Thursday, August 11, 2022

Terra Projects Are Quickly Dumping the Network to Migrate to Polygon

HomecryptocurrencyTerra Projects Are Quickly Dumping the Network to Migrate to Polygon

Non-fungible token (NFT) and crypto projects that were formerly on Terra have begun migrating to Ethereum Layer 2 protocol Polygon. According to Polygon Studios CEO Ryan Wyatt, over 48 crypto and NFT projects have begun migrating from Terra to Polygon with some notable projects moving over including popular NFT marketplace OnePlanet and the metaverse game Derby Stars. Wyatt shared the news in a tweet, welcoming the new projects and adding, “it was awesome to help and welcome all these wonderful developers to our thriving ecosystem!”

The information was an update to his 16 May tweet, where he announced that Polygon was working with different Terra projects to help with swift migration to the Ethereum Layer 2 protocol. At the time, the CEO said Polygon would invest capital and resources into the movements to welcome the developers and their communities.

With more than 48 projects on board, Polygon is still looking forward to accommodating more.

“We’re opening our arms to all who want to come over. A lesson learned in the Terra collapse is that it is very wise to be on an EVM-compatible chain so that you don’t have to rebuild, so I just hope that wherever developers go, they go with EVM in mind for longevity,” Wyatt stated.

One of the new projects that migrated from the Terra ecosystem, OnePlanet, talked about migration in a blog post. The NFT marketplace said that “the sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage.” OnePlanet noted that it had created its version of Noah’s Ark to save Terra’s “burgeoning NFT diversity” and move it to a new home.

Polygon and OnePlanet have been working with several NFT firms that choose to leave Terra through its initiative known as ArkOne. However, since 15 June, ArkOne 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.

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