Nearly 50 Terra-Based Projects Migrating to MATIC Ecosystem, According to Polygon Studios CEO
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Polygon Studios CEO Ryan Wyatt says dozens of projects built on the collapsed Terra (LUNA) blockchain are moving to Polygon (MATIC).
“Terra projects have begun migration. Over 48 projects and counting… including OnePlanet, an exclusive Polygon marketplace, and Derby Stars!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Confirming the migration, OnePlanet revealed that a total of 48 NFT projects moved under the Ark*One rescue initiative. OnePlanet recently said it is targeting mid-August as the tentative date for launching on Polygon.
Wyatt announced intentions to assist Terra-based projects with capital and resources to enable them to migrate to the Polygon platform in mid-May, days after the collapse of the stablecoin creation-focused blockchain.
“We are working closely with a variety of Terra projects to help them migrate over swiftly to Polygon.
We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.”
The collapse of the Terra ecosystem started in early May when its flagship stablecoin TerraUSD (UST) lost its peg to the US dollar. The native token of the Terra ecosystem, LUNA, which was supposed to stabilize UST, crashed in value from around $80 to mere cents as its circulating supply increased from about 345 million to 1.46 billion in a couple of days.