Terra projects start their exodus to Polygon

Nearly 50 projects left homeless after the collapse of the Terra ecosystem have jointly started migrating to the Ethereum layer-2 network Polygon, including such high-profile projects as NFT marketplace OnePlanet, the metaverse platform Lunaverse, and play-to-earn game Derby Stars.

Polygon’s Chief Executive Officer, Ryan Wyatt, has announced on Twitter that the network is keen to accept all Terra projects in the Polygon ecosystem. “We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform”. Ryan tweeted on Friday.

UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!

It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!

Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022

Earlier in May, Wyatt announced that Polygon Studio established a multi-million-dollar fund to help troubled projects seamlessly migrate to the ecosystem. The studio was ready to grant about $20 million to the Terra teams willing to switch the ecosystem.

Besides Polygon, such networks as Avalanche, VeChain, Kadena, and Cosmos have also rolled out various initiatives in an attempt to attract the embattled projects.

Terra ecosystem collapsed in May, after its algorithmic stablecoin UST and native LUNA token fell into a death spiral, resulting in the loss of billions of dollars.