Terra Projects Flee to Polygon Following the UST-LUNA Collapse - Daily Bitcoin news

Terra Projects Flee to Polygon Following the UST-LUNA Collapse



A plethora of NFT projects, devs, and their ecosystems were left stranded in the Terra wreckage. Two months later, almost 50 crypto projects and their coders based on the fallen network have now found a new home in Polygon.

  • The projects include P2E metaverse, Lunaverse, the AI ​​generated NFT universe, DystopAI, and Terra’s more successful PFP collections such as Hellcats and Babybulls.
  • In a tweet, Polygon Studios CEO Ryan Wyatt confirmed the numbers stating that these projects have allied to move to the Polygon network.

“It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem! Welcome!”

  • Several competing blockchains had tried to woo developers whose work was endangered by the Terra implosion.
  • Wyatt had also stated that Polygon will be putting capital and resources against these migrations to welcome the developers and their respective communities to the platform.
  • The layer-2 blockchain built on Ethereum unveiled a “relatively uncapped multimillion-dollar fund” shortly thereafter.
  • Polygon planned to finance the fund with the help of the recently raised $450 million led by Sequoia Capital India.
  • Terra-based NFT marketplace OnePlanet was the first one to receive funding from Polygon. The team, which is composed of around 30 people, has moved to the blockchain. Interestingly, OnePlanet has also been helping other NFT projects’ migration via a new initiative called – ArkOne.
  • After considering key factors such as mass adoption, market opportunities, stability, and foundation-level support, OnePlanet announced partnering with Polygon to become a dedicated marketplace for all migrating Terra NFT projects to the Polygon ecosystem.
  • Meanwhile, another high-profile metaverse P2E game, Derby Stars, has migrated to Polygon.
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