All projects initially on the collapsed Terra ecosystem are collaborating to aid each other’s move. Their next destination is to land on Polygon’s layer-two network and operate from there.
An Inevitable Exodus
There are over 48 various crypto projects that were based on the failed Terra network. Their newly found resurgence to move to Polygon has given them a new burst of life. This might equally make their users more hopeful in the coming days.
Ryan Wyatt, Polygon’s CEO, said he is delighted that Polygon can take on the process. He said via Twitter that Polygon is working closely with a variety of projects. This will help them migrate swiftly.
The CEO went further to state the commitment of capital and resources towards the migration. It will help welcome developers and their respective communities to Polygon, he said. He hinted at the effectiveness of the Polygon project in accommodating talents left in limbo.
The Polygon network works as a layer-two solution for the Ethereum ecosystem. Part of the high-profile projects moving to Polygon is the OnePlanet NFT Marketplace. Others include Lunaverse Metaverse platform as well as the Derby Stars P2E game.
OnePlanet has been playing a huge role in the process of helping other NFTs migrate. It is dedicated to using its Ark*One plan to help NFT projects reach Polygon.
In a blog post on 9th July, OnePlanet showed how Ark*One has been instrumental. The post said 48 NFT projects made up of 90 collections have moved to Polygon.
These are a huge portion of projects on Terra. They even include projects that didn’t launch before the system collapsed.
Since 15th June, Ark*One has cut down on the support it offers budding projects. However, it will support projects that want to move over to Polygon from Terra. It will also still let projects launch with its launchpad on Polygon.
It seems Polygon has been able to attract more Terra projects than VeChain could. As it is, many Terra projects seem not to have moved to VeChain layer-1. This is despite the open invite and call for developers to apply for a grant.
Terra’s ecosystem suffered a collapse in May after its UST stablecoin de-pegged from the USD. The event made its native token, LUNA, crash almost absolutely. The network has relaunched and rebranded as Terra Classic with a native token as LUNC.
But the Terra name and the LUNA ticker have been given to a new iteration. It has not been able to get much traction especially as the bear market prolongs.