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DeFi and Credit Risk

The demise of the Terra ecosystem, which comprised most of its apps and protocols, has resulted in a developer diaspora from which nimble blockchain startups are trying to recruit.

Polygon (MATIC), one of the largest blockchains in terms of total value locked (TVL), is currently looking for Terra developers to help with their initiatives.

According to Polygon Studios CEO Ryan Wyatt, who spoke to TechCrunch over the weekend, the company announced a "relatively unconstrained multimillion-dollar fund" to attract Terra developers to transition to the Ethereum sidechain scaling solution.

Wyatt went on to say that he wants the fund to be large enough to take on any developers from the failed blockchain ecosystem.

Polygon raised $450 million in February from Sequoia Capital and other investors to support the developer fund.

VeChain (VET), an enterprise-grade layer-1 smart contract platform, has also openly sought out to Terra devs. Former Terra developers with a lot more free time might apply for a grant and earn up to $30,000 if accepted to start creating on VeChain, according to a tweet from the platform earlier this month.

The funds would be funded by the VeChain Foundation Grant Program, which began in February 2021 and has a budget of $1 million.

The Kadena layer-1 blockchain established a $10 million fund particularly to recruit Web3 developers. Although the fund's announcement tweet on May 27 did not specifically mention Terra developers, it did refer to "blockchain developers harmed by recent developments in the Web3 area," implying that it is targeting Terra developers.

Former Terra developers may be enticed by Kadena's grant program, which includes an incubator, accelerator, research and development support, and access to venture capital.

Despite the fact that Terra 2.0 has been released, the broader ecology, including Terra Classic, is still reeling from a series of disasters. Since the price of Luna Classic (LUNC) and the new LUNA token were mismatched, Mirror Protocol (MIR) has been the victim of an ongoing exploit.

Validators on the previous chain confirmed the price broadcast by the price oracle, allowing an attacker to steal more than $2 million by attacking and draining many synthetic assets pools.

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