For many layer 1 cryptocurrency projects, getting back on track from Terra’s death spiral meant a complete migration to a different ecosystem. But how do you make the right move, especially after learning of the unfortunate fate of your initial platform of choice?
In the case of Tracer, a Web 3.0 fitness and lifestyle app, moving away from the Terra ecosystem to survive was just one piece of the puzzle. Choosing a new host to build on requires more than just checking technical compatibility with blockchain ecosystems.
as explained Nicky Chalaby, From the Near Foundation, projects like Tracer seek to align with the core values of the ecosystem that can support the company’s roadmap going forward. Tracer’s decision to fully migrate to Near Protocol complements the other cryptocurrency projects that have recently moved to BNB Chain from Binance and Polygon Studios.
Speaking to Cointelegraph about the decision-making process behind a full migration, Chalabi suggested:
“Projects must look after the interests of their community and their users because, in the end, that is the most valuable thing you have.”
Casually, Tracer and Near used the same programming language to create smart contracts, which made the migration process even easier. However, Chalabi echoed the sentiments of the crypto community by underlining the fact that the Terra debacle was a loss for the entire community:
“We’re really trying to help. It’s not our goal to take advantage of this situation. You and your projects have lost their home.”
The sudden collapse of major ecosystems has a negative impact on the trust and credibility of projects, as investors tend to suffer deadly losses in the process. As a damage control method, Near allocates resources to understand the needs of the project, work with them, and immediately resolve any issues.
Other ecosystems have also taken a similar approach to ease the transition of recently displaced projects. As Cointelegraph recently reported, BNB Chain has also committed to investing in and supporting projects that intend to migrate away from the Terra ecosystem.
To conclude the discussion, Chalabi advised recently displaced projects to migrate to other blockchain networks based on the interests of their users and communities rather than choosing platforms for short-term monetary gains, stating that “that can really define your success”.
Aurora, an Ethereum virtual machine (EVM) designed to scale decentralized applications (DApps) built on Near Protocol, recently launched a $90 million worth of token pool.
As Cointelegraph reported, Aurora Labs allocated 25 million AURORA tokens, valued at approximately $90 million, from the decentralized autonomous organization (DAO) treasury to fund the initiative.
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