Blockchain

Terra’s Projects Are Moving Away To Polygon

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.

Terra's Projects Are Moving Away To Polygon 4

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.

Terra's Projects Are Moving Away To Polygon 5

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.

Source: Defillama

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.