- The collapse of Terra USD has put the community through a financial crisis.
- Terra Network is fighting for a revival option.
- Terra has announced its migration to the Polygon ecosystem.
Terra Collapse Crashing Expectations
Just when everything was going fine, the bear market showed up. Almost every cryptocurrency suffered its economy crashing drastically. Among these, the collapse of Terra USD was one of the greatest setbacks in the crypto history. That was unexpected. Terra USD was supposed to be stable, after all, it’s named, ‘stablecoin’. Celsius Network, the company that was offering an 18% interest on the coin, is battling insolvency.
This, according to many experts, is one of the most significant wealth destruction in the history. Terra ecosystem started suffering through the collapse when the algorithmic stablecoin, Terra USTC got depegged. This refers to the fact that Terra USTC was algorithmically programmed to maintain the 1:1 exchange rate with the US. dollar. The coin surprisingly, deviated from its initial peg, in other words, reduced below the intended $1.Eventually, Luna Classic or LUNC has crashed almost 100%. The coin which was trading at $60 is valued negligible after the crash.
Polygon Studios To The Rescue
Clearly, Terra is amidst a great financial and trust crisis, Something has to be done. Terra has finally announced its migration to the Polygon Network. This is in reference to the fact that around 48 failed crypto projects that were in the former Terra Network are fighting for a revival option. Polygon Studios, in turn, is excited regarding the collaboration with Terra. He also said that the capabilities of Polygon in adding new ecosystems is expanding.
OnePlanet commented on the use of its Ark*One programme in a blog post published on its official website on Saturday. It claimed to have helped as many as 48 NFT projects and 90 NFT collections move to Polygon. The NFT company said that a larger percentage of Terra projects are helped. Since June 15, it appears that support for Ark*One in favour of other initiatives has decreased. However, the team behind it has announced that it would continue to help any projects that choose to move to Polygon. Additionally, it will continue to support the migration process with its launchpad.
Source: https://www.thecoinrepublic.com/2022/07/13/terra-hoping-to-revive-through-polygon-ecosystem/