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Terra projects move to Polygon after UST crisis

Since Terra Network fell down, more than 50 other crypto projects have moved to Polygon, the Ethereum Layer 2 protocol.
| CryptoPress

Polygon, the Ethereum Layer 2 protocol, has been adopted by more than 50 distinct crypto projects that were running on Terra Network before it went down.

The Lunaverse (LUV) metaverse platform, the OnePlanet nonfungible token (NFT) marketplace, and the Derby Stars play-to-earn (P2E) game are among the projects moving to Polygon.

Other NFT projects have benefited from OnePlanet’s assistance in making the switch to Polygon. It has evolved into a platform for Terra’s Ark*One-related NFT initiatives.

There are 48 NFT projects totaling 90 NFT collections that Ark*One has helped transfer over to Polygon, as described in this Saturday’s blog post on OnePlant:

“This includes initiatives that were not launched on One Planet before the catastrophic de-peg incident,” he says.

Ryan Wyatt, Chief Executive Officer of Polygon, asserts that the network is welcoming these new ventures with enthusiastic support and participation, or “with open arms” as he said.

For Terra projects that want to make the conversion, Polygon Studios launched a multi-million dollar fund back in May. To assist Terra teams transfer to Polygon’s own blockchain, it was willing to pay as much as $20 million.

A Polygon representative told CoinDesk at the time: “For any initiative which wants to come from Terra to Polygon, we would be pleased to give them both financial and technical aid.” The developers and everything else will be provided by us.

Calls for new restrictions and perhaps a new LUNA reboot have been made after Terra’s demise. For Wyatt, it was critical that the developers’ voices be heard over the chaos.

As Polygon Studios CEO Ryan Wyatt put it, “Supporting creators is at the core of what we do. “In order to aid in the relocation of highly skilled software engineers, this fund was set up. When Terra collapsed and no one was there to aid them, we let them know that we’re here to support and raise them up if they need us.”

Image: Helping Hands Vectors by Vecteezy.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.


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