosystem.
Read Also: Terra Classic (LUNC) Price for March 1, 2023, Predicted by Machine Learning Algorithm
Notably, the Terra Classic (LUNC) community felt the urge to apply for the Binance IRF at the time last year but RexX, a senior Terra Rebels member warned community members of spamming Binance with requests. According to him, the Terra Rebels group does not qualify. “Terra Rebels team is not eligible for these funds. Please do not spam CZ in these regards. We appreciate the support from the community regardless,” Rex wrote.
The TerraCVita LUNC development group seems to have a different thought. As per a Friday tweet, TerraCVita considered applying for the Binance-powered recovery funds program. “Should TerracVita apply to Binance for funding as a developer group?” they asked.
Reacting to this, a large number of Terra Classic proponents encouraged the functional group to push ahead with their plans given that it would be of benefit to LUNC. Among those who encouraged the TCV to apply for Binance Industry Recovery Fund was BetterLunc, a Terra Classic growth project.
BetterLunc noted that Binance has a penchant for decentralized finance projects and would be ready to support TerraCVita if it meets the laid-out requirements. “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,” it added.
Read Also: Terra Rebels Updates Rebel Station Development, Says It’s in Pre-production Stage
It bears mentioning the top exchange and largest blockchain ecosystem have been backing the embattled project greatly. Notably, the exchange has been very supportive of the recent upgrades introduced on the blockchain network. More so, the trading platform removed all warning labels affixed on LUNC and USTC following the May collapse of Terra.
Although Binance was forced to suspend its support for LUNC burn last December, the exchange could be resuming its voluntary LUNC burn events soon given that the Terra Classic community has endorsed all vital proposals relating to LUNC burns.
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