Greater than 48 different crypto projects formerly in line with the unsuccessful Terra ecosystem have discovered an upsurge by moving to Polygon.
Polygon Studios Chief executive officer Ryan Wyatt expressed delight at his network’s capability to onboard many projects towards the ecosystem inside a Saturday tweet. He hinted that Polygon’s multimillion-dollar Terra Developer Fund continues to be good at attracting the talent which was suddenly flung into limbo when Terra collapsed in May.
UPDATE: Terra projects have started migration. Over 48 projects and counting… including @OnePlanet_NFT, a unique @0xPolygon marketplace, and @DerbyStars_HQ!
It had been so awesome to assist and welcome each one of these wonderful developers to the thriving ecosystem!
Welcome! $MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) This summer 8, 2022
Polygon is a network that works as a layer-2 scaling solution for that Ethereum network.
One of the greater-profile projects to maneuver to Polygon would be the Lunaverse (LUV) metaverse platform, the OnePlanet nonfungible token (NFT) marketplace and also the Derby Stars play-to-earn (P2E) game.
OnePlanet continues to be instrumental in assisting other NFT projects migrate to Polygon. It is a platform dedicated to assisting NFT projects from Terra using its Ark*One initiative.
OnePlant’s Saturday blog publish outlines how Ark*You have helped “A total of 48 NFT projects, encompassing 90 NFT collections” port to Polygon:
“This represents the great majority of Terra projects, including some that didn’t launch on a single Planet prior to the cataclysmic de-peg event.”
Since June 15, Ark*You have reduced the support it offers to ambitious projects, however the team states it’ll “still provide tech support team for projects who wish to migrate from Terra” and permit projects to produce on Polygon having its launchpad.
Polygon seems to possess been more effective at attracting Terra projects compared to VeChain ecosystem. To date, it doesn’t appear that lots of Terra projects make the proceed to the layer-1 ecosystem despite VeChain freely welcoming Terra developers to try to get a grant.
Related: Korea and US accept share analysis data on Terra
The Terra ecosystem endured a monumental collapse in May when its TerraUSD Classic (USTC) stablecoin lost its peg, forcing its native token Luna Classic (LUNC) to crash nearly 100% in value from over $60 to fractions of the cent. The network continues to be renamed Terra Classic, and it is native token presently has the LUNC ticker, while a brand new iteration has adopted the Terra name and LUNA ticker.
It’s yet to achieve much traction or confidence because the crypto bear market deepens.
