Polygon invites Terra’s disgruntled projects to join its ranks. Terra 2.0 is dead. Polygon wants Terra projects moved to its Blockchain.
Ryan Wyatt, CEO of Polygon Studios, shared via Twitter yesterday that Polygon –a sidechain designed to complement and scale Ethereum–is launching the Terra Developer Fund. This fund will help Terra projects transition from Do Kwon’s now-infamously-failed blockchain onto Polygon.
Two and a quarter weeks ago, Terra’s stablecoin lost its peg against the dollar. Large withdrawals were made from anchor, a Terra deFi platform promising up to 20% returns from stakestaking. Kwon founded the Luna Foundation Guard to support Terra’s ecosystem. used its Bitcoin reserves to deploy billions to try to keep UST’s peg.
The not-so stable coin could not regain its peg and its sister token the LUNA token fell from $64 down to $0.004 within days. Even though the Terra blockchain was temporarily, it didn’t stop UST or LUNA prices from dropping to zero.
Yesterday Wyatt announced that Terra NFT marketplace OnePlanet was the first project to migrate, and OnePlanet is helping Polygon move more Terra projects. Terra NFT projects can use to be part of OnePlanet’s transition to the new blockchain.
This news comes just a week and half after Wyatt shared the fact that Polygon was “watching Terra fall” and is working closely with Terra projects to help them migrate quickly.
The Polygon team is currently reviewing grant requests from Terra projects interested and is in active discussions with a number Terra DeFi protocols. Wyatt informed Decrypt via DM.
More than 50 Terra projects reached out to Polygon TechCrunch.
“The unique advantages we offer Terra are that Polygon has an executive across Google and Amazon, Mythical Games and Riot Games. So games and NFT project have great resources from the internal team that we offer,” Wyatt stated to Decrypt.
Many Terra projects are abandoning ship and sailing with Kwon towards the Terra fork. However, the new Terra chain is making its own moves. Kwon shared today news about the new soil Protocol which will allow NFT projects to be deployed on the Terra 2.0 Blockchain.