Over 48 different cryptocurrency projects previously based on the failed Terra ecosystem have found a resurgence by migrating to Polygon.
Polygon Studios CEO Ryan Wyatt expressed satisfaction with his network’s ability to to incorporate many projects to the ecosystem in a tweet on Saturday. He hinted that Polygon’s multimillion-dollar Terra Developer Fund has been effective in attracting talent unexpectedly left in limbo when Terra collapsed in May.
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFTexclusive @0xPolygon marketplace, and @DerbyStars_HQ!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome! $MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022
UPDATE: Terra projects have started to migrate. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!
It’s been amazing helping and welcoming all these wonderful developers to our thriving ecosystem! Welcome! $MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
Polygon is a network that serves as a layer 2 scaling solution for the Ethereum network.
Among the higher-profile projects that have moved to Polygon are the Lunaverse (LUV) metaverse platform, OnePlanet’s non-fungible token (NFT) marketplace, and the Derby Stars play-to-earn (P2E) game..
OnePlanet has been instrumental in helping other NFT projects migrate to Polygon. It has become a platform dedicated to helping Terra NFT projects with their Ark*One initiative.
Saturday’s OnePlant blog post describes how Ark*One has helped “a total of 48 NFT projects, spanning 90 NFT collections” move to Polygon:
“This represents a large proportion of Terra’s projects, including some that were not released on One Planet prior to the unbinding cataclysm.”
As of June 15, Ark*One has reduced the support it provides to aspiring projects, but the team says it will “continue to provide technical support to projects that want to migrate from Terra.” and will allow projects to be launched on Polygon using its launchpad.
Polygon appears to have been more successful in attracting Terra projects than the VeChain ecosystem. So far, it doesn’t seem like many Terra projects have made the move to the Layer 1 ecosystem even though VeChain openly welcomes Terra developers to apply for a grant.
The ecosystem Terra suffered a monumental crash in May when its stablecoin TerraUSD Classic (USTC) lost its peg, forcing its native token Luna Classic (LUNC) to lose nearly 100% of its value from over $60 to fractions of a cent.. The network has been rebranded as Terra Classic, and its native token now has the ticker LUNC, while a new iteration has adopted the name Terra and the ticker LUNA.
It has yet to gain much traction or confidence as the cryptocurrency bear market deepens.
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