Terra Projects Migrating To Polygon After UST Crash Left Them Stranded
Key Takeaways: - Previously Terra built projects are pivoted to other blockchains - Over 48 projects have migrated over to Polygon with a multi-million dollar Terra development fund announced in May - VeChain and Kadena also pledging suppor
Key Takeaways:
- _Previously Terra built projects are pivoted to other blockchains_
- _Over 48 projects have migrated over to Polygon with a multi-million dollar Terra development fund announced in May_
- _VeChain and Kadena also pledging support and grants to onboard Terra-based projects_
Ever since the LUNA/UST debacle, many projects that were built on the Terra blockchain have pivoted to other blockchain ecosystems, one notable blockchain is the Layer2 solution on Ethereum, Polygon.
Also Read: What Happened To $LUNA? How It Crashed More Than 95% From Its All-Time High
The most prominent move was to Polygon Studios. A multi-million dollar Terra development fund was announced in May to help Terra-based projects migrate to Polygon.
https://twitter.com/polygonstudios/status/1529478832784396291
Credit: @PolygonStudios
How has this development played out?
https://www.youtube.com/watch?v=YpgEFKJUEG8
Credits: Derby Stars
Migrated projects include OnePlanetNFT, an NFT trading marketplace, and DerbyStars, a Metaverse horse racing game.
These are two of the 48 projects that have migrated over to Polygon, with more on the way. The OnePlanet team has also titled this onboarding process "ArkOne", Technical and financial support was provided in order to give these projects a new home.
Image Credit: OnePlanet
Why Polygon?
Some of the reasons cited were that Polygon Studios have "made important strides to develop their NFT ecosystem", and already had massive partnerships with "big players like Stripe, Meta, E-bay, and Animoca Brands".
By migrating to Polygon, both OnePlanet and Polygon hope to introduce a new robust world of NFTs and rebuild these projects from the ground up.
Learn and Earn: Polygon for builders
Learn how to create tokens and NFTs on Polygon, a side-chain of Ethereum and earn free MATIC tokens.
Other supporting Terra-based projects
Polygon is not the only one looking to poach builders, however. In May, both VeChain Foundation and Kadena also pledged support and grants to onboard Terra-based projects.
https://twitter.com/kadena\_io/status/1529969552309772308
https://twitter.com/vechainofficial/status/1526193791689957377
Despite the launch of Terra 2.0, the new hard fork of LUNA, it seems that the momentum for other blockchains to fill the vacuum left by Terra is not stopping.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: ChainDebrief
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