Polygon Studios CEO is trying to help terra projects after the collapse wiped out billions of dollars in value and left projects homeless so let’s read more today in our latest cryptocurrency news.
About 50 projects built on Terra like the NFT marketplace OpenPlanet and Derby Stars started migrating to Polygon and more are joining soon. The Polygon Studios CEO Ryan Wyatt noted:
“We will be putting capital and resources against these migrations to welcome the developers and their respective communities.”
In another tweet, OnePlanet wrote:
“Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem.”
Terra’s LUNA and UST coins fell into a death spiral a few months ago and destroyed tens of billions of dollars in value but also many projects were left unhoused. OnePlanet posted:
“The sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage. In search of light within the abyss, OnePlanet has taken the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home.”
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022
In addition to the 48 projects that already moved to Polygon, more will be continuing to come over as Wyatt explained. He said:
“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.”
Terra’s downfall led to lawsuits and calls for more regulations and a reboot of Luna even but it was important for Wyatt that developers didn’t get lost in the shuffle:
“Supporting developers is at the heart of what we do. This fund was simply put together to help talented developers find a new home. We’re here to lift them up and support them should they need us, and it was really just letting them know they aren’t alone during the Terra collapse where no one was there to help them.”
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