More than 48 different projects that previously ran on the fallen Terra network have found a new home in Polygon.
They still have to migrate for a while to move into that new home. They have now joined forces for this and Polygon also has the full focus on helping these projects.
What is Polygon?
For those who don’t know, Polygon is a network that acts as a second-layer scalability solution for Ethereum. Projects moving to Polygon include the Lunaverse LUV) Metaverse platform, the OnePlanet NFT marketplace, and the Derby Stars play-to-earn game.
OnePlanet has been instrumental in helping other NFT projects migrate to Polygon as well. In total, OnePlanet already has with Ark*One 48 NFT projects helped with the switch to Polygon. In that respect, it is no surprise that they are so enthusiastic at Polygon to assist other projects with the migration.
Polygon has so far been a lot better at attracting projects from Terra than VeChain. Despite VeChain having some pockets of cash ready to welcome Terra developers into their ecosystem. Everything indicates that we can expect a lot from Polygon in the coming years.
The fall of Terra
The Terra ecosystem collapse began in May after the TerraUSD stablecoin lost its peg to the US dollar. To restore that link, impossible quantities of LUNA were subsequently sold. However, the damage was already done. As soon as a stablecoin loses its link with a fiat coin, the trust is gone and a lot of capital is needed to restore it.
In the end, the huge LUNA dumps turned out not to be enough to restore that confidence and the Bitcoin reserve pot Terra had was not enough either. The whole thing came crashing down spectacularly, sending about $40 billion worth of wealth going up in digital smoke. The network has now started with a 2.0 version, but the chance that we will ever see nice things from it seems small.