Sunday, December 10, 2023

Polygon Offers A Helping Hand To Terra Blockchain Projects

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Polygon offers a helping hand to Terra blockchain projects to get back on their feet after the recent events so let’s read more about it in today’s latest blockchain news.

Plenty of other developers were left in uncertainty after the aftermath of the Terra collapse. These Terra-based projects that are under a lot of pressure could be able to save their communities and projects by migrating to other networks. In a move that will likely benefit both the Matic community and the Terra projects, the Polygon Studios CEO Ryan Wyatt said that Polygon is working with plenty of projects to help them migrate to the Polygon network.

Polygon offers a helping hand to those that were crushed by the recent tErra developments and it is ready to welcome the developers and communities of these projects. Wyatt also noted that Polygon will provide the capital and resources needed to assist them in the migration process. The founder of Polygon Sandeep Naiwal detailed options that are most suitable for Terra projects and suggested that the PoS chain could be utilized by community projects that need a common chain. Nawal noted that the zk-rollups will be available on the Pos network soon enough.

The layer 1 blockchain project Fantom also offered help to the community by stating that they are prepared to assist any projects or developers that want to move away from Terra’s blockchain. The team at Fantom detailed a grant program to help with the integration, connections, and marketing. The efforts are sure to help get most of the projects back on their feet after last week’s events. The creator of Terra Do Kwon, spoke up and offered a recovery plan which included a hard fork in the blockchain as one of the main ideas however because there’s an overabundance of LUNA on the market, the Binance CEO Changpeng Zhao stated that this approach might not work. CZ agreed to offer assistance to the community and stated:

“Regardless of my personal views, or the solution was chosen in the end, we will always be here to support the community in any way we can.”

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Ethereum’s co-founder Vitalik Buterin offered his opinion on the issue and he thinks that the repayment plan for Terra will give special consideration to small investors.

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