More than 48 crypto projects on the defunct Terra blockchain collaboratively migrate to the Polygon layer-2 network.
In a tweet on Saturday, Polygon Studios CEO Ryan Wyatt announced that his network will add many projects to the ecosystem. He also added that Polygon's multimillion-dollar Terra Developer Fund has helped bring back talented employees who lost their jobs due to Terra's sudden shut down in May.
OnePlanet NFT marketplace, Derby Stars play-to-earn (P2E) game, and Lunaverse (LUV) metaverse platform are some of the mainstream projects that migrated to Polygon.
OnePlanet's Contribution to this Massive Migration
OnePlanet also aided other NFT projects in moving to the Polygon network. In addition, they helped NFT projects from Terra get due assistance with their Ark*One initiative.
OnePlanet's July 9 blog post revealed how Ark*One has helped "48 NFT projects with 90 NFT collections" move to Polygon:
This is a big chunk of Terra projects, some of which didn't even start on OnePlanet before the disastrous de-peg event.
Ark*One had to withdraw from assisting projects on the 15th of June. However, the team says it will "still provide technical support for projects that wants to leave Terra" and allow them to use its launchpad to get started on Polygon.
Polygon seems to have done better compared to VeChain ecosystem in helping Terra-affiliated projects. So far, it is not yet clear if all Terra projects have completely moved to the layer-1 ecosystem, even though VeChain clarified that Terra developers are welcome to apply for grants.
Terra's Project Journey so far
Terra ecosystem was started in 2018 by the TerraForm Lab (TFL). The Luna Foundation Guard was responsible for how the ecosystem grew (LFG). Terra is built over the Cosmo SDK, ensuring it works on different platforms.
When the TerraUSD Classic (USTC) stablecoin lost its peg in May, the value of its native token, Luna Classic (LUNC), dropped by almost 100 percent, from over $60 to a few fractions of a cent.
Currently, there has been a widespread campaign to see the resuscitation of this project or a possible refund to bemoaning investors. Part of this recalibration has led to the renaming of the company to Terra Classic.