Nicky Chalabi of Near Foundation explains that Tracer is a project to align with core values and the ecosystem in order to support the company’s future roadmap.
Many layer 1 crypto projects had to migrate to another ecosystem to return to normalcy after Terra’s death spiral. How can one decide which move is best, especially when they have seen the tragic fate of their first platform?
Tracer, a Web3 lifestyle and fitness app, was one of many pieces of the puzzle that required Terra to be removed from its ecosystem. It is more than just checking that the new host can work with the Blockchain ecosystems.
Nicky Chalabi of Near Foundation explained that Tracer is a project that seeks alignment with the ecosystem’s core value, which can help the company’s future roadmap. Near Protocol’s move to Tracer is in line with the other crypto projects, such as Polygon Studios and Binance’s BNB chain.
Chalabi spoke to Cointelegraph about the decision making process behind total migration.
“Projects should be mindful of the needs of the community and users. That’s because it’s the most valuable resource you have.”
Near and Tracer used the same programming language to build smart contracts. This made it easier for migrating. Chalabi, however, echoed the sentiments expressed by the crypto community and stressed that Terra’s demise was a loss to the whole community.
“We are really trying to help. This is not our intention to profit from this situation. Your home and your projects are gone.”
As investors often suffer unrecoverable losses, the sudden collapse of large ecosystems can negatively impact the trust and credibility of projects. Near uses Near’s resources to assess the needs of the project, work with them, and address any problems immediately.
Similar approaches have been taken by other ecosystems in order to ease the transition of recently displaced projects. Cointelegraph reported that BNB Chain has also pledged to invest in and support projects that plan to move awayfrom the Terra ecosystem.
Chalabi, who concluded the discussion, advised recently displaced projects that they migrate to blockchains based upon the interests of their users, communities, and not on short-term financial gains. He stated, “That can actually determine your success.”
Aurora, an Ethereum Virtual machine (EVM), is designed to scale decentralized apps (DApps). It was built on the Near protocol. Recently, a token fund valued at $90 million was launched.
Cointelegraph reported that Aurora Labs received 25 million AURORA tokens from the DAO treasury, which are valued at approximately $90 million to finance the initiative.
