JAKARTA - The collapse of Terra (LUNA) and TerraUSD (UST) last May has reduced the confidence of investors and project developers. The CEO of Polygon Studios, Ryan Wyatt, stated that currently around the Web3 protocol of the Terra blockchain (LUNA) is being migrated to another blockchain.
About 50 protocols decided to migrate to the Polygon network (MATIC). Wyatt said that currently, only about 40 projects have migrated. He also stated it would add up.
“UPDATE: Project Terra has started the migration. Over 48 projects and counting… including @OnePlanet_NFT, @0xPolygon market exclusives, and @DerbyStars_HQ!” as written from Ryan Wyatt's announcement.
“It was amazing to be able to help and welcome all these great developers to our rapidly growing ecosystem!” he added.
According to Mr. Wyatt, over 48 projects, including One Planet's NFT ecosystem and Derby Stars HQ's Play-to-Earn protocol, have transferred their development workloads to the Polygon network (MATIC).
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On May 15, in the midst of the most dramatic phase of the Terra (LUNA) collapse, the CEO of Polygon Studios stated that its ecosystem would support the migration of the protocol to Polygon.
He claims that Polygon will "put in capital and resources" to ensure a seamless migration of both the project and their community from Terra (LUNA).
As U.Today previously reported, the Terra ecosystem (LUNA) is collapsing due to a dramatic liquidity draw from the Anchor Protocol (ANC), which is its building block.
Both LUNA and UST fell to almost zero in a few days. On May 27, 2022, Do Kwon Terra restarted the blockchain as Terra 2.0. However, its dApps ecosystem has crumbled.
Prior to the collapse, Terra (LUNA) was the largest smart-contract platform by total locked value (TVL) behind Ethereum (ETH). In recent weeks, its TVL metric has fallen nearly 1,000 times, according to the DeFi tracker Llama.
However, it is not yet known whether the total number of projects that will switch from the Terra network to the Polygon network (MATIC). Because the number is increasing every day.
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