Polygon Helping Migrate Terra Projects Over To It's Blockchain
Polygon, the sidechain scaling solution built to help Ethereum, is looking to help Terra projects move its blockchain in light of recent events.
CEO of Polygon Studios, Ryan Wyatt, took to Twitter yesterday to announce a “multi-million dollar fund” to help Terra projects move from the doomed blockchain onto Polygon, named Terra Developer Fund.
After de-pegging from the U.S dollar, Terra’s algorithmic UST stablecoin, collapsed earlier this month due to large withdrawals coming from the Terra DeFi platform, Anchor. The Luna Foundation Gaurd (a group created by Terra founder Do Kwon to help support the Terra ecosystem) in response sold thousands of Bitcoin from its reserves in an attempt to help UST maintain a dollar peg.
But the unlucky supposed dollar token was not able to regain its dollar peg, leading to its sister token LUNA to then collapse as well from $64 to $0.004 in a couple of days. The Terra blockchain was even temporarily halted leading to many being unable to react to its downfall, but this couldn't even stop it from falling to almost zero.
As announced by Wyatt on Twitter, OnePlanet a Terra-based NFT platform will be the first project moving to Polygon, with OnePlanet helping move more Terra projects in the near future. Specifically, Terra NFT projects can be picked up to move along with OnePlanet’s migration.
This all comes a week and a half after Wyatt shared that Polygon was watching the downfall of Terra and would be “working closely with a variety of Terra projects to help them migrate over swiftly.”
Polygon is currently looking over applications from interested projects, and is in talks with other Terra DeFi protocols, Wyatt told Decrypt. Over 50 Terra projects have already reached out to Polygon.
“The advantages that we offer that are unique to Terra is that Polygon has a world-class team made up of executives across Google, Amazon, Mythical Games, Riot Games, EA, Activision, Unity, and more, so games and NFT projects have great resources available to them from the internal team we offer,” Wyatt told Decrypt.
While Polygon tries to scoop up its former competition's best projects, Terra’s original founder, Do Kwon, has plans of his own to relaunch Terra on a new blockchain dubbed Terra 2.0. Whether the majority of projects jump ship to Polygon or stick with Do Kwon is still unknown, but no one would blame any of them for being hesitant in sticking around for the 2.0 version of Terra.