The Terra Classic development group could receive a huge financial boost from Binance if the leading exchange considers the grant application submitted by Edward Kim to the Industry Recovery Initiative.
According to the Terra Grants Foundation (TGF) update shared by the project manager Edward Kim, the group applied to Binance for LUNC development funds in December 2022. Then on March 3, 2023, the TGF received notice that the grant application was received and under review.
Terra Grants Foundation Update https://t.co/nY7MVPmKLw
— Edward Kim (@edk208) April 1, 2023
The funding amount sought by the TGF from the Binance Industry Recovery Initiative is $5,000,000. Kim noted that the foundation would ensure these funds are issued in smaller amounts to projects that would help boost LUNC if awarded to the TGF.
Part of the application written by Edward Kim read:
“I am asking for $5M to be earmarked towards Luna Classic projects, where the Terra Grants Foundation would issue RFPs, evaluate projects, and utilize these funds to issue smaller grants or loans to projects. The grants foundation would run two cycles of funding in a year. Each cycle would offer $2.5M of funding and applications would be evaluated by independent evaluators as well as the grants foundation.”
The Industry Recovery Fund was initiated after the historic meltdown of FTX in 2022 to support projects that suffered from the FTX fall. As published, Rex Harrison, a senior member of the LUNC development them TerraCVita noted that Terra Classic does not qualify for the grants. But the Terra Foundation applied regardless as shown by Kim.
Recently, the LUNC community urged TerraCVita to apply for the grants, citing that the funds would be channeled toward the building of solid projects.
While Binance is still reviewing the grant application from the Terra Foundation Grant, the foundation stands a chance to receive as much as $5 million from Binance to fund the revitalization progress of the once-broken network. Many expect Binance to consider the application from the Terra Classic given previous support shown to the project by the top exchange.
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