- Previously Terra built projects are pivoted to other blockchains
- Over 48 projects have migrated over to Polygon with a multi-million dollar Terra development fund announced in May
- VeChain and Kadena also pledging support and grants to onboard Terra-based projects
Ever since the LUNA/UST debacle, many projects that were built on the Terra blockchain have pivoted to other blockchain ecosystems, one notable blockchain is the Layer2 solution on Ethereum, Polygon.
The most prominent move was to Polygon Studios. A multi-million dollar Terra development fund was announced in May to help Terra-based projects migrate to Polygon.
How has this development played out?
These are two of the 48 projects that have migrated over to Polygon, with more on the way. The OnePlanet team has also titled this onboarding process “ArkOne”, Technical and financial support was provided in order to give these projects a new home.
Some of the reasons cited were that Polygon Studios have “made important strides to develop their NFT ecosystem”, and already had massive partnerships with “big players like Stripe, Meta, E-bay, and Animoca Brands”.
By migrating to Polygon, both OnePlanet and Polygon hope to introduce a new robust world of NFTs and rebuild these projects from the ground up.
Learn and Earn: Polygon for builders
Learn how to create tokens and NFTs on Polygon, a side-chain of Ethereum and earn free MATIC tokens.
Other supporting Terra-based projects
Polygon is not the only one looking to poach builders, however. In May, both VeChain Foundation and Kadena also pledged support and grants to onboard Terra-based projects.
Despite the launch of Terra 2.0, the new hard fork of LUNA, it seems that the momentum for other blockchains to fill the vacuum left by Terra is not stopping.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: ChainDebrief