Crypto projects that were built on the Terra (LUNA) network got into trouble a while back. This of course had everything to do with the total demise of the Terra network. Meanwhile, the projects that previously ran on Terra seem to have chosen to move to the Polygon (MATIC) network together.
Polygon is the new destination
This concerns more than 48 different crypto projects that were previously all based on the Terra ecosystem. When this network collapsed, these projects were of course forced to move. The destination of choice now seems to have become Polygon.
Polygon is a layer-2 scaling solution that sits on top of the Ethereum (ETH) network is built. It offers users many of the benefits of the Ethereum network, but at lower transaction costs and faster transaction times. No wonder that Polygon is the crypto network of choice for the at least 48 Terra projects.
Polygon Studios CEO Ryan Wyatt was very excited about the large-scale migration. Polygon previously managed a Terra Developer Fund multi-million dollar where projects on Terra were supported in development. This may have played a role in the choice of many of these projects to move to Polygon.
UPDATE: Terra projects have started migration. Over 48 projects and counting… including @OnePlanet_NFTan exclusive @0xPolygon marketplace, and @DerbyStars_HQ†
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome!$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022
Wyatt also states that Polygon is working closely with the relocating projects to make the migration as smooth as possible:
“We are working closely with several Terra projects to help them transition quickly to @0xPolygon. We will allocate capital and resources to these migrations to welcome the developers and their respective communities to our platform. We will share more soon.”
Polygon beats VeChain among others
Some of the more popular projects making the switch to Polygon are: Lunaverse (LUV), the OnePlanet non-fungible token (NFT) marketplace and the P2E game Derby Stars.
Polygon seems to be pulling the longest when it comes to attracting Terra projects. This while others crypto networks, including VeChain (VET), are doing everything they can to become the destination of choice. In any case, it shows once again that one person can be his death, the other his bread.