The Terra network collapsed roughly two months ago, and blockchain projects are now migrating to other networks.
Polygon Studios CEO Ryan Wyatt has revealed his excitement as numerous projects previously hosted on the Terra blockchain is now migrating to Polygon. A recent report revealed that over 48 cryptocurrency projects are migrating from the Terra blockchain to the Polygon ecosystem.
Wyatt revealed that Polygon’s multimillion-dollar Terra Developer Fund had played a huge role in attracting the talents that were affected by Terra’s collapse in May.
Some of the leading projects to migrate from Terra to Polygon include the Lunaverse (LUV) metaverse platform, the OnePlanet nonfungible token (NFT) marketplace and the Derby Stars play-to-earn (P2E) game.
OnePlanet has been crucial in helping various NFT projects on the Terra blockchain to migrate to Polygon. It is helping projects migrate to Polygon thanks to its Ark*One initiative.
In a blog post over the weekend, OnePlanet detailed how it has helped 48 NFT projects migrate to Polygon.
“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. A total of 48 NFT projects, encompassing 90 NFT collections have applied for the mass salvage operation. This represents a large proportion of Terra projects, including some that did not launch on One Planet before the cataclysmic de-peg event.”
OnePlanet has been providing technical support for projects who want to migrate from Terra and said it would continue to help projects who wish to follow a similar path.
The Terra ecosystem collapsed in May when its TerraUSD (UST) stablecoin lost its peg against the US Dollar. This resulted in the native LUNA token also crashing and losing nearly 100% of its value.
The network has been renamed Terra Classic, and the tokens are now known as TerraUSD Classic (USTC) and Luna Classic (LUNC).