Polygon Opens Up Support For Terra NFT Projects Following Terra Collapse

• A “multi-million dollar fund” called the Terra Developer Fund was announced.
• Polygon has been down 4.23% in the last 24 hours.

Recent bearish engulfing candlesticks in MATIC have significantly hindered purchasing attempts as the alternative has gone below its three-month trendline resistance. MATIC might go into a downward spiral in the near future if the present selling pressure outside the bearish pennant continues. Bullish return prospects have been postponed, at least for the time being.

Transition Over Rapidly

A “multi-million dollar fund” called the Terra Developer Fund that Polygon Studios CEO Ryan Wyatt disclosed via Twitter yesterday to assist Terra products in migrating from Do Kwon’s now-infamous and unsuccessful blockchain onto Polygon.

It has only been around two-and-a-half weeks since UST (the stablecoin of Terra blockchain) lost its dollar peg. When Kwon formed the Luna Foundation Guard to protect Terra’s ecosystem, he put up millions of dollars in Bitcoin to stabilize the UST peg. As Wyatt mentioned yesterday, Polygon will work OnePlanet to move other Terra NFT projects. To join OnePlanet’s new blockchain, Terra NFT projects may apply.

After Wyatt said that Polygon was keeping a close eye on Terra’s demise and was “working closely with a number of Terra projects to assist their transition over rapidly,” he now confirms the same. Polygon co-founder Sandeep Nailwal mentioned a further relationship on Twitter was one between Polygon and Zoop, an NFT platform preparing to launch its own digital collectible trading platform. Polygon seems to be offering support to multiple projects amid this sluggish market and gaining the maximum.

According to CMC, the Polygon price today is $0.580831 USD with a 24-hour trading volume of $676,537,069 USD. Polygon has been down 4.23% in the last 24 hours.