Terra Projects Agglomerates To Migrate To Polygon Ecosystem

Projects that used to run on the defunct Terra blockchain are helping each other move to the Polygon layer-two network.

More than 48 different crypto projects that were previously centered on the bankrupt Terra environment have found new life by switching to Polygon.

In a July 9 tweet, Polygon Studios CEO Ryan Wyatt expressed excitement at his network’s ability to integrate many projects into the ecosystem. He implied that Polygon’s multimillion-dollar Terra Developer Fund had been successful in attracting talent that had been abruptly thrown into limbo when Terra failed in May.

Polygon (MATIC) is a network that serves as the Ethereum network’s layer-two scaling solution.

The Lunaverse (LUV) Metaverse platform, the OnePlanet NFT marketplace, and the Derby Stars play-to-earn (P2E) game are among the most high-profile enterprises that have moved to Polygon.

OnePlanet has assisted other nonfungible Token (NFT) projects in migrating to Polygon. It has evolved into a platform dedicated to aiding Terra’s NFT projects through its Ark*One initiative.

OnePlant’s July 9 blog post describes how Ark*One assisted in the migration of “48 NFT projects, spanning 90 NFT collections” 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.”

Ark*One’s support for aspiring projects has been curtailed since June 15, but the team says it will “still give technical support for projects who want to move from Terra” and allow projects to debut on Polygon utilizing its launchpad.

Polygon looks to have been more effective than the VeChain (VET) ecosystem in attracting Terra projects. Despite VeChain openly inviting Terra developers to apply for a grant, it does not appear that many of the projects have made the transition to the layer-1 environment.

The Terra ecosystem had a massive collapse in May when its stablecoin TerraUSD (UST) lost its peg, causing its native token LUNA to drop nearly 100 percent in value from over $60 to fractions of a cent. Terra Classic has been renamed, and its native coin now bears the LUNC ticker, while a new iteration bears the crypto name and the LUNA ticker.

As the crypto bear market continues, it has failed to garner much traction or confidence.