Vechain Offers Terra $30,000 To Help It Migrate To Its Blockchain

Vechain offers to help Terra

The Vechain network is offering Terra developers a grant of $30,000 and a chance to migrate to the Vechain blockchain. This is the purpose of a release by Vechain Foundation on May 16.

In the statement, the Vechain Foundation said that if the Terra team is in need of an efficient L1 network, that Vechain is willing to assist with migration, as well as the $30k grant. It added that Vechain is a rapidly growing enterprise-grade blockchain with 100% uptime.

The Terra blockchain was shut down a couple of times last Friday and Saturday after its stablecoin dropped below its dollar peg. Since then, its internal currency, LUNA, has also devalued, leaving many investors in losses.

Industry-Wide Support

Generally, the cryptocurrency community has shown camraderie in their willingness to help the Terra investors and team on its path to recovery.
Apart from Vechain, project leaders of Ethereum and Tron have offered their support to the Terra team. However, Terra is working for a comeback and has a proposal on ground already to accomplish that.

There have been suggestions such as the Terra team burning the excess LUNA in circulation, but that has not been done yet.

Objections To Offer

Despite the goodwill, a Twitter user, Lunamodule said:

“#VET knows the power of #LUNA. On this basis of this vulture like offer, I swapped all my VET for BSUD and bought #LUNA.”

G. Andre Melo, the Audiovisual Director SVM Head Of Department Endemol was also not impressed with the offer. He said Vechain wanted to take advantage of the Terra misfortune. He said,

we lost a lot of money but the moment is serving to show who is who and how much the market is still amateur. Offering money for developers from another project to migrate seems strange to say the least, so VET doesn’t have a development structure even after several years?

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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