Terra News Today : Terra Projects Have Joined Forces to Move to the Polygon Ecosystem

Written by C, Fiona

Last updated: 2022-07-11

Why Trust BTCC

BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

Since Terra‘s demise, projects that were previously running on Terra’s blockchain have been working together to make the switch to Polygon‘s layer-two infrastructure.

More than 48 crypto projects that were formerly based on the Terra ecosystem have been resurrected by moving to the Polygon ecosystem.

CEO Ryan Wyatt of Polygon Studios tweeted on July 9 about his network’s capacity to accept so many projects into the ecosystem. The Polygon Terra Developer Fund, which has raised millions of dollars, appears to have been successful in luring back the top talent that was lost when Terra went bankrupt in May.

https://twitter.com/Fwiz/status/1545555539299487745?s=20&t=HHfqsOx6g53xJelooOm0DA

Layer-two Scaling for the Ethereum Network is Provided by Polygon

OnePlanet NFT marketplace, Derby Stars P2E game, and Lunaverse (LUV) Metaverse platform are some of the high-profile enterprises moving to Polygon.

Nonfungible Token (NFT) migrations to Polygon have been facilitated in part by OnePlanet. As a result of Terra’s Ark*One effort, it has become a dedicated platform for NFT initiatives.

To learn more about Ark*One’s role in the migration of “A total of 48 NFT projects, including 90 NFT collections,” visit OnePlant’s blog post of July 9. The majority of Terra projects, including those that didn’t launch on One Planet before the catastrophic de-peg event, are included in this group.

For projects that want to migrate from Terra, Ark*One claims it will “still give technical support” and allow them to launch on Polygon using its launchpad. Since June 15, Ark*One has lowered the amount of help it provides to aspiring projects.

VeChain’s (VET) ecosystem appears to have been less effective in attracting Terra projects than Polygon. Despite VeChain’s open invitation to Terra developers to apply for a grant, it doesn’t appear that many Terra projects have completed the switch to the layer-1 environment yet.

LUNA, the native token of Terra, dropped from over $60 to a few hundredths of a cent after TerraUSD (UST), the stablecoin that anchored the Terra ecosystem, lost its peg in May. A new incarnation of Terra has adopted the Terra moniker and LUNA ticker, while the original Terra network has been renamed Terra Classic and given the LUNC ticker.

As the crypto bear market intensifies, it hasn’t gained much traction or confidence among investors.