Terra-based projects migrating to Polygon

    12 Jul 2022
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    Around 50 projects built on Terra, including the NFT marketplace OnePlanet and metaverse game Derby Stars, have begun migrating to Polygon, while more are on the way. Recent Terra’s collapse wiped out billions of dollars in value. It also left dozens of projects homeless.

    “We will be putting capital and resources against these migrations to welcome the developers and their respective communities,” Polygon Studios CEO Ryan Wyatt said Friday on Twitter.

    On Friday, OnePlanet also tweeted: “Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem.”

    A few months ago, Terra’s UST and LUNA fell into a death spiral, destroying tens of billions of dollars in value. It also left many projects homeless.

    “The sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage,” OnePlanet posted on Medium. “In search of light within the abyss, OnePlanet has taken the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home.”

    In addition to the first 48 projects, “more will be continuing to come over,” Wyatt told Decrypt, adding: “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.”

    Terra’s downfall has led to lawsuits and calls for more regulations and even a LUNA reboot. It was important for Wyatt that the devs didn’t get lost in the shuffle.

    “Supporting developers is at the heart of what we do,” Wyatt stated. “This fund was simply put together to help talented developers find a new home. We’re here to lift them and support them should they need us, and it was really just letting them know they aren’t alone during the Terra collapse where no one was there to help them.”

    Also, giant metaverse gaming platform The Sandbox, based on the Ethereum blockchain, recently unveiled a bridge that enables users to transfer their virtual NFT (LAND) and native tokens (SAND) over to the Layer-2 network Polygon.

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