Former Terra blockchain projects have teamed up to assist each other in migrating to the Polygon layer-2 network.
There are more than 48 crypto projects that were formerly built on the Terra ecosystem. They have resurgenced by migrating to Polygon.
Ryan Wyatt, Polygon Studios CEO, expressed joy at the ability of his network to add many projects into the ecosystem in Saturday’s tweet. He suggested that Polygon’s Terra Developer Fund, a multimillion-dollar fund that Polygon has created to attract the talent that was suddenly thrown into limbo by Terra’s collapse in May.
Polygon is a network which serves as layer-2 scaling for the Ethereum Network.
The OnePlanet nonfungible token marketplace (NFT), the Lunaverse (LUV), and the Derby Stars (P2E), are some of the most prominent projects moving to Polygon.
OnePlanet was instrumental in helping other NFT project migrate to Polygon. It has evolved into a platform devoted to the assistance of NFT projects from Terra through its Ark*One initiative.
OnePlant’s Saturday blog highlights how Ark*One helped “A total 48 NFT projects, which encompassing 90 NFT collection” port over to Polygon.
“This is a significant proportion of Terra projects, even those that didn’t launch on One Planet prior to the cataclysmic De-peg event.”
Ark*One has decreased its support to aspiring projects since June 15. However, the Ark*One team said it would “still provide technical assistance for projects that want to migrate to Terra” and will allow projects to launch on Polygon via its launchpad.
Polygon seems to be more successful in attracting Terra projects that the VeChain ecosystem. It appears that not many Terra projects have moved to the layer-1 ecosystem, despite VeChain openly inviting Terra developers apply for grants.
In May , the Terra ecosystem experienced a massive collapse. Its TerraUSD Classic stablecoin (USTC), lost its peg. This caused its native token Luna Classic to plummet nearly 100% from $60 to fractions a cent. Terra Classic has been renamed and the Terra native token has the LUNC ticker. A new iteration of the network has the Terra name, and the LUNA ticker.
As the crypto bear market gets more intense, it has not gained much traction or confidence.
