If it is up to Polygon, we should soon forget Terra 2.0 and it would be good for most projects to move to the Polygon blockchain.
Ryan Wyatt, the CEO of Polygon Studios, shares via Twitter that Polygon has set up a multi-million dollar fund to provide Terra developers with a helping hand. The first step is the move of NFT marketplace OnePlanet from Terra to Polygon.
We have put together a multi-million dollar fund to provide relief to Terra developers to help them stay on their feet and migrate.
Today, it starts with us announcing our partnership with @OnePlanet_NFTa premier marketplace on Terra coming to @0xPolygon exclusively.$MATIC pic.twitter.com/9MFF4xXoju
— Ryan Wyatt (@Fwiz) May 25, 2022
The fall of the Terra ecosystem
Two and a half weeks ago, the Terra ecosystem and its associated UST stablecoin and the LUNA token came into a cinematic collapse. It all started with the failure of the UST stablecoin which slowly but surely lost its peg with the US dollar. There’s a good chance this happened due to the impossibly high 20 percent return users got for staking UST through Anchor.
Even the Luna Foundation Guard, a foundation with billions in Bitcoin, was ultimately unable to get the project on top. However, the not-so-stable stablecoin failed to recoup its peg to the dollar and as a result, the LUNA token fell from around $64 to a value of zero. In a matter of days, the project that many within the industry raved about was completely destroyed.
Other projects smell blood
Ryan Wyatt and the rest of his team smelled blood and saw their chance to jump into the hole Terra left behind. NFT marketplace OnePlanet was the first prey to make the migration to Polygon. Now the Polygon team has agreed with OnePlanet to bring more Terra projects to Polygon. OnePlanet focuses in particular on NFT projects that are currently still stuck in the Terra ecosystem.
The Polygon team is currently considering various funding applications from Terra projects and has to make important choices. In which NFT and DeFi projects within the Terra ecosystem do they see future prospects for their own Polygon? So far there are according to TechCrunch already more than 50 projects of the Terra blockchain that have come to Polygon. In any case, the interest is there and the first steps have been taken.