Terra Projects Abandon Ship For Polygon

The Terra blockchain is experiencing a mass exodus post its collapse, as projects have been leaving the network for Polygon. 

NFTs Choose Polygon

So far, 48 projects have migrated to the Ethereum Layer 2 protocol, Polygon, since the collapse of the Terra network. As confirmed by CEO Ryan Wyatt, the Polygon team is working on ensuring seamless migrations by providing the capital and resources necessary to support the transition. 

Wyatt also sounds highly enthusiastic about welcoming the projects onto his network. He has stated, 

“We’re opening our arms to all who want to come over. A lesson learned in the Terra collapse is that it is very wise to be on an EVM-compatible chain so that you don’t have to rebuild, so I just hope that wherever developers go, they go with EVM in mind for longevity.” 

Furthermore, Wyatt has also revealed that even more Terra projects will be making the transition to Polygon soon. The Terra LUNA debacle brought about the peak of the current crypto winter. It all started with the algorithmic stablecoin TerraUSD (UST) falling below its $1 peg back in May. 

OnePlanet And Ark*One Mission

Some of the projects that have already completed the transition and are now live on the Polygon network include NFT marketplace OnePlanet and metaverse game Derby Stars. Following the Terra crash, the OnePlanet team had decided on an initiative to rescue the most number of NFT projects from the struggling Terra blockchain. This project, inspired by Noah’s Ark and named the Ark*One initiative, attracted a total of 48 NFT projects that included 90 NFT collections. As a result, the OnePlanet team was able to partner with Polygon to become a dedicated marketplace for all these migrating NFT projects. Some of these projects include the play-to-earn metaverse game Lunaverse, the AI-generated NFT project DystopAI, and PFP collections Hellcats and Babybulls. 

The OnePlanet team explained their reasoning for choosing Polygon, 

“​​Taking into consideration the key factors such as mass adoption, market opportunities, stability and foundation-level support, we found that Polygon is currently the most prominent chain with so many big projects and entities onboarding. Polygon is home to some of the world’s leading brands in web2 and web3. Moreover, Polygon has the low gas fee of $0.0025 on average and high throughput of being able to process up to 7,000 transactions per second, which shows huge potentiality to bring a larger audience to the chain.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.