Terra Projects Starts Migrating To The Polygon Network 

According to reports, projects formerly operating on the failed Terra blockchain are moving to Polygon. They have worked together to assist one another in moving to the layer-two blockchain.

Terra Projects Migrate To Polygon

On the 9th of July, Ryan Wyatt, CEO of Polygon Studios, talked about the Polygon blockchain. Wyatt expressed his happiness at his network’s capability to integrate several projects into the network. 

Also, he stated that Terra Developer Fund has been successful in bring numerous talents affected by the Terra collapse. Terra Developer Fund is a multimillion dollar incentive by Polygon.

The Polygon network acts as a layer-two scaling option for the ETH network. Some famous enterprises that have moved to Polygon include Lunaverse Metaverse, Derby Stars play-to-earn game, and The OnePlanet NFT marketplace.

Moreover, OnePlanet has been instrumental in other NFT projects’ migration to Polygon. Also, it has changed into a network devoted to aiding Terra’s ArkOne program with NFT initiatives.

OnePlant’s blog post from the 9th of July describes the actions of ArkOne. The program has assisted with migrating over 48 NFT initiatives to the Polygon blockchain. This covers over 90 NFT collections.

Since the 15th of June, ArkOne has scaled back the assistance it offered ambitious firms. Meanwhile, the group said it would continue to provide technical help for projects that wish to transfer from Terra. Also, it will permit projects to use its launchpad to debut on Polygon.

VeChain Blockchain Record Low Patronage From Projects 

Furthermore, the VeChain (VET) blockchain has not been as effective at luring Terra projects, just like Polygon. Besides, VeChain has explicitly invited Terra developers to apply for a grant on the platform.

Unfortunately, it does not seem like many Terra apps have yet transitioned to the layer-1 ecosystem. This includes several Terra projects that did not debut on One Planet before the catastrophic de-peg incident.

In May, the TerraUSD stablecoin (UST) lost its peg to the US Dollar. This caused the value of its native coin, the LUNA, to drop by over 100%.

The native token dropped from about $60 to fractions of a penny. Consequently, the Terra ecosystem went through a total collapse that rippled across the DeFi sector. 

Meanwhile, a new initiative has obtained the Terra and LUNA moniker. Hence, they have changed the blockchain’s name to Terra Classic. Also, its native token now bears the LUNC ticker.

However, the cryptocurrency bear market is getting worse currently. So, the Terra Classic has not really gained much traction or confidence from various projects.