Terra-Based Crypto Project, Now Rising After Migrating To Polygon

Polygon (MATIC) is a network that serves as a two-layer scaling solution for Ethereum networks.

JAKARTA - Over 48 different crypto projects previously based on the failed Terra ecosystem, have found a resurgence by migrating to Polygon.

Polygon Studios CEO Ryan Wyatt expressed his excitement over his network's ability to incorporate multiple projects into the ecosystem in a July 9 tweet. He hints that Polygon's multimillion-dollar Terra Developer Fund has been effective in attracting talent that was unexpectedly thrown into limbo when Terra collapsed in May.

Polygon (MATIC) is a network that serves as a layer-two scaling solution for the Ethereum network. Among the higher-profile projects to move to Polygon are the Metaverse Lunaverse (LUV) platform, OnePlanet NFT marketplace, and play-to-earn (P2E) game Derby Stars.

OnePlanet has been instrumental in helping other Nonfungible Token (NFT) projects migrate to Polygon. It has become a platform dedicated to assisting Terra's NFT project with its Ark*One initiative.

48 Projects are landing on @0xPolygon with OnePlanet🪐Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem #onPolygon Read the full recap on Ark*One: https:/ /t.co/lxTh6WVRJB pic.twitter.com/hnDtzmSA9S

— OnePlanet (@OnePlanet_NFT) July 8, 2022

In a July 9 blog post, OnePlant, outlines how Ark*One has helped "Total 48 NFT projects, covering 90 NFT collections" to Polygon.

“This represents the vast majority of Terra projects, including some that did not launch on One Planet prior to the catastrophic de-peg event,” OnePlant wrote, as quoted by Cointelegraph.

Since June 15, Ark*One has reduced the support it provides for aspiring projects, but the team says it will "still provide technical support for projects looking to migrate from Terra" and allows projects to launch on Polygon using its launch pad.

Polygon appears to be more successful at attracting the Terra project than the VeChain (VET) ecosystem. So far, it doesn't appear that many Terra projects are moving into the layer-1 ecosystem although VeChain has openly welcomed Terra developers to apply for grants.

The Terra ecosystem suffered a monumental collapse in May when stablecoin TerraUSD (UST) lost its stake, forcing its native token LUNA to fall nearly 100% in value from over $60 to fractions of cents. The network has been renamed Terra Classic, and the original token now has the ticker LUNC, while the new iteration has adopted the name Terra and ticker LUNA.

Yet they haven't gained much traction or trust due to the deepening crypto sluggish market.