Friday, June 2, 2023

Projects Shifts to Polygon as Terra Crashes


Polygon is inviting projects that have been displaced or are dissatisfied with Terra’s demise to join its ranks. Instead of Terra 2.0, Polygon wants Terra projects to migrate to its blockchain.

Polygon Studios CEO Ryan Wyatt announced yesterday that Polygon is offering the Terra Developer Fund to assist Terra companies in migrating from Do Kwon’s now-infamous and failing blockchain to Polygon. This is a sidechain that they will use to complement and grow Ethereum.

Terra DeFi Promises 20% Stake Returns

After the withdrawals from Anchor, the Terra blockchain’s stablecoin, UST is losing its peg to the dollar. This occurs two and a half weeks earlier. Stablecoins are tokens that purport to be supported by fiat money. In contrast to cryptocurrencies such as Bitcoin, their prices stay stable. The concept is that, unlike cryptocurrencies such as Bitcoin, the prices of stablecoins remain constant. This is in accordance with the fiat currency that backs them.

This is a Terra DeFi platform that promises up to 20% staking rewards. The Luna Foundation Guard uses billions of dollars from its Bitcoin holdings to keep its UST peg. Kwon creates LFT, a nonprofit organization to support the Terra environment.

However, the unsteady coin was unlikely to reclaim its peg. Thus, its sister token, the LUNA token, went down from $64 to $0.004 in a couple of days. Even if Terra’s blockchain was momentarily paused, the values of UST and LUNA fell to zero.

Wyatt said yesterday that the Terra NFT marketplace, OnePlanet, will be the first project. This will help transfer and assist Polygon in migrating further Terra businesses. Terra NFT initiatives, in particular, might seek to join OnePlanet’s transition to the new blockchain.

Participating in the OnePlanet Project

In the coming months, OnePlanet will transfer to Polygon. Moreover, it will become the primary marketplace for any Terra NFT projects that help convert the Polygon ecosystem.

The announcement comes as Polygon is monitoring the Terra collapse. In addition, they are also collaborating with a number of Terra projects to assist in their transition over as quickly as possible. They will commit funds and efforts to these transfers. The aim is to invite developers and their respective communities to our platform.

Wyatt also informed Decrypt over DM that the Polygon team is presently assessing grant applications from interested Terra projects. Furthermore, they are also in active discussions with a number of Terra DeFi protocols. According to TechCrunch, over 50 Terra projects have already contacted Polygon.

Wyatt told Decrypt that one of the benefits they provide that are unique to Terra is the Polygon. It boasts a world-class staff that includes leaders from Google, Amazon, Mythical Games, Riot Games, EA, Activision, Unity, and other companies. As a result, games and NFT projects have excellent resources accessible from the internal staff they provide.

Many Terra programs are leaving the ship rather than sailing with Kwon toward the imminent Terra fork. Thus, the new Terra chain is making its own actions. Moreover, Kwon talks about the new Soil Protocol today. Accordingly, this will make it easier to build NFT projects on the forthcoming Terra 2.0 network.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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