Saturday, September 23, 2023

Rival Blockchains Are Aiming For Talent From Terra Developers

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Rival blockchains are aiming for talent from the Terra developers and at least three of them have announced publicly that they are open to accepting former Terra developers after the collapse of the ecosystem so let’s read more today in our latest blockchain news.

The collapse of the Terra ecosystem included most of the apps and protocols and created a plethora of developers from which the blockchain companies hoped to grab some talent. Polygon as one of the biggest blockchains by TVL is seeking out Terra developers to add more expertise and support to their efforts. Polygon even launched an uncapped multi-million dollar fund that is designed to entice Terra developers to move on to the Ethereum sidechain scaling solution as per the CEO Ryan Wyatt. He added that he wanted the fund to be big enough and make sure that it can accommodate developers after the Terra collapse.

The developer’s fund will be supported by the $450 million Polygon raised from Sequoia Capital and other investors. The layer-1 smart contracts platform vechain also reached out to Terra developers and the platform tweeted that former developers that had some free time on their hands can apply for a grant and earn up to $30,000 if accepted to start building on Vechain. The funds for the grants will come from the $1 million Vechain Foundation Grant Program that was launched in 2021.

The Kadena blockchain set up a $10 million fund to attract more Web3 developers to join the platform. It doesn’t specifically mention the Terra developers but it announced that the fund called to the blockchain developers affected by the recent events in the Web3 suggesting it is angling for the terra developers. The Rival blockchains hope the grant programs will provide incubators and accelerators to support and to access venture funds which will be enough to bring former Terra developers to their clubs.

Although Terra 2.0 launched, the broader ecosystem like Terra Classic is reeling from the recent collapse. Mirror Protocol was suffering from an exploit recently since the price of LUNA and the new token were mismatched. Validators on the old chain verified the price broadcast by the price oracle which allowed the attacker to drain $2 million by exploiting and draining other pools on the synthetic assets protocol.

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