Projects on Failed Terra decamps to Polygon Network

2022-07-21, 02:56

[TL;DR]

🔹 The Terra Network suffered a collapse when it lost its peg.

🔹 The Luna Classic (LUNC) was at the receiving side of this collapse as it lost 100% of its value.

🔹 Networks like Polygon reached out to receive the projects on the Terra Network and house them on their blockchain.

🔹 At the time of this report, over 48 projects have migrated to the Polygon network, including OnePlanet_NFT, Lunaverse, etc.

🔹 Several other projects are still expected to join the Polygon network.

According to reports, there are about 50 projects that were previously housed on the Terra Network platform are now being transferred to Polygon. This is coming two months after the Terra network collapsed due to an implosion of the TerraUSD (UST).

What happened to Terra Network

A major collapse hit the Terra ecosystem in May when TerraUSD Classic (USTC) lost its peg, causing Luna Classic (LUNC) to lose nearly 100% of its value, from $60 to fractions of a cent. As a result of the collapse, the Terra Classic network was renamed Terra, and Terra Classic's native token now has a ticker called LUNC.

The network is yet to regain confidence from this collapse as the market is still deeply bearish.

How Polygon Studios is helping

Polygon is a layer-2 scaling solution for Ethereum and serves as a network for securing transactions. After the collapse of the Terra network, Polygon Studios announced a multimillion-dollar fund intended to assist Terra projects that are looking to switch to Polygon. The company was willing to pay as much as $20 million to help Terra teams migrate to Polygon's blockchain.

In a statement by a company spokesperson, Polygon said it would be glad to provide financial aid and technical assistance to any project coming from Terra. Everything will be provided for them, including developers.

You should, however, note that besides Polygon, other blockchain networks, including Kadena, Cosmos, and Avalanche, are also courting the project.

Present development

A tweet from Polygon Studios CEO Ryan Wyatt said Terra projects had begun migrating. Forty-eight projects have been released, including OnePlanet_NFT, a marketplace exclusive to 0xPolygon, and DerbyStars_HQ."

Some high-profile projects moving to Polygon include Lunaverse's metaverse platform, OnePlanet's non-fungible token platform, and Derby Stars' play-to-earn program.

Several NFT projects have migrated to Polygon with the help of OnePlanet. In addition, through Ark*One, it has become a platform for supporting NFT projects from Terra.

It was reported on OnePlant's Saturday blog that Ark*One helped "48 NFT projects with 90 NFT collections" cross over to Polygon:

"These represent a large percentage of Terra projects, including some that did not launch on One Planet before it was de-pegged."
Ark*One has reduced its support for projects, but the team claims it will still offer technical assistance to those wanting to migrate from Terra. Ark*One also provides its launchpad to projects launching on Polygon.

Author: Gate.io Observer: M. Olatunji
* This article represents only the views of the observers and does not constitute any investment suggestions.
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