Binance is considering the Terra Grants Foundation's application for $5m in funding to support projects on the Terra Classic chain. In a blog post, Terra Grants Foundation Director Edward Kim said the funds would help revive and instil confidence in the decentralised finance industry. Binance has confirmed receipt of the foundation's request, with the funds expected to be distributed in two tranches if the application is successful. Terra Classic, once a leading decentralised finance platform, has struggled with funding development, but Binance has already contributed millions of dollars to the community's burn initiative.

(By OKOYA DAVID)