As Terra Dies and Forks, Protocols and Projects Move to Polygon

Forget Terra 2.0—Polygon wants Terra projects to transition to its block chain In place.

Polygon Studios CEO Ryan Wyatt shared via Twitter yesterday that Polygon-a side chain designed to complement and help evolve Ethereum— launches a “multi-million dollar fund” called the Terra Developer Fund to help Earth projects go from Do Kwonis now infamous and failed on Polygon.

Two and a half weeks ago, the Terra blockchain stablecoin, UST, lost its peg to the dollar after large pullbacks Anchora land Challenge platform that promised up to 20% return on staking. The Luna Foundation Guard, a group founded by Kwon to help support the Terra ecosystem, deployed billions of his Bitcoin reserves to try to maintain the anchoring of the UST.

But the not so stable coin could not regain its peg, and its sister token LUNA the token then fell from $64 to $0.004 within days. The Terra blockchain was even temporarily stoppedbut that did not prevent the prices of UST and LUNA from falling to zero.

Wyatt announced yesterday that the Terra NFT marketplace OnePlanet would be the first project to make the migration, and OnePlanet will help Polygon migrate more Terra projects. Specifically, Terra NFT projects can to apply to join OnePlanet’s move to the new blockchain.

The news comes about a week and a half after Wyatt share that Polygon was watching Terra’s collapse and “working closely with a variety of Terra projects to help them migrate quickly”.

The Polygon team is currently reviewing grant applications from interested Terra projects and has active conversations with a number of Terra DeFi protocols, Wyatt said. Decrypt via DM.

More than 50 Terra projects have already contacted Polygon, Tech Crunch reported.

“The benefits we offer that are unique to Terra are that Polygon has a world-class team of frames on Google, Amazon, Mythical Games, Riot Games, EA, Activision, Unity, etc., so NFT games and projects have great resources from the in-house team we offer,” Wyatt said. . Decrypt.

While many Terra projects may abandon ship instead of sailing with Kwon to the next Terra Fork, the new Terra channel is moving on its side. Kwon today shared news of the new Soil protocolwhich will facilitate the deployment of the NFT project on the next Earth 2.0 blockchain.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news + weekly digests and more!



Source link