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The collapse of the Terra platform has been widely discussed news in recent weeks. A group of VeChain Woos developers from China and Singapore suggested that Terra’s technical team join forces to transition the halted network to VeChain blockchain.
In an official announcement, VeChain Foundation executives expressed support for the team led by Do Kwon during a difficult time and offered to take advantage of one of the foundation’s development grants worth up to $30,000. The VeChain team said it is willing to provide assistance with the porting of the Layer1 entry-level circuit to its smart-contract system. Representatives are convinced of the failsafe nature of their technology and insisted on the benefits of scalability and green networking.
The proposed grant proposes using the VeChain blockchain to create decentralized communities (DAOs), non-interchangeable tokens (NFTs), and decentralized finance (DeFi) platforms.
Terraform Labs officials have not yet responded formally to the offer to take advantage of the fund’s program. At the moment, Terra’s tech sector said it is working on improving the current software code and launching a new project based on it, a fork of the Luna network’s native token. Upon completion of the branching, according to the developers’ comments, the new token will be transferred to the affected network users and other interested market participants.
Earlier, the Crypto.ru editorial board reported that the CEO of Terraform Labs Do Kwon officially shared a plan to get the project back up and running. According to staff experts, the primary step is to strengthen the reserve fund, at the same time, technical innovations will take place in several stages.
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