More than 48 cryptocurrency projects formerly based on the collapsed Terra ecosystem now continue to operate by “migrating” to the Polygon ecosystem.
Polygon Studios CEO, Ryan Wyatt, expressed his delight at the network’s ability to integrate many projects into its ecosystem. At the same time, he noted that Polygon’s multi-million dollar “Terra Developer Fund” was effective in attracting industry talent that unexpectedly fell through the cracks when Terra collapsed last May.
Polygon is a network that serves as a layer 2 scaling solution for the Ethereum network.
The biggest projects that moved
Among the largest projects transferred to Polygon are the Lunaverse (LUV) platform, OnePlanet’s non-exchangeable digital asset (NFT) marketplace and the play to win (P2E) game, Derby Stars.
In fact, OnePlanet has been instrumental in the transition of other NFT projects to Polygon, as it has become a platform dedicated to supporting NFT projects from Terra, with the Ark*One initiative.
VeChain is trying, but…
Polygon seems to have been more successful in attracting Terra projects than the VeChain ecosystem. So far, not enough Terra projects have made it to the VeChain ecosystem, despite the blockchain trying to attract Terra developers to apply for the grant it offers.
The Terra Ecosystem
The Terra ecosystem collapsed last May when the TerraUSD Classic (USTC) lost its peg to the dollar, causing its native token Luna Classic (LUNC) to crash nearly 100% in value as it went from over $60 to a fraction of a cent. The network has been renamed Terra Classic and its native currency now has the ticker, LUNC, while a new format has adopted the name Terra and the ticker LUNA. However, it has yet to gain traction or trust from the public.