Terra projects migrate collectively to the Polygon ecosystem

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Terra projects migrate collectively to the Polygon ecosystem

Terra projects migrate collectively to the Polygon ecosystem
Source: CoinTelegraph
1657532569 11 Jul / 09:42

More than 48 crypto projects originally dependent on the defunct Terra environment have found new life by transferring to Polygon.

In a July 9 tweet, Polygon Studios CEO Ryan Wyatt expressed excitement at his network's ability to integrate several projects into the ecosystem. He implied that Polygon's multimillion-dollar Terra Developer Fund had successfully lured the talent that was abruptly thrown into limbo when Terra suddenly ceased operations in May.

Polygon (MATIC) is a network that functions as a scaling solution for Ethereum's second layer. The Lunaverse (LUV) Metaverse platform, the OnePlanet NFT marketplace, and the Derby Stars play-to-earn (P2E) game are among the high-profile enterprises relocating to Polygon.

OnePlanet has been essential in facilitating the migration of other nonfungible Token (NFT) projects to Polygon. With its Ark*One program, it has become a platform committed to helping NFT initiatives from Terra.

The blog article published by OnePlant on July 9 describes how Ark*One assisted in migrating “48 NFT projects comprising 90 NFT collections” to Polygon.

This constitutes the majority of Terra projects, including those that did not debut on One Planet before the catastrophic de-peg event.

Since June 15, Ark*One has curtailed the help it offers to aspiring projects. However, the team states it will “still provide technical support for projects who wish to move from Terra” and permit projects to debut on Polygon using its launchpad.

The Polygon ecosystem appears to have attracted more Terra projects than the VeChain (VET) ecosystem. Despite VeChain’s invitation for Terra developers to apply for a grant, it does not appear that many Terra projects have yet migrated to the layer-1 ecosystem.

In May, the Terra ecosystem had a catastrophic collapse when its TerraUSD (UST) stablecoin lost its peg, causing the value of its native token LUNA to plummet by over 100 percent, from around $60 to fractions of a penny. Terra Classic has rebranded the network, and its native coin now has the ticker LUNC, while a new variant has acquired the Terra moniker and LUNA ticker.

As the cryptocurrency bear market intensifies, it has yet to garner traction or confidence.

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