- Terra projects are collaborating to help others in order to shift base to the Polygon blockchain network.
- Under its multi-million dollar Terra Developer Fund, Polygon is offering financial and technical assistance to Terra projects to shift base.
The collapse of the Terra ecosystem was a watershed moment for the entire crypto sector. More than $40 billion of investors’ money were wiped out in a single week. Soon after the Terra collapse, Polygon cited an opportunity and made a move to help the DeFi project move to its platform.
Ryan Watt, CEO of Polygon Studios, said: “We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform”.
🛳 48 Projects are landing on @0xPolygon with OnePlanet🪐
Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem #onPolygon
Read the full recap on Ark*One: https://t.co/lxTh6WVRJB pic.twitter.com/hnDtzmSA9S
— OnePlanet ˡᵃⁿᵈⁱⁿᵍ ᵒⁿ ᴾᵒˡʸᵍᵒⁿ (@OnePlanet_NFT) July 8, 2022
Two months later, the team at Polygon has achieved major progress with respect to migration. During a recent update last week on July 9, Ryan Watt shared the progress. In his Twitter update, he wrote:
Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ! It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem! Welcome!
The Polygon Studios CEO also hinted that their multi-million dollar Terra Developer Fund was effective in attracting the right talent.
Polygon has been a Layer-2 scalability solution for the Ethereum blockchain network. It also remains a preferred destination for several decentralized finance (DeFi) projects due to low gas costs and fast transaction processing. After the Terra collapse, projects running on Terra blockchain have made a collaborative effort to help each other migrate to Polygon.
Related: Polygon launches an ‘uncapped multi-million dollar fund’ to help Terra projects migrate to its platform
High-profile projects migrating to Polygon
Over the last two months, some of the high-profile Terra projects have migrated to Polygon. This includes names like Lunaverse (LUV) Metaverse platform, play-to-earn (P2E) game Derby Stars, and the OnePlanet NFT marketplace.
OnePlanet has been especially working in helping other non-fungible tokens (NFT) projects migrate to Polygon. With its Ark*One initiative, OnePlanet has become a dedicated platform for Terra-based NFT projects to move to Polygon. In an official blog post published last week on July 8, OnePlanet noted:
In search of light within the abyss, OnePlanet has taken the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home.
The project is called Ark*One, and has grown to become much more than a salvage operation as the NFT universe is in dire need of a fully decentralized NFT launchpad and marketplace like OP.
The blog post notes that with the Ark*One initiative, OnePlanet has helped over “48 NFT projects, encompassing 90 NFT collections” to move to Polygon. Also, Polygon has been more successful in attracting Terra projects in comparison to the VeChain (VET) ecosystem.
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