The Terra (LUNA) crash was one of the decisive moments for the whole crypto space where the stability of stablecoins and the whole crypto market were questioned. In just one week, the crash washed-out $40 billion of investor’s money.
However, very soon after the Terra crackdown, Polygon found an opportunity and approached Terra for help.
Polygon CEO, Ryan Watt asserted that they are working with many Terra projects to support Terra in a successful migration to Polygon. Ryan also said that Polygon will pledge capital and resources against these migrations to get developers and their respective communities to Polygon.
Now, after two months the Polygon team has successfully achieved the migration of Terra. On July 9, Ryan Watt shared the news via Twitter saying Terra projects have started their migration process. He expressed his happiness to help and welcome Terra developers.
$20 Million Fund Raised For Terra Team Migration
This indicated that Polygon’s multi-million-dollar fund towards Terra developers was successful in fascinating the right skill. The Polygon was ready to fund nearly $20 million to help Terra teams migrate. As per the reports, over 48 projects have started their migration into the polygon network.
Polygon is the Ethereum network’s Layer-2 scalability solution and it is one of the preferred platforms for decentralized finance (Defi) projects due to its low gas costs and fast transaction processing.
Some of the high-profile Terra projects that have migrated to the Polygon platform include Lunaverse (LUV) Metaverse platform, play-to-earn (P2E) game Debry stars, and OnePlanet NFT marketplace.
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Source: https://coinpedia.org/news/terra-projects-migrated-to-polygon/