After the collapse of Terra in May, Terra-based projects began the search for new blockchain ecosystems. Since then, around 48 projects built on Terra have migrated to Polygon (MATIC), and Polygon Studios CEO Ryan Wyatt expects more projects to migrate soon.
High Profile Projects Moving to Polygon
Projects formerly built on the recently compromised Terra blockchain have started to migrate over to the Polygon (MATIC) Network, which serves as a Layer-2 scaling solution for the Ethereum network.
According to Polygon Studios CEO Ryan Wyatt, over 48 different crypto projects formerly based on the Terra ecosystem have migrated to Polygon. On July 9th, Wyatt expressed his delight to welcome the newcomers in a Twitter post.
“We are working closely with a variety of Terra projects to help them migrate over swiftly to Polygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform. We will be sharing more soon,” the CEO wrote on Twitter.
Some of the high-profile projects to have moved to Polygon are the Lunaverse (LUV) Metaverse platform, the OnePlanet NFT marketplace, and the Derby Stars play-to-earn (P2E) game.
Polygon has proven to be a more favorable choice for Terra projects than the alternative VeChain (VET), despite VeChain openly inviting Terra developers to apply for a grant.
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
— Ryan Wyatt (@Fwiz) July 8, 2022
The Migration of NFT Projects
OnePlanet is an NFT ecosystem that was primarily built for Terra. After acclimating to its migration to Polygon, it has become a platform dedicated to assisting NFT projects in their move from Terra with its ‘Ark*One’ initiative.
As stated in the platform’s official blog post, OnePlanet partnered with Polygon to become a dedicated marketplace for all Terra NFT projects migrating to the Polygon ecosystem.
“Taking into consideration the key factors such as mass adoption, market opportunities, stability and foundation-level support, we found that Polygon is currently the most prominent chain with so many big projects and entities onboarding,” the statement read.
The platform aims to be the premier Polygon-native launchpad and marketplace in the Polygon NFT ecosystem. Over the coming months, OnePlanet has promised to support the soft landing of ex-Terra NFT projects. In a few weeks, current holders of Terra NFT projects are expected to be able to migrate and list their NFTs on the new OnePlanet marketplace on the Polygon blockchain.
The need for the great migration started as the colossal Terra blockchain collapsed, which started when its TerraUSD (UST) stablecoin lost its peg, causing the chain’s native LUNA token to crash in value by nearly 100% in turn. The implosion wiped out billions worth of investors’ funds worldwide, the effects of which are still being felt across the entire crypto market. Terra CEO Do Kwon is now under multiple investigations of alleged fraud regarding the failed Terra project.