VeChain (VET) Offers Terra Developers Grants of Up to $30k to Migrate to its Blockchain

Quick takeaways:

• The team at VeChain (VET) has invited Terra developers to start building on its blockchain
• VeChain (VET) has offered them grants of up to $30k for the switch
• The VeChain grants program covers a wide range of areas such as application development, tools and infrastructure, and blockchain-related research

The Terra blockchain and its digital assets of LUNA and UST have been the subject of discussion for ever a week now. The depegging of UST and subsequent inflation of LUNA has led to several ideas to revive the chain including forking the Terra blockchain and issuing new digital assets.

VeChain Invites Terra Developers to Migrate to its Chain

Amidst the anxiety surrounding the future of LUNA and UST, the team at VeChain (VET) has invited Terra developers looking to change projects, to migrate to its blockchain.

The team at VeChain has offered Terra developers, grants of up to $30,000 for the switch. The VeChain team has also described their blockchain as ‘a leading enterprise-grade public blockchain, 100% uptime, Sustainable & rapidly growing in the EU.’ 

VeChain’s invitation to Terra developers was made through the following tweet.

#Luna_Terra #Developers if you’re looking to migrate #Layer1, we’re offering up to $30k to help!#VeChain is a leading enterprise-grade public #blockchain, 100% uptime, #Sustainable & rapidly growing in the EU.

Join us & #buidl the future! DM open https://t.co/NloutqKBwX$LUNA

— VeChain Foundation (@vechainofficial) May 16, 2022

More on the VeChain Grant Program

The VeChain foundation grant program is designed to offer developers and researchers, unique opportunities to join its ecosystem. The program is intended ‘to be systematic, efficient and transparent, and covers a wide range of topics including application development, tools & infrastructure and blockchain-related research.’

To be considered for the VeChain grant program, an application has to be initiated and submitted via Github. After submission, the application enters a preliminary review stage where it is checked for correctness. The third stage involves a committee review.

Once the application is approved by a five-member grant committee, the payment for the first milestone will be disbursed to fund the project. Subsequent payments will follow a similar routine of milestones and delivery.

A Brief VeChain (VET) Price Analysis

At the time of writing, VeChain (VET) is ranked 36th on Coinmarketcap and has not been spared by the ongoing crypto-market meltdown accelerated by the saga surrounding UST and LUNA. The digital asset is trading at $0.03 and has dropped by 23% in the last seven days.

A quick glance at the 1-day VET/USDT chart above further confirms that VeChain is trading in bear territory below the 50-day, 100-day, and 200-day moving averages. However, the daily MFI, MACD, and RSI point towards an oversold scenario that could see VET attempt to recover at least to the $0.040 resistance area.

As with all digital assets, VeChain’s fate in the crypto markets is tied to that of Bitcoin. Consequently, if Bitcoin loses its $28k support again, VET could retest its local low of $0.024 set late last week as BTC hit a local low of $26,700.