More than 48 different crypto projects formerly based on the failed Terra ecosystem have begun migrating to Polygon almost two months after the Terra ecosystem collapsed following the implosion of TerraUSD (UST).
Polygon Studios CEO Ryan Wyatt tweeted on Monday, ”Terra projects have begun migration. Over 48 projects and counting… including OnePlanet NFT, an exclusive 0xPolygon marketplace, and DerbyStars_HQ.”
https://twitter.com/Fwiz/status/1545555539299487745?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1545555539299487745%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2022%2F07%2F11%2Fterra-projects-begin-moving-to-polygon-months-after-ust-debacle%2F
In a Saturday tweet, he expressed delight at his network’s ability to onboard many projects to the ecosystem. He hinted that Polygon’s multimillion-dollar Terra Developer Fund has been effective in attracting the talent that was unexpectedly flung into limbo when Terra collapsed in May.
https://twitter.com/Fwiz/status/1525887462093910016?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1545555539299487745%7Ctwgr%5E%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2022%2F07%2F11%2Fterra-projects-begin-moving-to-polygon-months-after-ust-debacle%2F
Migration to Polygon Networks
In May, Polygon, a major network that serves as a layer-2 scaling solution for the Ethereum network, announced a multimillion-dollar fund to assist Terra projects looking to switch. It was ready to pay as much as “$20 million, roughly” to help Terra teams and their projects migrate to its blockchain to continue building products, developing, and managing the blockchain.
“For any project which wants to come from Terra to Polygon, we will be happy to provide them both financial and technical assistance,” a spokesperson for the Polygon ecosystem told CoinDesk at the time. “We’ll provide them developers and everything.”
Among the higher-profile projects to move to Polygon are the Lunaverse (LUV) metaverse platform, the OnePlanet NonFungible Token (NFT) marketplace, and the Derby Stars play-to-earn (P2E) game.
OnePlanet has been instrumental in helping other NFT projects migrate to Polygon. It has become a platform dedicated to assisting NFT projects from Terra with its Ark*One initiative. OnePlanet’s Saturday blog post outlines how Ark*One has helped “A total of 48 NFT projects, encompassing 90 NFT collections” port over to Polygon:
“This represents a large proportion of Terra projects, including some that did not launch on One Planet before the cataclysmic de-peg event.”
Since June 15, Ark*One has reduced the support it provides to aspiring projects, but the team says it will “still provide technical support for projects who want to migrate from Terra” and allow projects to launch on Polygon using its launchpad.
Polygon appears to have been more successful at attracting Terra projects than the VeChain ecosystem. So far, it does not appear that many Terra projects have moved to the layer-1 ecosystem despite VeChain openly welcoming Terra developers to apply for a grant.
