Monday, February 6, 2023

With Terra Forking, Many Protocols Are Moving To Polygon

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With Terra forking, a lot of protocols are moving to Polygon which called upon projects to join their network and avoid the risks after the Terra collapse so let’s have a closer look at our latest blockchain news.

Polygon Studios CEO Ryan Wyatt shared on Twitter that Polygon is a sidechain built to compliment and help scale Ethereum and launched a multi-million dollar fund called the Terra Developer Fund and help Terra projects move from the failed blockchain onto Polygon. Two and a half weeks ago, the Terra blockchain and the UST stablecoin lost its peg to the dollar after major withdrawals were made from Anchor and Terra promised a 20% return from staking so the Luna Foundation Guard tried to help support the system and deployed billions from its BTC reserves in an attempt to maintain the UST peg.

The stablecoin however was not able to regain its peg and its sister token LUNA dropped from $64 to $0.0004 in a few days. The Terra blockchain was halted temporarily but that didn’t stop the prices of UST and LUNA from crashing further. Wyatt announced that the OnePlanet NFT marketplace will be the first project to migrate and OnePlanet will help Polygon to move even more Terra projects. Terra NFT projects can apply to join OnePlanet’s move on the new blockchain. The news came a week after Wyatt shared that Polygon started watching the Terra collapse and worked closely with a few of the Terra projects to help them migrate swiftly.

The Polygon team is reviewing some grant applications from the interested Terra projects and had active conversations with plenty of the Terra DeFi protocols. More than 50 Terra projects already reached out to Polygon as TechCrunch reported:

“The advantages that we offer that are unique to Terra is that Polygon has a world-class team made up of executives across Google, Amazon, Mythical Games, Riot Games, EA, Activision, Unity, and more, so games and NFT projects have great resources available to them from the internal team we offer.”

Terra’s DEFI Apps , luna, collapse, ust, defi

While most Terra projects could be abandoning ship rather than sailing alogn with Kwon and the new fork of the protocol, the new Terra chain made moves of its own and Kwon even shared news of the new Soil Protocol that will facilitate NFT project deployment on the upcoming Terra 2.0 blockcahin.

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