VeChain Foundation Inviting Terra Developers Over to VeChain After UST and LUNA Collapse
The VeChain Foundation has put a call out to Terra developers to join the VeChain blockchain following the disintegration of the Terra ecosystem.
The Vechain Foundation has a grant program for applicants that could have an impact with applications pertaining to non-fungible tokens (NFTs), decentralized finance (DeFi), identity management, social media, and more.
VeChain is designed to streamline complex supply chain management and business processes through its distributed ledger technology (DLT). Companies that use VeChain include BMW, which uses it to prevent odometer fraud in automobile sales, LVMH, which uses it to track luxury leather goods, and Walmart, which uses it to track food provenance. VeChain also has a partnership with DHL, the world’s largest logistics company.
For developers to be considered for the grant program, applications have to be submitted through GitHub. Following submission, the application goes through a preliminary review, and then a committee review.
It’s unclear whether any Terra developers have, or will be migrating to VeChain, given the different focuses of each blockchain. Furthermore, the Terra community is still mulling over plans on how to rebuild itself, potentially through a fork.
“The Terra chain as it currently exists should be forked into a new chain without algorithmic stablecoins called ‘Terra’ (token Luna - LUNA), and the old chain be called ‘Terra Classic’ (token Luna Classic - LUNC). Both chains will coexist,” Terra founder Do Kwon suggested on Monday. “New LUNA will be airdropped to LUNC stakers, holders, residual UST holders, and essential app developers. Also, TFL’s wallet will be removed from the airdrop, making Terra a fully community-owned chain.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.