Polygon Attracts Numerous Terra Projects Cast Into Uncertainty

Polygon Attracts Numerous Terra Projects Cast Into Uncertainty
  • Other NFT projects have benefited from OnePlanet’s assistance in switching to Polygon.
  • The play-to-earn game Derby Stars is moving to Polygon.

Nearly half of Terra-based crypto projects have found new life on Polygon after the unsuccessful Terra ecosystem was abandoned. CEO of Polygon Studios Ryan Wyatt took to Twitter on Saturday to express his satisfaction with the network’s ability to integrate many projects into its ecosystem.

Polygon: A Saviour For Terra Survivors

According to him, the Terra Developer Fund, a multimillion-dollar Polygon initiative, has successfully lured the talent that was abruptly cast into uncertainty after the company’s demise in May. The Polygon network is a layer-2 scalability option for the Ethereum network. The metaverse platform Lunaverse (LUV), the OnePlanet non-fungible token marketplace, and the play-to-earn game Derby Stars are all moving to Polygon.

Other NFT projects have benefited from OnePlanet’s assistance in switching to Polygon. As a result of Terra’s Ark*One effort, it has become a specialized platform for NFT initiatives. However, Ark*One claims it would “still provide technical support for projects who want to migrate from Terra” and let projects launch on Polygon using its launchpad from June 15 but has limited support for aspiring projects.

When TerraUSD Classic (USTC) lost its peg in May, the Terra ecosystem’s native token Luna Classic (LUNC) lost over 100% of its value, dropping from more than $60 to a few hundredths of a penny. One version of the system has been called Terra Classic, and its native token has been given the suffix “LUNC,” while a newer version has been given the suffix “LUNA.”

The Polygon ecosystem seems to have attracted Terra projects more effectively than the VeChain environment. Despite VeChain’s open invitation to Terra developers to apply for a grant, it doesn’t seem that many Terra applications have completed the switch to the layer-1 environment yet.

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