Coinspeaker
Polygon Onboards Homeless NFT and Crypto Projects from Terra 

NFT and crypto projects that were formerly on Terra have started migrating to Ethereum Layer 2 protocol Polygon (MATIC). The Terra collapse is no longer news, and projects built on the platform need new homes to survive. Since the crash, many projects have started an exodus to Polygon. Embracing a new ecosystem from Terra to Polygon gives these projects another chance at survival after the former failed.

Meanwhile, the CEO of Polygon Studios, Ryan Wyatt, revealed that Polygon had onboarded more than 48 crypto and NFT projects from Terra. Some of these projects include the metaverse game Derby Stars and NFT marketplace OnePlanet. Wyatt shared the news in a tweet, welcoming the new projects and adding, “it was awesome to help and welcome all these wonderful developers to our thriving ecosystem!”

The information was an update to his May 16 tweet, where he announced that Polygon was working with different Terra projects to help with swift migration to the Ethereum Layer 2 protocol. At the time, the CEO said MATIC would invest capital and resources into the movements to welcome the developers and their communities.

Polygon Wants to Home More Projects from Terra

With more than 48 projects onboard, Polygon is still looking forward to accommodating more. Wyatt stated:

“We’re opening our arms to all who want to come over. A lesson learned in the Terra collapse is that it is very wise to be on an EVM-compatible chain so that you don’t have to rebuild, so I just hope that wherever developers go, they go with EVM in mind for longevity.”

One of the new projects that migrated from the Terra ecosystem, OnePlanet, talked about migration in a blog post. The NFT marketplace said that “the sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage.” OnePlanet noted that it had created its version of Noah’s Ark to save Terra’s “burgeoning NFT diversity” and move it to a new home.

Polygon announced its newly-accommodated crypto and NFT projects months after the launch of an uncapped fund. Polygon Studios CEO announced an uncapped fund to assist Terra projects migrating to its chain. The financing will come from the $450 million the ecosystem raised earlier. More financing will come from its treasury and a $100 million ecosystem fund. As a matter of fact, the CEO was willing to add more capital if required. He did not want to put a “finite cap” on the fund. The platform is committed to setting capital aside for developers joining the ecosystem.

next

Polygon Onboards Homeless NFT and Crypto Projects from Terra