Terra’s protocols and projects move to Polygon

Polygon is calling on Terra’s project-based partners in migration to join its network.

Ryan Wyatt, CEO of Polygon Studios, tweeted that Polygon has a multi-million dollar fund called “Terra Developer Fund” to help Terra projects move to Polygon blockchain.

Terra’s UST de-peg against the dollar more than two weeks ago after a large sum of money was withdrawn from the Anchor Protocol. Shortly after that, the Luna Foundation Guard sold off a large amount of BTC that the fund held to maintain the value of the UST. However, this stablcoin is still unable to maintain the exchange rate against the USD, and the original token of LUNA has fallen from $64 to $0.004 in just a few days. And just a few days later, Terra’s blockchain was suspended.

Wyatt announced yesterday that the OnePlanet NFT marketplace would be the first project to move, and OnePlanet will help Polygon move more Terra projects. Specifically, Terra NFT projects can be applied to participate in OnePlanet’s transition to the new blockchain.

The news came about a week and a half after Wyatt shared that Polygon watched Terra’s demise and was “working closely with many Terra projects to help them migrate quickly.” Currently, there are more than 50 Terra projects that have contacted team.

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