More than 48 different crypto projects formerly based on the failed Terra ecosystem have found a resurgence by migrating over to Polygon.
Polygon Studios CEO Ryan Wyatt expressed delight at his network’s ability to onboard many projects to the ecosystem in a Saturday tweet. 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.
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
— Ryan Wyatt (@Fwiz) July 8, 2022
Polygon is a network that serves as a layer-2 scaling solution for the Ethereum network.
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.
OnePlant’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 made the move to the layer-1 ecosystem despite VeChain openly welcoming Terra developers to apply for a grant.
The Terra ecosystem suffered a monumental collapse in May when its TerraUSD Classic (USTC) stablecoin lost its peg, forcing its native token Luna Classic (LUNC) to crash nearly 100% in value from over $60 to fractions of a cent. The network has been renamed Terra Classic, and its native token now has the LUNC ticker, while a new iteration has adopted the Terra name and LUNA ticker.
It has yet to gain much traction or confidence as the crypto bear market deepens.