50-plus Terra projects have moved to Ethereum-based scaling platform Polygon after the former suffered a devastating crash earlier this year.
“Supporting developers is at the heart of what we do,” said Polygon Studios CEO Ryan Wyatt in regards to former Terra projects’ transition. Polygon has started to onboard Terra projects since the crash in mid-May 2022.
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
— Ryan Wyatt (@Fwiz) July 8, 2022
Over the past two months, Terra’s sudden ecosystem collapse has left multiple projects built on the ecosystem stranded, as well as facing a loss of tens of billions of dollars in value. The cause of Terra’s crash can be attributed to many factors – including its stablecoin (UST) mechanism and mass panic.
Amongst the various projects that have migrated to Polygon from Terra includes the NFT marketplace OnePlanet. “The sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage,” posted Oneplanet on a Medium blog post.
🛳 48 Projects are landing on @0xPolygon with OnePlanet🪐
— OnePlanet ˡᵃⁿᵈⁱⁿᵍ ᵒⁿ ᴾᵒˡʸᵍᵒⁿ (@OnePlanet_NFT) July 8, 2022
OnePlanet is one of many recruits that have entered a strategic partnership with Polygon, and will be supported in platform migration and marketing – with initiatives including fund deployment, technical support, and community reward campaigns.
“This fund was simply put together to help talented developers find a new home. We’re here to lift them up and support them should they need us, and it was really just letting them know they aren’t alone during the Terra collapse where no one was there to help them.”
As Terra is an EVM-compatible (Ethereum Virtual Machine compatible) chain, migration from Terra to Polygon would not require rebuilding any projects. “I just hope that wherever developers go, they go with EVM in mind for longevity,” said Wyatt in response to the Terra collapse.
Terra’s collapse has brought on many lawsuits, and even petitions for rebooting LUNA. Terra’s impact still continues to make ripples in the global economy, as the Federal Reserve vice chair has called for more efforts with regards to crypto regulation, citing that many investors have suffered significant losses.
Supporting more crypto projects is one of many recent strategic moves that Polygon is making in an effort to push for mass adoption. Polygon has recently partnered with the mobile phone maker Nothing in order to bring easier access to dApps, games, and payments on the blockchain with the Nothing Phone (1).