Nearly 50 Terra-Based Projects Migrating to MATIC Ecosystem, According to Polygon Studios CEO

Ryan Wyatt, CEO of Polygon Studios, states that dozens of projects built on the collapsed Terra (LUNA) blockchain are migrating to Polygon (MATIC).

CEO To tell Projects migrating from Terra to Ethereum (ETH) Layer 2 scaling solutions include the non-fungible token (NFT) marketplace OnePlanet and the blockchain-based game Derby Stars.

“The Terra project has begun migration. Over 48 projects and counts … including OnePlanet, the exclusive Polygon Marketplace, and Derby Stars!

It was great to help and welcome all these great developers to our thriving ecosystem!

Welcome! “

Checking After the migration, OnePlanet revealed that a total of 48 NFT projects have moved under the Ark * One Rescue Initiative. Recently One Planet Said We are aiming for mid-August as a provisional date for the release of polygons.

Wyatt publication In mid-May, a few days after the blockchain focused on creating stablecoin collapsed, the intention was to support Terra-based projects with capital and resources to move to the Polygon platform.

We are working closely with various Terra projects to support a rapid transition to Polygon.

We will invest capital and resources in these transitions to welcome developers and their communities to our platform. “

The collapse of the Terra ecosystem began in early May when the flagship stablecoin TerraUSD (UST) lost its peg to the US dollar. LUNA, the native token of the Terra ecosystem that was supposed to stabilize UST, plummeted from about $ 80 to just a cent as its cyclical supply increased from about 345 million to 1.46 billion in a few days. did.

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Featured images: Shutterstock / kersonyanovicha / WindAwake