Terra’s Projects Are Moving Away To Polygon

E-sports innovator Ryan Wyatt, CEO of Polygon Studios, shared an update on Web3 protocols’ migration of the Terra (LUNA) blockchain.

Since the mid-May demise of Terra and its stablecoin TerraUSD (UST), dozens of protocols have chosen to migrate to Polygon Network (MATIC).

According to Wyatt, more than 48 projects, including the NFT One Planet ecosystem and the Play-to-Earn Derby Stars HQ protocol, have migrated their development workloads to Polygon.

On May 15, in the midst of the most dramatic phase of the LUNA disaster, the CEO of Polygon Studios announced that his ecosystem will support the migration of protocols to Polygon.

He announced that Polygon will accumulate capital and resources into ensuring the seamless migration of both their projects and communities away from LUNA.

LUNA collapsed due to significant liquidity when withdrawing from Anchor Protocol (ANC). Both LUNA and UST fell to almost zero within a few days. On May 27, Terra’s Do Kwon relaunched the blockchain as Terra 2.0. However, its dApps ecosystem was destroyed.

Before its collapse, Terra was the second-largest smart contract platform in terms of TVL, after Ethereum. In recent weeks, its TVL figures have dropped over 1,000 times, according to DeFi Llama.

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