Terra Projects Migrating To Polygon After UST Crash Left Them Stranded

Amenser Ong
July 12, 2022
10 mins read

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.

1/ The future of web3 is not about who wins, but how we help each other. 🤝

That is why @0xPolygon & Polygon Studios will team up with @OnePlanet_NFT, a premier marketplace to help onboard Terra-based projects to Polygon. pic.twitter.com/J2qsu8NpZ6
— Polygon Studios (@polygonstudios) May 25, 2022

Credit: @PolygonStudios

How has this development played out?

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.

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.

.@Kadena_io is committing $10MM to blockchain developers affected by recent events in the #Web3 space!

Along with these funds, Kadena provides grantees with the resources, strategic guidance & technical expertise needed to safely build on our blockchain!https://t.co/kXu47h7H9F pic.twitter.com/QteCBS9xDL
— Kadena (@kadena_io) May 26, 2022

#Luna_Terra #Developers if you're looking to migrate #Layer1, we're offering up to $30k to help!#VeChain is a leading enterprise-grade public #blockchain, 100% uptime, #Sustainable & rapidly growing in the EU.

Join us & #buidl the future! DM open https://t.co/NloutqKBwX $LUNA
— VeChain Foundation (@vechainofficial) May 16, 2022

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