Projects that were formerly running on the defunct Terra blockchain have worked together to assist one another in moving to the Polygon layer-two network.
By switching to Polygon, more than 48 distinct cryptocurrency projects that were originally reliant on the defunct Terra ecosystem have seen a revival.
In a tweet on July 9, Ryan Wyatt, CEO of Polygon Studios, expressed his happiness at his network’s ability to integrate so many projects into the ecosystem. He made a suggestion that Terra Developer Fund, a multimillion dollar initiative by Polygon, has been successful in luring talent that was unpredictably cast into uncertainty when Terra failed in May.
The layer-two scaling option for the Ethereum network is the Polygon (MATIC) network.
The OnePlanet NFT market, the Derby Stars play-to-earn (P2E) game, and the Lunaverse (LUV) Metaverse platform are a some of the more well-known enterprises that have moved to Polygon.
Other nonfungible Token (NFT) projects’ migration to Polygon was made possible in large part because to OnePlanet. It has evolved into a platform devoted to aiding Terra’s Ark*One program with NFT initiatives.
“This represents a large proportion of Terra projects, including some that did not launch on One Planet before the cataclysmic de-peg event.”
OnePlant’s blog post from July 9 describes how ArkOne assisted with the migration of “A total of 48 NFT projects, covering 90 NFT collections” to Polygon. Since June 15, ArkOne has scaled back the assistance it offers ambitious companies, however the group insists that it will “continue to give technical help for projects that wish to transfer from Terra” and will permit projects to use its launchpad to launch on Polygon.
The VeChain (VET) ecosystem does not appear to have been as effective at luring Terra projects as Polygon. Despite VeChain explicitly inviting Terra developers to apply for a grant, it doesn’t seem like many Terra apps have transitioned to the layer-1 ecosystem to yet.
When the TerraUSD (UST) stablecoin lost its peg in May, leading the value of its native token LUNA to drop by roughly 100% from over $60 to fractions of a penny, the Terra ecosystem underwent a dramatic collapse. While a new incarnation has acquired the Terra moniker and LUNA ticker, the network has been renamed Terra Classic, and its native token now bears the LUNC ticker.
The bitcoin bear market is getting worse, so it hasn’t really gained much traction or confidence.
